It still never ceases to amaze me how quickly, in the digital age, social consciousness can sweep across the world. This consciousness brings with it a reality where sometimes revolutionary changes can take place in what seems like a blink of an eye.
The Black Lives Matter protests have re-ignited conversations about diversity and inclusion. The CII has long maintained that the key to innovation and success is found in properly accessing the diversity of ideas found within the full breadth of society. It is in accepting and understanding that when our talent pool is limited, we are in fact limiting ourselves as an organisation, and limiting the benefits we can bring to those we serve. Addressing diversity and inclusion should be one of the highest priorities within the profession if we are to dismantle any unjust barriers which prevent people from accessing careers in insurance. Senior leaders need to understand where the barriers are that hinder the progress of talented people from all backgrounds from moving up the career ladder.
Financial services is a profession where 84% of current executive directorships at FTSE 100 companies are held by white men, according to The DiversityQ FTSE 100 Board Diversity Report 2020. While efforts are being made to create a business environment where diversity permeates every corner and professional level, more work is needed to reach a situation where all staff feel they operate on a level playing field; one where talent is truly recognised and nurtured.
The effectiveness of equality will be shown in pay gap analysis, but fairness of opportunity will be the driver in terms of ensuring that the insurance profession reflects the society it serves. Internally, the Chartered Insurance Institute’s 2016 strategic manifesto saw us commit to making ourselves more relevant, modern and diverse, and to deliver relevant learning, engaged membership and insightful leadership to our united profession. Our work in promoting diversity internally has continued, having followed the Investors in People programme since 2011, and in 2018 we became signatories of the Women in Finance charter. Our plan is to maintain this focus going forward while broadening our agenda, looking at our Black, Asian, and minority ethnic (BAME) and international representation. Currently, this remains visibly absent from our board, committees, and senior management level but, like many other professional bodies, we are working towards addressing this.
The CII understands that, as a professional body, it is important for us to lead by example. We have encouraged all CII staff to take part in diversity training that challenges all forms of bias, unconscious or otherwise. Furthermore, the CII has an employee led BAME group, which gives employees a place to raise concerns outside of HR and their line managers, and a safe place to suggest improvements to the way we work. What’s more, we also actively support events that promote diversity, such as Gay Pride, Black History Month and International Women’s Day.
If the recent protests have reminded us of anything, it is that complacency can have dire consequences. It is vital for all those working in the insurance and personal finance profession not to be complacent and think that change will come about naturally through the passage of time. What is needed is affirmative action and constructive planning in order to fully engage with where we collectively feel that we should be headed for the benefit of all.
The past naturally impacts the present, but it is here in the present that we build the future. This simple fact needs to guide our process of thought as we lay the groundwork for the future of our profession, and the future of society as a whole.
