Should insurance introduce diversity targets?

Should insurance introduce diversity targets? | Insurance Business

Should insurance introduce diversity targets?

 

Chris Mackinnon

“For me, it is all about getting the best talent into the business and then retaining them.

My view is that targets are a useful tool to measure progress – I don’t see anything bad about targets, but they are note_ ective unless they are part of a cultural change on unconscious bias and the implementation of a clear strategy to improve diversity and inclusion. Firms that have proactive talent management can do amazing things.

Unconscious bias is all around us, and it takes a conscious e_ ort to constantly challenge our own biases in decisions such as who to hire or promote.”

 

 

Vivek Bhatia

“I believe an inclusive culture and diversity of people and thought are imperative for businesses and communities to succeed and deliver their vision. Personally, I want to make sure my children have the same opportunities as anyone else, irrespective of their gender and identity.

I’m not a fan of diversity targets. Targets can be tokenistic. People want to contribute their talents based on merit, not feel they’re satisfying a quota. While targets can lead to increased diversity, they don’t necessary drive inclusive workplaces. Our role is to break down any barriers so as to challenge bias, not be the bias.”

 

 

 
Ahranee Vijayaseelan

“More diversity will benefi t the insurance industry – studies have shown that more diverse organizations outperform those lacking diversity. Insurance as an industry has made progress, but still has a long way to go. Consider gender diversity – women account for over half the employees in the industry, yet occupy just 12% of senior management positions.

Diversity targets are a good idea and have delivered great results; however, targets alone are not enough to meet the challenges of diversity. Internally, organizations need to foster a culture that welcomes and embraces a diverse workforce, including in the C-suite ranks.”