Fostering diversity, equity and inclusion in the insurance landscape
Diversity is not just a buzzword; it's a strategic imperative for the insurance industry.
Diversity is not just a buzzword; it’s a strategic imperative for the insurance industry. Like many in the financial services sector, our industry has historically had a reputation for lacking diversity and unfortunately, this image is arguably still true today. A recent McKinsey report highlights a stark reality: men of color constitute a mere 8 to 14 percent of the talent pipeline across all levels in the insurance industry. And the deficiency becomes even more apparent when examining women of color in leadership roles. Shockingly, women of color hold a meager 2% of board seats within the insurance sector, in sharp contrast to the 14% representation of men of color in comparable positions.
As a step towards prioritizing DE&I, Arbella Insurance Group collaborates with Benjamin Franklin Institute of Technology (BFIT) for an internship program. BFIT boasts an impressive representation of more than 30% Black or African American males and nearly 20% Hispanic or Latino males.
Insurance companies must cultivate a deeper awareness and understanding of the need for a more diverse, supportive and inclusive workplace where individuals are valued for their talents and empowered to reach their full potential. Through the internship program with BFIT, Arbella actively attracts and retains talent from a broad spectrum of backgrounds, capabilities and experiences, thereby extending Arbella’s outreach to traditionally marginalized communities.
Teo Phan Tran, a recent graduate from BFIT, is a testament to the program’s success. Through Arbella’s Program, Teo secured a role as a service desk analyst. During his six-month internship, Teo completed multiple IT certifications and received comprehensive training in various aspects of his role, ranging from business and insurance to soft skills. Since being hired as an official employee at Arbella, Teo has mentored two other BFIT interns this past summer. He shared his program experience with them which helped to prepare them for their entry into the job market.
“Establishing a robust internship program is vital to equip recent graduates for the competitive job market,” said Teo. “I’m grateful for the internship collaboration between Arbella and BFIT, which not only helped to develop my job skills, but also underscored the industry’s commitment to champion diversity and inclusion.”
The path is clear ahead for the insurance industry to champion a culture of inclusion. By doing so, the insurance sector can harness the power of diversity to navigate an ever-changing landscape and emerge as a force for societal good.
Gayle O’Connell, Executive Vice President and CMO of the Arbella Insurance Group.