Get to know IICF's newly-formed IDEA council
Insurance-industry diversity, equity and inclusion leaders join forces for a better future.
At the Insurance Industry Charitable Foundation (IICF), diversity, equity and inclusion (DEI) have been cornerstone issues since we launched our Women in Insurance Conference Series, now the Inclusion in Insurance Forum, in 2013.
Since then, we’ve expanded the scope of the series and within IICF to include a broader definition of DEI that also embraces accessibility (IDEA). The world is evolving and our industry is changing with it. As a convener of our industry, we feel an obligation to continue to further discussions on this important issue.
With a firm belief that diverse teams improve company culture, innovation and overall success, we strive to do more to promote action and accountability. As such, we’ve launched the IICF IDEA Council. The response has been overwhelming. We now have 50 industry C-suite executives joining us quarterly as we gather collectively to advance DEI ideas into action.
I recently had the opportunity to talk to the leadership team of the IDEA Council about the launch and early successes of the program. Below is a Q&A from my conversations with Susan Johnson, chief diversity, equity and inclusion officer, The Hartford and IICF IDEA Council co-chair; Barbara Bufkin, senior advisor, Amwins Access, immediate past chair of the IICF Board of Governors, IICF IDEA Council co-chair, and Women in Insurance mentor; and Carmen Duarte, vice president, diversity, inclusion and social impact, Intact Insurance Specialty Solutions and chair of the Talent Subcommittee, IICF IDEA Council.
Question: Barbara, you’ve been leading DEI efforts with IICF through our Women in Insurance Conference Series. How do you see the IICF IDEA Council contributing to these conversations/?
Barbara Bufkin: The Women in Insurance Conference series has served as the predicate to everything IICF has advanced in terms of DEI since 2013. This amazing series has presented us with many courageous leaders, inspiring stories of resilience, best practices and actionable advice. Now, we are expanding that conversation to evolve with the modern workforce. This series has guided us to recognize not only the importance of harnessing the power of diverse talent and culture, but to view diversity, equity, inclusion and now accessibility as an initiative our industry must pursue with passion and purpose.
Through volunteerism, charitable giving, and DEI platforms, IICF has become the bond for how we come together as an industry. Industry leading companies have joined together, creating a common vernacular with the goal of enhancing and advancing the power and strength of DEI in our industry. Collectively, we are working toward a future that embraces diversity, welcomes and supports undiscovered and underutilized talent, and fuels innovation.
Question: Susan, please talk about who IICF has convened to take part in the IDEA Council. What is the significance of getting leaders on DEI together in the same “room” to talk about these issues and define its goals?
Susan Johnson: The IDEA Council includes subject matter experts from across the DEI, HR and talent spectrum as well as business leaders who share a passion for the work and to make the insurance industry the best it can be. That includes excelling at attracting demographically diverse talent, creating productive and safe environments so employees can contribute to their fullest potential, and meeting the needs of an increasingly diverse customer base. The IDEA Council is the ultimate in altruism — working together for the good of the industry, the people who are a part of our companies, and the people we serve.
The goals of the IICF IDEA Council are to bring thought leaders in the industry together to share, learn and increase the industry’s DEI focus by harnessing the collective and most innovative thinking. We strive to introduce new strategies and initiatives and provide an opportunity for leaders responsible for increasing representation to share their challenges and creatively discuss solutions. Our overarching goal is to make meaningful and sustainable progress throughout the insurance industry.
Question: Have the social justice issues of the past 18 months helped to highlight DEI as a key priority for insurance companies? How do you see the IDEA Council helping companies within our industry build on that momentum?
Johnson: The heightened levels of awareness and motivation following 2020′s summer of racial reckoning, the inequities uncovered by the pandemic, and the harsh impacts of natural disasters and climate change are all evident in the commitment of IDEA Council members. We want to do our part to advance equity through the lens of the insurance industry.
Because of these realities, we are that much more motivated to do our part to accelerate the pace of DEI work across the industry. Specific to the talent front, that includes positively impacting more people across a broader demographic spectrum by providing real career opportunities, engaging and productive work environments and equitable access to career success.
