Attraction and retention of diverse talent in insurance
02 November 2020
02 November 2020
Chartered Insurance Institute
Recent survey results reveal the current state of diversity in insurance.
The Chartered Insurance Institute (CII) reached out to senior HR practitioners across the insurance sector during July and August 2020 to understand how firms assessed their relative sophistication in terms of talent attraction and retention, with a particular focus on understanding the relative focus on different intersectional groups.
A total of 42 completed responses were received, and a further 4 responses were partially complete, with representation across insurers, brokers and other types of employers, and a split across small, medium and large employers. While this number does not enable us to make conclusions on quantitative data alone, it provides an instructive basis for further qualitative review, which we plan to do in partnership with employers as part of our ongoing D&I engagement with the market.
- The insurance sector remains significantly less diverse than the UK population, however initial research suggests that the underwriting community is significantly less diverse than the broking community.
- Talent management remains a very high or critical priority for 94% of respondents, however only around 50% felt that they shared a consistent understanding of it across their organisation.
- Around one in three of respondents felt they had a formal talent management strategy with clear metrics and owners. Others had either a retention or attraction strategy, but not both. 43% were either developing plans, or had tactical plans in place but not at a strategic level.
- Where firms have monitoring or targets in place for specific intersectional talent groups, gender is by far the most common demographic category that they either monitor or target. Ethnicity and age are also monitored and targeted to a significantly lesser degree than gender. Over two thirds of respondents say they have no monitoring that focuses on attraction or retention of talent using categories of disability, sexual orientation and social mobility.
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), Society of Underwriting Professionals or Chartered Insurance Institute, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the Society or Chartered Insurance Institute.