The insurance industry has come a long way when it comes to its approach to diversity and inclusion (D&I). Gone are the days when companies focused on D&I solely because of the social responsibility they felt.

Today, insurance firms and their leaders are more informed than ever about the business value of diversity.

“We know that diverse teams drive better decision-making and innovation, which results in higher profits,” said Laila Gillies, head of human resources and partner at Hiscox USA, and one of the insurance leaders taking part in Insurance Business America’s Women in Insurance events in Atlanta and Boston in April 2020.

he continued, “In the insurance sector, not only are we focused on driving profitable growth, but with digital disruption and new entrants in the market, innovation is a must-have to remain competitive and even relevant.”

Having a diverse workforce enables insurance companies to better meet the needs of their diverse customer base.