If the insurance and finance sector moves any slower in improving diversity, it will be going backwards, according to Aviva CEO Amanda Blanc.
Speaking at the Association of British Insurers (ABI) Diversity Equity and Inclusion Summit, Blanc rounded on the sector’s progress in improving women’s representation boards.
Blanc explained that the Women in Finance Charter is six years old and in that time the representation of women in senior management roles in financial services has increased by just 1% every year and in 2021 there was a 0% increase.
“If our progress gets any slower, we will start to go backwards,” Blanc said.
“I’m only half joking when I say that because in a challenging macro environment – everything from climate change and economic uncertainty to war and civil unrest will push the equality issue down the agenda.
“But we cannot let that happen because achieving genuine equality where all the talent is at our disposal is the only way that any business is going to survive what the world is throwing at us.”
Structure to support change missing
Blanc added that while the sector is good at talking about diversity, equity and inclusion the structure to support the change that is needed may be lacking.
“That’s my point,” she continued.
“We’re really, really good at talking about diversity, equity and inclusion. But if we really meant it, would we have a far more diverse profession?
“The will to change is there – that I have absolutely no doubt. But what perhaps has been lacking to date is strategic imperative and structure to support this enthusiasm and to ensure it translates into tangible change.”
Touching on the launch of the Women in Finance Blueprint alongside the Women in Finance Accountable Taskforce and Bain earlier this year, Blanc described this blueprint as a “fantastic” tool that provides tangible actions and case studies that firms can use to improve diversity.
“It’s why we’re all here today for the launch of the ABI diversity, equity and inclusion blueprint,” she continued.
“My ask is for every single one of you in the room – physical or virtual – to use it and use it properly. Use it strategically. Please don’t tickbox it. That’s easy. And that is why we’ve had a zero-percentage improvement in gender diversity across financial services.”