The insurance sector needs to be prepared to take a few more risks to attract more diverse talent into the sector, according to sustainability consultant Will McDonald.
McDonald was previously a group director of sustainability and public policy at Aviva but left the insurer last year.
Speaking at the Association of British Insurers (ABI) Diversity Equity and Inclusion Summit, he acknowledged the sector does have a problem with its image and added that when interviewing candidates over 10 years with Aviva he would ask why they wanted to work there.
He explained often candidates would cite work the insurer had carried out around sustainability, adding that in carrying out this work the company and its CEO were trying to change the world and “take a few risks.”
“My core point is that as an industry we’re very good at managing risks, we’re not necessarily good at taking risks,” McDonald explained.
“I think you have to do something different. If we keep doing the same things, we’re going to get the same results.”
McDonald warned that if the sector was not going to face the same challenges it currently faces and have the very same conversations around diversity in 30 years’ time, it needed to do something different.
“I think we need to take a few more risks,” he added.
“The world will see us doing that and they will think, ‘oh that’s interesting, I’ll apply’.”
And in terms of a slogan the sector could use to attract talent, McDonald quipped his would be that insurance ‘pays nearly as well as banking – but it’s a lot more friendly’.