Here’s why
New research from Dive In, the global festival for diversity and inclusion in the insurance sector, reveals almost three-quarters (71 per cent) of insurance professionals surveyed believe that the culture in their firm needs to change. The survey of over 2,800 festival attendees, suggests that in order to attract and retain the best talent for the market, firms need to become more inclusive.
Close to two thirds of the insurance industry believe that their firm should do more to advance diversity and inclusion in gender, LGBT and mental health. The survey, carried out by the Dive In Festival organisers in August this year, highlights the importance placed on talent attraction and retention for a market that is facing complex global challenges including cyber threats and climate change.
The third annual Dive In Festival will take place from 26 to 28 September, with events in a record number of 32 locations across the globe. Dive In began in 2015 in London, growing to 10 countries in 2016 and this year reaches 17 countries on six continents.
Events will be returning to London, New York City, Zurich, Sydney and Bermuda, as well as new cities including Beijing, Glasgow, Johannesburg, Madrid, Miami, San Francisco, Perth, and Sao Paolo.
This year’s festival theme, the Diversity Dividend, ensures the focus stays on the bottom line business benefits to organisations of a diverse workforce and an inclusive culture, driving productivity and innovation across the market. Firms that are further along the journey towards D&I best practice are in a position to enjoy the benefits of this dividend, gaining a clear competitive advantage over those falling behind.
This year the festival sees guest speakers; Jonny Benjamin and Neil Laybourn speaking about mental health awareness; Chris Moon, Kellie Maloney and Katie Piper on overcoming adversity, and William ‘Bill’ Bush, Graeme Le Saux and Keegan Hirst on diversity in sport.
Nicolas Aubert, Chair of the London Market Group, said: “Building a diverse, dynamic workforce is critical for the global insurance market to enable us to remain relevant in a rapidly changing world.
“I am delighted that the Dive In Festival continues to grow around the globe but, as demonstrated by these results, we must recognise that there is still a lot of work to be done.
“As the London Market Group highlighted in our recent London Matters 2017 report – it is only by acknowledging the importance of an inclusive and diverse workforce that we can ensure we drive change in our industry.”
Inga Beale, CEO at Lloyd’s, added: “The insurance sector is working hard to address its culture. We have made a lot of progress and, although we have more work to do, we are uniting across the insurance world to attract and retain a diverse workforce.
“The launch of the Dive In Festival, a unique and global celebration of diversity and inclusion, is an integral part of those efforts. Now in its third year, the scale and reach of the Festival is inspiring.
“From what started in the UK, it now spans 17 countries and aims to get us all to a better understanding of how to embrace difference and ensure our sector is fit for the future.”
Following last year’s event which attracted more than 5,000 attendees, survey data revealed that 98 per cent felt that diversity and inclusion is good for business and 74 per cent said that the festival has given them new ideas for practical engagement.
The festival has retained strong sector-wide support, CNA Hardy, Chubb and RPC join as gold global sponsors alongside Aon, Lloyd’s, Marsh, Miller, Willis Towers Watson and XL Catlin.
This year’s silver sponsors are: AIG, Allianz, Arthur J. Gallagher, Beazley, DAC Beachcroft, Direct Line Group, Ed, Hiscox, Jackson, JLT, Markel, M&G Investments, Novae, Prudential, RenaissanceRe, THB Group, and Travelers, in addition to specialist recruitment festival partner, Oliver James Associates.
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