Aviva, Unum and Axa are the three insurers generating the most response and interest through their equality, diversity and inclusion (EDI) efforts, according to Penta research shared exclusively with Health & Protection.
There has been an increasing focus on the EDI efforts of the UK insurance industry as a means of employee retention, attracting new talent and supporting diverse customers.
Penta analysed the 2022 EDI activities of the biggest health and protection insurers in the UK industry and the public responses they received and compiled a top ten league table.
Insurers are scored between +100 and -100 and Penta’s league table is led by Aviva with a score of +51 which is closely followed by Unum in second place with +50, and Axa in third with +49.
Penta analysed sentiment activity from January to September 2022, quantifying the sentiment levels towards insurance companies regarding their EDI activities.
It focused on millions of media content pieces across traditional and social media, NGO reports and regulatory data and was then analysed using Penta’s NLP sentiment scoring methodology.
Victoria Walsh, managing director of financial and professional services at Penta, said: “The health and protection insurance industry has clearly invested greatly in its EDI activities since the onset of the pandemic, and specifically in 2022.
“The industry knows that if it is to entice and retain top talent, these metrics are crucial. Be it LBGT issues, gender pay, the menopause or pension saving gender equality, the sector really has got a solid grip on EDI this year and what is important for its employees and stakeholders.
“All the results we are seeing across our analysis indicate that there is a great deal going on internally and that big strides continue to be made.
“The EDI roadmap ahead will be increasingly crucial for the sector, as people want to feel supported and feel that their employer is taking a stand on the workplace and societal issues that are important.”
Penta’s industry findings and scores in more detail:
1. Aviva: Aviva scored top in the industry for its EDI efforts, with a net positive score of +51. This was largely aided by CEO Amanda Blanc being a standout voice on equality issues. She generated widespread positive endorsement for criticising several private investors on their sexist comments at a shareholders meeting, which generated a spread of positive national coverage. Aviva’s CEO was also prominently featured throughout International Women’s Day due to her discussions about the rate of female senior pay rising across the industry not being fast enough. The company is also praised for its paternity leave policy, with 80% of fathers taking up to five months off. Each employee was also gifted £1,000 by the company to help battle the cost-of-living crisis. Aviva’s chief people officer, Danielle Harmer has also been a vocal and positive voice on the wider impact of the menopause.
2. Unum: Unum generates positive coverage from its EDI initiatives, focusing particularly on gender equality in 2022, subsequently helping it to rank as one of the top companies in the index. This includes Unum UK reducing its median gender pay gap from the previous year, while its ethnicity pay gap decreased from -7% to -13%. However, Unum notes that it does not have enough women in higher-paid senior, technical and sales roles and it is attempting to combat this. In addition, Unum launched a productive health policy on International Women’s Day 2022 in partnership with Bupa, aiming to provide increased support to its female staff members. In wider societal context, Unum advocates for changes to employee systems. For example, the company proposes an overhaul of Statutory Sick Pay to benefit lower-paid workers in the UK. All of these factors helped give Unum a positive score of +50, putting it in second place just behind industry leaders Aviva.
3. Axa: Axa ranks as one of the sector leaders on EDI, driven by accreditations and rankings from third parties. This includes approval of its policies by Menopause Friendly, as well as an Economic Dividends for Gender Equality Move certification from EDGE. Axa generated positive profiling for the support given to domestic abuse victims. These articles highlight the work Axa has done to introduce a domestic abuse policy this year for its approximately 10,000 members of staff, which includes up to five days of paid leave. Axa also participated in the 2022 Dive in Festival in September. Here Axa XL’s Sean McGovern highlighted the company’s commitment to diversity and inclusion. Finally, AXA is recognised as a Times Top 50 Employer for Women, all helping give a strong score of +49.
4. Bupa: Bupa drives a positive score through a range of EDI issues and involvement in policy discussion, such as the high demand for workplace benefits. Supporting this position, Bupa partners with pregnancy charity Tommy’s on its Pregnancy and Parenting at Work programme to provide support to employees on their journey to parenthood. During National Inclusion Week, Bupa claims diversity and inclusion ‘Sits at the heart of its business’ as it makes a commitment that Everyone is Welcome. The firm is noted to have been ranked third in the Inclusive Companies Top 50 UK Employers List for 2021/22. Bupa research claims that 900,000 women experiencing the menopause have left work. This is widely cited in coverage of the cross-party Women and Equalities Committee calling on the government to legally specify the menopause as a protected characteristic.
