While the Association of British Insurers (ABI) has seen good progress in board diversity and setting targets and insights on neurodiversity, it has noted that the insurance sector is making slower progress to hit apprenticeships targets.
This is according to an update the ABI has issued on its priorities to improve diversity equity and inclusion across the sector – to attract, grow and advance.
A year ago the ABI launched its Diversity, Equity and Inclusion (DEI) Blueprint which set out the organisation plans to improve DEI across the sector over the next five years.
Consequently the ABI is calling on insurance and long-term savings firms to not get left behind on DEI.
In today’s update the ABI said it improved efforts to understand neurodiversity and attract neurodiverse people.
Almost half (47%) of insurance and long-term savings firms now collect data on neurodiversity within their organisation, which increased from 40% in 2021 and 27% in 2020.
And almost a quarter (24%) of its members now have a specific policy in place to support neurodiverse employees in the workplace, up from 14% in 2021.
The ABI’s collaboration with the Group for Autism, Insurance, Investment and Neurodiversity (GAIN) has been a focus of its work on neurodiversity and many of its members are GAIN members too.
During Neurodiversity Celebration Week the ABI participated in and supported a GAIN-led cross-industry campaign, ‘Creating Pathways to Neuroinclusion’, which included sharing educational materials, events and testimonials from neurodiverse people working in insurance and long-term savings.
A key target of the blueprint was to secure at least 50 signatories to the government’s Women in Finance Charter and Business in the Community’s Race at Work Charter. This goal has been met with 50 and 57 signatories respectively.
The Women in Finance Charter helped to boost senior female representation, with the number of women on boards increasing steadily from 19% in 2017 to 32% in 2022. Representation of women within executive teams has also increased from 25% in 2021 to 29% in 2022.
There has also been an increase in black and ethnic minority representation at board level within firms, up from 2% in 2021 to 6% in 2022.
As part of ABI efforts to advance understanding of DEI and effectively track progress, it improved the quality of the data it collects and expanded its scope.
This has included confirming four new participating companies and increasing efforts to encourage smaller firms to take part. It has also collated guidance and best practice for members to encourage further participation.
However, the ABI said progress had stalled when it came to apprenticeships.
In 2022, it pledged to double the number of apprenticeships across the sector to 2,500 by 2025. Latest data shows the number of apprenticeships offered by ABI members stood at 1,231 in 2022.
The ABI said apprenticeships play a “vital” role in boosting socio-economic diversity, and efforts to hit this target will be a key priority in the year ahead. It said it will continue to work closely with members to understand the barriers firms are facing.
Hannah Gurga, director general at the ABI, said: “It’s encouraging to see the progress our industry has made this year.
“Attracting more neurodiverse people to our industry, growing the number of members signed up to DEI charters, and advancing how we and our members collect data is something we should all be proud of.
“But we know we need to do more if we’re to succeed in building a workforce that truly reflects the diverse society we serve.
“Next year must be a year of action where we accelerate progress and broaden perspectives. Some businesses are further ahead than others and to make a real difference we must move forward together.”
Yvonne Braun, executive sponsor for DEI at the ABI, (pictured) added: “We said last year that the insurance and long-term savings industry wants to be the most diverse, equitable and inclusive sector of the UK economy.
“We knew this was a bold mission statement, but I’m pleased to see the progress we are making as an industry.
“We also know that we’re doing better in some areas than others. There can be no room for complacency on DEI and I look forward to continuing to work closely with our members and stakeholders as we seek to deliver on our mission.
“Collaboration is vital and we’re urging the whole sector to maintain this momentum and not get left behind on DEI.”
