Actions vs. Talk: Is the Insurance Industry Coming Through on DEI Commitments?

Though the last five years have included events – specifically the murder of George Floyd – that prompted many company leaders to make commitments to diversity, equity, and inclusion (DEI), respondents of a recent survey tell a story of a lack of progress.

Commissioned by Marsh and the National African American Insurance Association (NAAIA), “The Next Step on the Journey” outlines findings from a recent survey to follow up on one conducted in 2017 and published in a 2018 report, “The Journey of African American Insurance Professionals.”

According to the results of the survey of Black/African-American risk and insurance professionals, it appears George Floyd’s death had a “remarkable effect on corporate [DEI] commitments” in comparison to the time prior to Floyd’s death, but some organizations appear to have “struggled with how to address the issue publicly, especially given their public profiles and possible reactions from customers and stakeholders.” While internal employee resource groups were formed to help come up with DEI goals and initiatives, “the hiring, promotions, and board membership for Black/African-Americans were far less prevalent,” the report said.

“Some individuals noted that while their organizations continue to espouse diversity as a core value, there is slow, little or no progress in terms of representation in management or leadership positions,” read a commentary on results of the survey conducted by Dr. Leroy Nunery II, president of Evolution Advisors. One respondent added: “My company would like to appear they are committed to advancing diversity but does not take the appropriate actions internally for future diversity growth.”

In a NAAIA webinar to discuss the survey’s findings, Nunery said Floyd’s death was a “wake-up call across the globe” but at the same time it is “hard to pin down who is responsible and accountable” for progression. “We still have issues getting in the door and sitting at the table,” he said. “Are we moving the needle or ‘checking the box’? It’s more than saying, ‘We want to be engaged.'”

Respondents classified company efforts toward inclusion as “underwhelming,” with many believing that lack of exposure to the risk and insurance industry is the primary barrier to inclusion. On career advancement, 84% said they “encounter obstacles compared to other minorities or under-represented groups because of either conscious or unconscious racial bias.”