5. Legal & General: Legal & General focused particularly on LGBT issues in 2022, highlighted by receiving the Gold Standard award for LGBT+ equality within financial services from LGBT Great. The company also saw success at the British LGBT Awards 2022, where Legal & General’s LGBTQ+ Allies Network made the shortlist. Most notably, Legal & General is an active advocate of societal issues, calling for immediate action to address the gender pension gap as it increases through age groups. CEO Nigel Wilson is one of the sector’s top spokespeople, demanding investment in key infrastructure such as education, believing that standards have slipped in the poorest parts of the UK.
6. Zurich: Zurich’s workplace benefits and hiring processes help it to rank in the top 10 firms in the sector. Zurich overhauled its graduate hiring process to help Generation Covid, with less advantaged candidates harmed by the pandemic to be given the opportunity to gain work experience. The insurer also scrapped group interviews to accommodate neurodiverse applicants. Additionally, Zurich is recognised as one of the UK’s best places to work in a ranking by Glassdoor, which credits various aspects of the firm, including diversity and inclusion. Research from LinkedIn predicted a ‘flexidus’ among women in the UK workforce as 52% of respondents said they had considered leaving their jobs due to a lack of flexibility. Zurich chief HR officer Steve Collinson highlighted how the firm has implemented part time options across every role to allow flexibility for requirements such as parental care.
7. AIG: AIG won a number of EDI awards and rankings in 2022, such as being recognised among top 50 companies for diversity for a fifth consecutive year, placing 32nd in Forbes and Diversity Inc’s list. AIG chief HR officer Rose Marie Glazer said: ‘We are better and stronger because our global colleagues work together to strive for excellence and incorporate diversity, equity and inclusion principles in all they do every day’. AIG is named a Best Place to Work for Disability Inclusion, according to the 2022 Disability Equality Index, and the company tweeted: ‘We’re honoured to receive this award and will continue to stand as allies to the diverse communities we serve’.
8. LV=: The volume of EDI activity in 2022 is likely to have been affected by LV=‘s focus on a potential deal with Bain Capital at the beginning of the year. As a result, positive sentiment for LV=‘s EDI policies is somewhat limited in comparison to peers. Key issues include the insurer confirming it will maintain a payment break option permanently to support vulnerable customers in financial distress. This option allows vulnerable members with protection insurance to stop paying premiums for a brief time without losing coverage. LV= received a Silver Award from Stonewall UK for the progress it is making in LGBTQIA+ workplace inclusion, thanking its Pride Network for their continued hard work. Individuals are also nominated for several prizes, including the Women in Protection & Health Awards 2022.
9. Scottish Widows: Sentiment for Scottish Widows is primarily driven by research and campaigns on EDI, while positive, these have a lesser impact than the introduction of policies seen across the sector leaders. A campaign by Scottish Widows for pay equality drew national media coverage around International Women’s Day. The firm’s annual Women and Retirement Report found men go much further than women in saving for retirement, putting aside 16% of pay compared to 13.5% for women. Additionally, Scottish Widows is named as among those that ‘Are using their platforms to highlight the issue and campaigning for pension reforms to make it easier for women to save for retirement’. Lauren Peacock, responsible investment manager at Scottish Widows discussed the importance of cognitive diversity in business, claiming that a combination of different voices and people help to tackle the world’s most important issues. This is an area of EDI which attracts less attention from other firms but is championed by Scottish Widows, helping it to rank among the top 10.
10. Canada Life: Canada Life research on the cost-of-living crisis is leveraged in calls for greater equality, focusing particularly on the impact of inflation on parents. On International Women’s Day, Canada Life found just over one quarter of women would use an adviser for financial advice, with more preferring to go to a family member or money advice website. This is framed as a requirement for the protection and health insurance market to increase engagement among women with financial advisers, while Canada Life marketing director Lara Bealing stated that “key questions need to be asked” about how financial advice can be made more accessible and inclusive. Canada Life is also perceived as an advocate for the menopause and age equality. Dan Crook, protection sales director highlighted a need to build awareness around the menopause to be able to talk openly about the issue. Meanwhile, a survey by the company found that one in five employees over 55 feel discriminated against.