According to the Lloyd’s insurance market’s first report on the state of diversity and inclusion (D&I) in the industry, as of 2015, over half of organisations believe that they have a positive D&I culture, with nearly four in ten (37.5%) describing their D&I culture as “improving”. Over half of the companies also plan to increase training in D&I and over 40% will be revising their recruitment policies to further incorporate it.
The report “Holding up the Mirror: Reflections on diversity and inclusion in the Lloyd’s market” also includes data from interviews conducted with 40 HR professionals whose organisations have signed up to the Inclusion@Lloyd’s Diversity and Inclusion Charter.
According to a blog post by Dominic Christian, chair of Inclusion@Lloyd’s, the data points to a clear business case for D&I. It offers the ‘carrot’ of improved productivity and greater innovation, as well as the ‘stick’ with 27.5% of companies being aware that clients will be examining their D&I practices as a supplier requirement.
However, 65% of respondents do not have a dedicated D&I policy, so Inclusion@Lloyd’s aims to raise awareness so more companies incorporate D&I into their company philosophies in 2016.
Christian wrote, “However, as some of our respondents pointed out, there is a lot more to D&I than gender, so we will be looking to see the similar progress in other areas, such as disability, LGBT issues and cultural diversity.
“We were pleased to see that the research confirmed a strong appetite among charter signatories for leadership on D&I issues. Respondents are looking to Lloyd’s to provide resources including best practice, business cases, case studies and an overview of what is being done in the market. In the wider world, it has an important role to play in updating the image and public perception of the Lloyd’s market to attract young, diverse talent.”