There are many individuals, associations and companies in the insurance community that are embracing diversity and inclusion (D&I) – and with good reason. Study after study shows that the more diverse an organization is, the better the organization runs.
The 2021 State of DEI report by BuiltIn showed that diverse companies experience 2.3 times higher cash flow per employee. Forty-three per cent (43%) of companies with diverse boards notice higher profits, and racially/ethnically diverse companies are 35% more likely to perform better.
Read more: Diversity is key to long-term success
Daniel Moses, CEO at TruStar, spoke to Insurance Business about how the specialty MGA benefits from fostering a diverse and inclusive work environment.
“TruStar is already an extremely diverse MGA, we have people from all walks of life and that’s only made us stronger,” he said. “Our focus is to maintain the culture we’ve created and continue to focus on being an equal opportunity employer, recognizing that having a diverse set of backgrounds will enhance the organization.”
Moses explained that it’s important to maintain and cultivate a strong culture where there’s a level of respect, a level of understanding and a level of learning that one might not be able to have if everyone at the table looks and sounds like each other.
“There are limitations that are created when everyone has the same life or work experiences - if you want to be a leading enterprise it’s important to have different perspectives brought into the organization,” he said.
It’s critical for leaders to spend time recognizing blind spots and bringing in talent that will challenge the status quo and allow for exposure to perspectives that may have been overlooked.
“Leaders need to take the time to be thoughtful about what their goals are and who can help achieve those as part of the team,” Moses mentioned. “If they want to compete in a global world, they have to have a global insight and have individuals that represents different parts of the world with different points of views.”
“We try to create a unique experience as a specialty MGA,” Moses explained. “The use of social media can be viewed negatively, but there are pockets of absolute sunshine that are connecting people that wouldn’t have been in touch before, allowing us to tap into an entirely different network of individuals that will bring a different perspective and experience to our organization.”
Creating a diverse and inclusive environment where people feel their voice is heard and their opinion matters, facilitates more productive and innovative conversations within an organization.
“In TruStar’s internal discussions, it’s incumbent upon me as a leader, and the executive team, to create the space that everyone can express their point of view based on their own intellectual thought process,” said Moses.
“There’s so much engagement that comes from feeling like you’re a part of something and that trickles into both your personal and professional life. If you feel like you’re a part of a community, and that your opinion matters, the likelihood of continuing that high level of engagement is off the charts.”
“There is a spotlight on D&I right now, and while there’s still a lot of work that needs to be done, the industry has come a long way and is on the right path,” Moses added.
“It’s all about exposure and being aware - if we can demonstrate that we’re an open, transparent, and welcoming industry, there’s a ton of opportunity.”