Photo by Alex wong on Unsplash

The insurance industry is undergoing a significant transformation or rebranding. Insurers and brokers alike are partnering to meet the ever-evolving needs of customers and manage advancements in society.

Today, customers are demanding that companies, in all industries meet them where they are in life and in the buying journey. The customer is more in control and is driving change more than ever before.

New ways of working and living, such as the on-demand economy, are transforming industries. Companies should adjust to 24-hour news cycle with social media that are reporting and documenting their moves.  

Diversity and inclusion have become one major force behind the drive to change. It’s clear that diversity drives innovation.

In 2016, carriers, brokers and others in the insurance industry came together to sign the Business Insurance Diversity + Inclusion Institute commitment statement — one that embraces diversity and inclusion in the commercial sector. When diversity and inclusion efforts are aligned across the entire organization, companies witness enhanced performance, greater employee retention and a stronger bottom line.

While great strides have been achieved, there are several areas the insurance industry should focus on to elevate diversity and inclusion efforts needed in today’s changing environment.

Diverse Talent

Recruiting a more diverse workforce does not in itself shift workplace culture. In order to retain diverse talent, organizations need to build and foster inclusive cultures. Companies have to take proactive and positive action to address culture and people with a systematic, multi-dimensional approach to D&I education at all employee levels to attract and retain a diverse workforce.

Mentorship

A recent study, Insurance in Black and White, found that 73 percent of survey respondents said sponsorship or mentoring was the most important way for African Americans to propel their careers. However, diverse talent networks are not as broad. A company’s effective networking and mentorship can assist diverse talent in connecting and developing business relationships that can help advance their careers and the innovations of their businesses.

New Skillsets and Education

Skills focused on data and AI, which were not needed before, are needed today. Organizations need to think about how they create and design jobs, organize talent and promote them to bring in new hires. When a company has a more diverse workforce, it has greater access to fresh thinking and new perspectives. More inclusive cultures will stimulate innovation, enhance organizational reputation and employer brands as well as drive higher levels of engagement among employees. Joint efforts of technology innovation and employee innovation are helping the industry — and in turn, the customers — to excel in a changing society.