We appreciate that, as an industry, we have work to do to reach and speak to the larger talent base, and in particular, to people who historically may not have had exposure to this captivating industry and its myriad of career opportunities.
Question: Barbara, can you talk about some of the IDEA Council initiatives currently underway?
Bufkin: With the inaugural gathering of the IDEA Council, it was apparent we had tremendous engagement, enthusiasm and commitment “in the room.” We continue to see fresh thinking and creativity as these ideas advance into action.
One of our first initiatives has been the development and launch of the IICF Talent Hub. We are particularly proud of this tool, which will serve to build a bridge between the industry and nontraditional, diverse candidates in the talent pipeline. We’ve partnered with Indeed, a leading employment platform, to create an insurance-specific job board to assist these individuals in learning more about our industry and our jobs, as well as how to find those jobs.
The IICF Talent Hub is available to all within the insurance industry, and to those considering it for the first time. It will provide numerous resources to prospective candidates, including a list of available opportunities through a robust search feature, resume writing assistance, and testimonials from people of different age groups and backgrounds across the industry. For example, we’ll soon be hosting a webinar on the IICF Talent Hub with AIG, Aon and Zurich, highlighting apprenticeship programs within the industry and the value they bring to candidates and employers.
To dive deeper into DEI, we’ve also developed three subcommittees of industry professionals examining crucial areas including: the talent pipeline, culture, and the roles of the CEO and senior leadership.
With the knowledge and experience of many great minds, we hope to identify some of the best practices and emerging DEI strategies both within and outside of the industry. As we continue to work together to advance these initiatives, we also look forward to serving as a resource for the IICF Inclusion in Insurance Regional Forums, Global Conference and other relevant IICF programming.
Question: Carmen, as chair of the IDEA Council Talent subcommittee, please talk about the value the council sees in recruiting diverse talent.
Carmen Duarte: We are at a time when companies across the industry should learn and lead together. There’s substantial evidence supporting diverse talent enabling corporate success. What’s more, consumers expect brands to reflect the communities they serve. Building on IICF’s track record of collaboration, the council’s goal is to establish industry pathways to promote insurance careers to talent from under-represented communities. However, we believe achieving outperformance opportunities also requires mentoring emerging professionals to accelerate their career growth, ensure retention and shift representation in more senior roles.
Question: How will you measure the success of the Talent Subcommittee in the coming years, of the IDEA Council as a whole?
Duarte: I think it will be more important to measure our sustainable influence. Have we been able to engage our member companies and others across our industry to consistently seek diverse talent? Are our senior management teams more inclusive of leaders from diverse backgrounds? Is our industry perceived as a compelling career choice because it offers a true sense of belonging where employees thrive and help contribute to outperformance? It’s a pivotal moment for the industry. I am confident we will seize this opportunity to work together and pursue these societal changes.
Question: Barbara, where will the IDEA Council focus its efforts and what next steps and action items can we expect in 2022?
Bufkin: We have so many fantastic ideas and true collaboration amongst the council. Undoubtedly, in 2022, we will be working more closely with the industry to implement best practices around DEI. By then, we will be well on our way with our new IICF Talent Hub, bringing new and previously undiscovered talent into the marketplace. Those diverse candidates will grow and prosper within our industry, improve our work product, boost innovation, and inspire positive well-being in the workplace.
We also have more initiatives on the horizon, including an industrywide DEI survey, new alliances, a mentoring program, cultural scorecard and DEI leadership accelerator. Through the IDEA Council’s efforts, we hope to ensure DEI is part of the fiber of our workday, every day, across our industry and beyond.
We’ve accomplished so much in just a few months. Imagine what we can do in the months and years to come.
Betsy Myatt (emyatt@iicf.com) is vice president, chief program officer and executive director of the Northeast Division of the Insurance Industry Charitable Foundation (IICF). Myatt has led IICF’s Women in Insurance Conference Series, now the Inclusion in Insurance Conference Series since its inception in 2013.
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