The Association of British Insurers (ABI) has set a minimum target for the number of its members signed up to various diversity at work initiatives.
The move is part of a multi-year blueprint strategy to improve diversity, equity and inclusion (DEI) across the insurance and long-term savings industry.
However it does not include any specific targets for ABI members to meet in their organisations regarding workforce diversity.
The blueprint commits the ABI to campaign to ensure at least 50 of its 217 member firms become signatories to the:
- Women in Finance Charter,
- Disability Confident employer scheme,
- Business In The Community Race at Work Charter,
- ABI Transparent Parental Leave initiative,
- and the ABI Making Flexible Work charter.
The blueprint also commits the ABI to campaigning to increase the number of apprenticeships offered across the sector to meet its target of doubling this figure by 2025 to 2,500 and to report annually on progress.
The blueprint recommends ABI members set targets to ensure a diverse group of candidates are interviewed for every role, an increase in the number of apprenticeships offered, as well as aiming to become a Level 3 Disability Confident Leader and, as part of this, act as a champion within local and business communities.
Blueprint strategy
The targets form part of a wider strategy to attract, grow and advance talent across the industry.
The ABI said its blueprint takes a holistic approach to DEI and sets out priority areas for the ABI to lead, good practice for industry, and opportunities for collaboration with experts.
It explores each stage of the employment journey: from using inclusive recruitment practices to attract the best talent from all backgrounds, to helping employees grow and progress their careers in the sector and advancing understanding of what works to drive improvement.
While the blueprint acknowledges the sector has made progress in increasing the number of board members that are women across insurance and long-term savings, it added this progress has not been consistent.
Consequently, the blueprint’s first goal is focused on recruitment practices. It aims to encourage people from all backgrounds, experiences and seniority into the sector, and to break down any barriers in their way.
With a greater focus on socio-economic status. It also seeks to make opportunities for apprentices and school-leavers attractive and inclusive, drive up the take-up of initiatives to support under-represented groups into the industry, and show that insurance and long-term savings offers a wide range of attractive career opportunities for many different skillsets.
Once talent has entered the industry, the blueprint also sets out key opportunities and mechanisms that can help create environments that retain, embed and expand a diverse workforce of talented people.
From structured secondments and mid-career apprenticeships, to offering further support for significant life events, such as fertility treatment, bereavement, miscarriage and menopause.
The blueprint acknowledged the importance of creating a culture that supports employees at every stage in their career so that they can reach their full potential.
Finally, the ABI acknowledged that data collection on progress made was piecemeal and aimed to build a consistent set of metrics to support members in gathering the necessary DEI information, including social mobility.
The ABI committed to develop guidance to help employees feel more comfortable sharing their data and encouraged a culture of transparency, so that the evidence can be used to advance understanding and measure progress.
Much more to do
ABI director general Hannah Gurga acknowledged the industry had made a start but there was much more to do.
“At a time when society is entering the most challenging circumstances in a decade, the need for a diverse range of experiences and perspectives has never been greater. I’m proud that our industry is setting the path for change with this ambitious blueprint,” she said.
“This isn’t just about changing the way the industry looks and feels, it’s about creating a more effective industry that represents the people we serve.
“Whether it’s financial resilience or climate change, our sector has always aspired to be at the forefront of efforts to address societal challenges. So, we must also play a leading role in creating diverse, equitable and inclusive workplaces.”
The theme of collaboration runs throughout the blueprint. By publishing it in full, the ABI revealed it hopes to work with leaders and DEI experts both inside and outside of the industry to help reach its ambition of being the most diverse, equitable and inclusive sector of the UK economy.
Axa Health CEO Tracy Garrad, who is executive sponsor for diversity and inclusion at Axa UK&I and chairwoman of the ABI board sub group on DEI, (pictured) said: “Giving people from all backgrounds an opportunity to progress successfully in their roles is something that is hugely important to Axa and a core business value.
“In the current climate it is vital to ensure that the entire insurance and long-term savings sector is adapting to offer our workforce rewarding careers. The blueprint is a great step towards making this happen and will help create more diverse, equitable and inclusive workplaces for the future.”