by Ray Hayes
The 6th Annual Insurance Diversity Summit was held on Nov. 28th in Sacramento, CA at California State University. The summit included a group of executives from the insurance industry, chamber representatives, and leaders from minority owned businesses throughout the state of California.
One the major announcements from the summit came from California Insurance Commissioner Dave Jones, stating that, “…California diverse business supplied $1.6 billion in goods and services to insurance companies last year.” The numbers are staggering but the fact that it is a $670 million increase since 2012 is even more phenomenal. Furthermore, the 2017 Multistate Insurance Diversity Survey revealed that $7.8 billion was spent by insurers with diverse suppliers in 2016 nationally.
Much of the success with the Insurance Diversity Initiative is attributed to Commissioner Jones, including its expansion to include LGBT certified firms. In a statement, Jones commented on the Initiative and how it has transitioned stating, “The California Insurance Diversity Initiative started a conversation among insurers, diverse suppliers, governing board members, advocates, and stakeholders that has translated into action.”
The Insurance Diversity Summit was a daylong event that included a resource expo, diversity presentations, workshops, awards luncheon and B2B (business-to-business) networking event.
For more information at the summit please visit: www.insurance.ca.gov/Diversity