Diversity, equity, and inclusion (DEI) initiatives have taken center stage across various industries, and the insurance sector is no exception.
Industry leaders are embracing the need to create a more inclusive and diverse workforce, recognizing that this shift is not only the right thing to do but also crucial for business success.
However, despite notable progress, challenges remain in truly embedding DEI within the insurance industry.
At the 2024 NAAIA (National African American Insurance Association) Conference, insurance professionals spoke to Insurance Business about the strides both taken and untaken. At the same time, many called for more support to create diverse representation at the top levels of organizations.
Kenwon Simpson (pictured left), an account manager at Rathbun Insurance, said the industry is making notable progress in DEI by breaking down barriers for other races. “I think just focusing on the younger folks would help,” he said. “But I think we’re doing well right now.”
Rod Patterson (pictured right), director of property claims and vice president at Seneca Insurance, agreed. “It is becoming more common to see organizations supportive of inclusivity, equity, and diversity in various aspects of their business,” Patterson said.
This broadening of opportunities extends beyond internal hiring practices to include partnerships with diverse vendors and service providers, he added, showcasing the industry’s commitment to “expanding the tent.”
Despite this progress, there remains a disconnect between intent and action in many corporate DEI initiatives. Lexii Zielinski, a health solutions analyst at Aon, highlighted this gap: “There’s a lot of talk and a lot of budgeting around DEI, but there’s a difficulty in getting things approved and pushing the needle forward.”
Zielinski praised initiatives such as those from the NAAIA for fostering a sense of unity and family among professionals from diverse backgrounds but emphasized that insurance organizations must take more concrete steps.
“How do we move beyond just talking and start making real changes?” she asked. “We need to take more concrete steps to include initiatives like NAAIA across the industry, promoting collaboration and uplifting one another, rather than seeing each other as competition.”
For Lee Swann (pictured below left), a commercial claims manager, more representation in the upper levels of organizations will be key to delivering on DEI’s promise.
“I love what I’m seeing in the intern space,” Swann said. “We’re showing up at universities, bringing our A-game, and attracting amazing talent. But where we really need improvement is in getting more people of color in senior leadership.
“We’re missing diverse voices at the top who can bring fresh ideas and challenge the status quo.”
Mecca Woodard, an underwriting assistant at Everest Group, noted the industry’s untapped potential for millennials and people of color. While she expressed pride in diversity initiatives and opportunities for career advancement, she criticized one trend she has noticed.
“I think the industry is doing right by supporting conferences like this, with a shout-out to NAAIA and other organizations stepping up,” said Woodard. “Where it’s going wrong is by investing the bare minimum.
“I’ve noticed that when a recession looms and budgets tighten, diversity funding is often the first to be cut. It should be the opposite—companies should double down on investing in diverse talent because those are the people who will help you navigate tough times.”
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