Recent months have cast a shadow over diversity & inclusion (D&I) policies and programmes with recent research from Resume.org indicating that some firms are eliminating them altogether, while others are ‘significantly’ reducing their D&I budgets.
Whether as a result of D&I fatigue or financial pressure to relocate resources to more immediate profit-driven areas, it’s evident that the social and political climate is shifting on D&I. But what does this mean for the insurance industry – and how can D&I leaders overcome these challenges and rejuvenate the propositions that help mark insurance as the career destination for a diverse pool of talent?
Insurance Business reached out to Dr. Julie Humphreys, head of diversity & inclusion at Markel International, and a passionate advocate for the value inclusivity can bring to businesses and individuals alike. With 25 years of HR experience, she has seen D&I evolve from fragmented activities to a formally recognised role. “For me, it has always been about fairness and equity, and that’s what’s so important,” she said. “Now, we’re also looking at culture and the organisational psychology behind a business’s culture, which I think is really valuable.”
She noted that, over the course of her career, it had been rewarding to see how efforts to foster greater diversity and inclusion within organisations had evolved into a strategic function focused on authentic change. This had been reflected more broadly in the growing focus on authenticity that you see in wider society, she said, and people are quicker to see through “performative D&I” than in the past, which is creating more urgency.
To understand where D&I fatigue began to emerge, it’s important to understand the journey these initiatives have been on. Humphreys highlighted how so many of the D&I ‘wins’ that have been achieved have had their foundations laid by how new legislative frameworks have framed high-profile cultural shifts. “These have been key drivers in putting D&I on the boardroom agenda,” she said. “When you take social changes, for example - we’ve seen how people are just more passionate now about social impact. And that’s really indicative of a broader awareness and demand for inclusivity, and equality in the workplace. “
From the Black Lives Matter movement to ESG conferences, such as COP 29, changing the narrative on ESG, recent years have brought a lot of social shifts, Humphreys said, and these are playing out against the backdrop of new legal frameworks, charters and initiatives.
“It's really easy to think that because of the success that we've seen, we don't need to invest as much as an industry in D&I as we did 10 years ago. But actually, the opposite is true,” she said. “Arguably, more than ever now, we need to use the momentum that we've seen to continue progressing… And there’s still that minority of people that we’ve yet to get on board with the D&I journey, and we need to reach them.
“We can’t forget about them. And that challenge is just as difficult today as it was 10, 15 years ago. We’ve got to listen to those voices, and we've got to be creative in our approach to engaging with them and with their ideas about D&I.”
That engagement is the key to D&I creating a more diverse and inclusive industry, she said, because it gets everybody invested in the journey. That requires refreshed perspectives, initiatives that promote further engagement, and communicating a shared sense of the opportunity and responsibility every individual has to create a healthier and more sustainable insurance workforce. “We can’t take our foot off the gas now, we’ve got to keep working to keep it exciting and engaging.
“And we’ve got to be willing to listen and evolve when things don’t work. Because D&I work is never done, it’s not a tick-box exercise… It’s on us to ensure that this subject remains at the top of the agenda for everyone. And that can be through engaging colleagues and industry peers, through to connecting with senior leaders to continue the momentum and use it as a springboard to make sure everybody can see the business case of D&I as well as how it applies to them as individuals.”
Looking to the future, Humphreys said she feels positive about the future of D&I and its ability to combat the fatigue setting in across some organisations. It’s a conversation that will carry on throughout the year, she said, particularly given the social and political backdrop that these conversations are emerging against. However, the success of Dive In’s 10th festival is a great example of how the industry is still willing and able to rally together and around great causes.
“To celebrate 10 years of Dive In, we had some 44,000 registrations, the biggest ever,” she said. “I’m on the advisory group for Dive In and I know there’s already a huge impetus to think about what’s next and about the next 10 years. I feel really positive and, as a data junkie, I know how important it is to have the right data in order to position D&I as a strategic function. All of our decisions in insurance are built on data and so it makes sense for D&I to be built on data as well. So, yes, I’m very positive for 2025 and beyond.”
