Changing from the inside out: DE&I, allyship and insurance
Nothing is more important to a company’s success than its people.
The insurance industry has long been perceived as a traditionally male-led space that is slow to embrace change.
Consider that women make up more than 60% of the insurance industry, yet only 19% of them hold board seats.
Similar to many industries, insurance must improve its DE&I (diversity, equity and inclusion) efforts from the top down if it wants to progress and grow more attractive to the talent pool.
According to a recent study from McKinsey & Company, in the C-Suite, women of color represent only 3% of executives while 7% of executives are men of color. With two-thirds of entry-level positions currently being filled by women, insurance is faced with a great opportunity to change the makeup of upper management. Carriers, insurtechs and startups must work diligently to hire and promote individuals from underrepresented groups and offer them a seat at the table.
In an industry that serves all people — typically at a time of great need — it is imperative for organizations to cultivate a diverse workforce on every team at every level. Focusing on DE&I allows insurers to hire and promote a broader range of employees, enhancing their ability to serve a wide range of customers. True partnership with customers can only be achieved with a workforce that comes from diverse backgrounds with a range of perspectives and experiences that can connect to those of their customers. Companies that are made up of employees with different backgrounds and experiences can best meet the needs of their customers, solidifying one reason DE&I must be a top priority for insurers.
Shaping and reshaping DE&I initiatives
Duck Creek Technologies believes that a commitment to diversity, creating an equal seat at the table, and allyship are some of the most important changes the industry must embrace to meet the needs of employees and customers alike. Our team understands that the world is constantly shifting, and we must remain open to learning and engaging in fresh practices in order to grow and succeed.
Recently, our company held its One Duck Creek Diversity Summit, which brought together employees and executives to host in-depth discussions that are not often the main topic of conversation on a typical workday.
The time we spent together in person over three days was an invaluable opportunity to hear about the backgrounds and unique experiences of our teammates at every level, including our CEO, Mike Jackowski, who kicked off the event. External guest speaker, Dr. Enin Rudel (PsyD, MSW), founder and principal of E.I. Consulting, LLC, facilitated a session focused on the importance of becoming a company driven by inclusive and diverse learning experiences. Being able to dedicate our time to focus on the individuals that make up our workforce is critical to our culture.
The summit was also the perfect setting for our employees and executives to candidly reflect upon our DE&I program’s successes and plans for the future. We openly discussed our collective goals and the need to shape and reshape our DE&I initiatives on a consistent basis. It is key for organizations to maintain an open attitude toward diversity, equity and inclusion in order to keep our efforts current and exciting for our employees.
Allyship and executive support: Essential for change
No one has done more for my own career than the men who have deliberately cleared a spot at the table for myself and other individuals from different and underrepresented backgrounds. It was impactful and empowering to see these individuals, who already had an established seat at the table, actively making room for those who don’t. Furthermore, it is imperative to create a corporate environment of inclusion that is built on and sustained by high trust and respect. Those in leadership positions must walk the walk and demonstrate their commitment to DE&I by hiring and advocating for a diverse set of employees across all levels and areas of expertise.
A recent Deloitte study suggests that “allies might be the missing link” in creating inclusive organizations, as employees who experience cultures of inclusion and allyship report feeling greater happiness and are more likely to go above and beyond for their employers. Great allyship drives great performing companies and strong results. Today, nothing is more important to a company’s success than its people, and a company’s people can only flourish as much as the culture it has created allows them to. It is critical to foster a workplace environment that encourages everyone to take pride in their backgrounds, experiences and viewpoints.
Allyship has been an important foundational element in my journey, and it must become a standard practice for any successful organization in this day and age. Leaders play a pivotal role in ensuring their promotion and hiring practices give equal opportunities to candidates from diverse groups. Executive support is critical to any successful DE&I Program.
Inclusion revitalizes purpose and pride
The future of DE&I in insurance is dependent upon an organization’s decision to foster a culture that emphasizes investing in a workforce with different backgrounds but equal voices. It is important to uphold a community made up of allies who listen to, respect and are excited by diverse perspectives.
There is no better time than now for companies to show their people and themselves that they are unwaveringly dedicated to diversity, equity and inclusion.
Courtney Townsend (courtney.townsend@duckcreek.com) is Chief People Officer at Duck Creek Technologies. These opinions are the author’s own.
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