WSIA expands efforts in education and diversity
The association’s Diversity Foundation fosters industry support and programming momentum during its inaugural year.
Early in 2021, the Wholesale & Specialty Insurance Association (WSIA) announced the incorporation of the WSIA Diversity Foundation, the goal of which is to promote diversity in the areas of race, gender, sexual orientation and disability. The aspiration behind this development is to influence meaningful progress in the diversity of the wholesale, specialty and surplus lines insurance industry as well as its talent pipeline.
Vanessa Sims recently joined the WSIA team as director of Diversity, Equity & Inclusion, and she will provide staff support to the WSIA Diversity Foundation and its board.
“I am thrilled with the opportunity to join the WSIA team and support the work of the WSIA Diversity Foundation, and I am confident that by working together we can not only advance the Diversity Foundation’s initiatives, but that WSIA can lend support to members and our industry partners to enhance the way we all think about and approach diversity, equity and inclusion in the wholesale, specialty and surplus lines industry,” Sims says. “The groundwork that has been done is a great start, and I think that we have some exciting times ahead as we’re able to enhance the diversity and culture of the industry, which benefits all of us.”
The WSIA Diversity Foundation Board of Directors is completing a strategic planning process to begin prioritizing its funds and work for the coming years. Some of the areas of emphasis that the board has identified include:
- Annual summer internships, in partnership with the existing WSIA internship program. The Diversity Foundation will provide funding for internships for diverse applicants.
- Annual academic scholarships, in partnership with existing WSIA Education Foundation Scholarship Program. The Diversity Foundation will provide funding for scholarships for diverse applicants.
- New internships and scholarships available to diverse applicants at universities that do not have a risk management and insurance program.
- Grants to existing college/university risk management and insurance programs advancing diversity goals
- Support for student symposiums or academies to broaden understanding about opportunities in the industry for candidates from diverse backgrounds
- Collaboration with other industry trade and professional associations to partner, where possible, toward diversity, equity and inclusivity goals
- Expanding existing online education and curriculum in colleges and universities with or without existing RMI programs
In addition, the Foundation is currently considering other investment opportunities to directly assist students and insurance programs at colleges and universities with diverse student populations. What’s more, a speakers’ bureau has been developed, and industry professionals have begun conducting outreach with students who might be considering, or encouraged to consider, a career in wholesale, specialty and surplus lines insurance from Historically Black Colleges and Universities (HBCUs) and a number of colleges and universities identified as having diverse student populations.
Since its inception, the WSIA Diversity Foundation has received $1.6 million in pledges from member firms, including two gifts this month from Burns & Wilcox and RSUI, as well as an additional pledge of $1.0 million from the WSIA Education Foundation.
Much of the Foundation’s focus overlaps and can work synergistically with existing WSIA and WSIA Education Foundation talent development and student outreach initiatives.
The WSIA Education Foundation was formed in 2018, with the merger of the AAMGA Education Foundation and the Derek Hughes/NAPSLO Educational Foundation, which dated back to 1992 and 1991, respectively. The Education Foundation’s mission is to encourage the educational development of all those interested in the excess and surplus lines business, and create an understanding, and overcome the misperceptions, of the excess and surplus lines market.
In addition to scholarship and grant programs for students, the Education Foundation also offers student symposiums. Members programs and benefits include the Annual AM Best Report, and members offer financial support for the WSIA education programs through scholarships and also support WSIA networking events speakers through the E.G. Lassiter Lecture Series as well as hosting an annual golf tournament fundraising event that allows members to support the foundation and network during the annual Underwriting Summit.
Carlton Maner is CEO of AXIS U.S. Division and serves as chair of the Diversity Foundation Board of Directors.
“The WSIA Diversity Foundation’s momentum during its first year has been really rewarding to see,” Maner says. “Our industry has provided not only significant financial support to the Foundation, but we have also seen such amazing support for its work in terms of volunteer effort and idea sharing from a variety of individuals, firms and certainly our Board of Directors. I am confident that we’ve got the right energy to create meaningful impact moving forward.”
Maner adds that the Diversity Foundation, the WSIA Education Foundation and the WSIA boards of directors are collaborating on Diversity Foundation initiatives in a way that makes a great deal of sense both financially and structurally.
“The Diversity Foundation Board of Directors has worked through a strategic planning process to prioritize short and longer-term goals,” Maner says. “We also have identified ways to partner with WSIA and the Education Foundation to expand the footprint of some existing programs to provide greater opportunity and awareness for diverse students while capitalizing on what’s already in place and working to reach students.”
Maura Keller is a Minnesota-based freelance journalist.
See also: