Insurance marketplace Lloyd’s has announced the members of the Inclusive Futures Coalition, which will support and facilitate the initiatives under the Inclusive Futures banner.
A collaborative effort to promote diversity within the industry and the broader society, the Inclusive Futures undertaking aims to foster significant, enduring change by supporting Black and ethnically diverse individuals from education through to senior management roles.
The coalition includes market firms Arch, AXA XL, Beazley, Chubb, Hiscox, Howden, MS Amlin, and Tokio Marine Kiln, as well as delivery partners Equity, Green Park, and the Lloyd’s of London Foundation. The initiatives they will fund and enable are higher education bursaries, an early careers talent pool, and a board talent pool.
Along with the Cowrie Foundation and Black Heart Foundation, the Lloyd’s of London Foundation will offer bursaries starting in September to hundreds of Black and ethnically diverse students pursuing degrees relevant to risk and insurance.
Also, in partnership with diversity firm Equity, the coalition will establish a talent pool of entry-level candidates from Black and ethnically diverse backgrounds. These candidates will receive pre-assessment, market familiarization, assessment, and interview coaching.
As for the board talent pool, the goal is to prepare Black and ethnically diverse candidates for executive and ‘executive minus one’ roles. The pool will be managed by specialist headhunting and talent advisory firm Green Park.
Additionally, a Lloyd’s-run mentoring and sponsorship program will launch in September 2024, connecting bursary recipients and early careers talent pool members with sponsors from founding firms.
Lloyd’s chair Bruce Carnegie-Brown highlighted the importance of the Inclusive Futures Coalition, saying: “We are now expanding our ambition for what we can achieve by launching the Inclusive Futures Coalition, harnessing the capabilities of our market and delivery partners to increase the impact of the program to deliver lasting change.”
Noting the wider benefits, Arch Insurance International chief executive Hugh Sturgess said: “Creating more opportunities for people from diverse backgrounds benefits everyone, as it brings together individuals with varied experiences and backgrounds to spark new ideas, improve decision-making, and ensure we are drawing from the widest talent pools.”
Andrew Carrier, CEO of MS Amlin, added: “Ethnicity should never be a barrier to success. By widening opportunity from the classroom to the boardroom, we can create a more diverse marketplace, and an industry that is truly representative of the communities we serve, both domestically and internationally.”
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