Leadership in insurance prioritizes inclusivity, requiring suitable resources to achieve it effectively
The Dive In festival, a global movement in the insurance sector, has announced its 2025 programme, focusing on the theme of "Belonging Builds Tomorrow." The event, conceived by a collaboration between the Corporation of Lloyd's, IUA, LIIBA, and the Lloyd's Market Association, will provide a platform for discussions and solutions to foster a more inclusive work environment. Registration for the award-winning festival can be done through the website: Dive In Festival.
As businesses strive for high performance, investing in leadership development has been identified as a key factor. According to The Clear Company, businesses that prioritize leadership development are the most high-performing. In light of this, the importance of upskilling and training leaders in the insurance sector to foster a culture of inclusion and belonging has been emphasized.
The Association of British Insurers (ABI) has carried out the most comprehensive survey ever of talent and diversity in the insurance and long-term savings sector, revealing a majority of firms have programs in place to promote inclusion at the top of their businesses. However, The Clear Company emphasizes that true inclusion starts at the top, but the required training and upskilling needs of leaders are often inadvertently overlooked.
To address this, insurance firms can effectively upskill and train their leaders by providing ongoing, targeted leadership training on DEI principles. This approach involves cultivating leadership commitment, offering workshops on recognizing and mitigating biases, and implementing measurable goals related to diversity, equity, and inclusion.
Leaders play a pivotal role in cultivating and nurturing a culture of belonging and inclusion, but this requires a dedicated, niche set of attributes and a holistic, strategic, and people-oriented approach. KPMG's data reveals that 19% of operational expenditure in the insurance sector is allocated to skills and capabilities, including leadership and management development.
Key elements in this approach include:
- Ongoing Leadership DEI Training: Leaders need continuous education on the importance of equity, inclusion, and belonging, including practical skills to recognize unconscious bias, create inclusive decision-making processes, and advocate for underrepresented groups.
- Leadership Commitment and Accountability: Senior leaders and CHROs must visibly champion DEI initiatives, linking them with broader business goals to ensure sustained engagement. Establishing accountability metrics—such as evaluating leaders on their success in promoting team diversity and inclusion—helps embed DEI within leadership responsibilities.
- Inclusive Decision-Making and Policies: Leaders should be trained to integrate DEI perspectives into team building, hiring, promotions, and employee engagement to foster equity at all organizational levels.
- Equitable Professional Development: Provide leaders with tools to ensure fair access to career development and mentoring opportunities, especially supporting underrepresented groups through targeted leadership development programs and mentorship.
- Use of Data and Metrics: Incorporate pay equity audits, diversity metrics tracking, and inclusion climate surveys, enabling leaders to measure progress and adjust strategies accordingly.
- Combine DEI with Compliance and Cultural Navigation: Leadership training should also address compliance with evolving regulations and how to navigate cultural shifts with integrity and courage, helping leaders balance legal requirements and inclusion goals.
By embedding these practices into leadership training and organizational culture, insurance firms can effectively build inclusive environments where all employees feel valued and empowered to contribute.
Recently, the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England (the regulators) are seeking views on regulatory plans to improve diversity and inclusion in the financial services sector. Allianz Holdings has been ranked 14th in The Inclusive Top 50 UK Employers List, a cross-industry index recognizing best practice and innovation with the goal of driving inclusion for all.
As the insurance sector continues to evolve, the focus on leadership development and fostering a culture of inclusion and belonging will be crucial in ensuring a more diverse and equitable workforce. The Dive In festival provides a platform for these discussions and solutions, and registration for the 2025 event is now open.
- The Dive In festival, an initiative in the insurance sector, emphasizes the importance of leadership upskilling and training to foster a culture of inclusion and belonging, especially as businesses strive for high performance.
- As the insurance sector continues to evolve, regulatory bodies like the Financial Conduct Authority, Prudential Regulation Authority, and Bank of England are seeking views on improving diversity and inclusion, underscoring the importance of these issues in the financial services sector.
- In light of the focus on diversity and inclusion, events such as the Dive In festival, which offers a platform for discussions and solutions, can serve as a catalyst for innovation in the insurance sector, pushing for a more diverse and equitable workforce.
