The Institutes

7 Ways Diversity and Inclusion Are Positively Impacting Insurance

 Wednesday, February 26, 2020

 Risk & Insurance

In recent years, efforts to promote diversity and inclusion in insurance and other industries have become increasingly structuralized, hardwired into most companies’ business models. In larger companies, it has become common to have a position such as “director of diversity and inclusion” or “chief equality officer.”

For the most part, companies embrace these efforts simply because they are the right thing to do, especially when viewed not just as promoting inclusion but also removing existing barriers to it.

There are more concrete benefits from diversity and inclusion, however, both for individual companies and for the industry as a whole.

“When you look at the data, minority-owned companies are growing at a 70% rate, and 9.1 million firms are owned by women,” said Rodney Johnson, divisional vice president of culture and inclusion at Gallagher.

“When you look at those demographics, that is the telltale sign that we need to make sure that our industry and our company is aligned with those changing demographics.”
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