Speaking at the ABI’s Diversity, Equity and Inclusion Summit in London yesterday (October 10), Hannah Gurga, director general of the organisation said the ABI recognised the work many member companies had done, but said the industry “needed to do more to build a diverse sector”.
She said: “We want 2024 to be a year of action. We want to accelerate activity [to improve DE&I] and to broaden perspectives.
“DE&I is not a nice-to-have; it’s critical to business performance in the long-term.”
Gurga said while some firms were further ahead than others, she urged attendees to “do more to ensure that no-one is left behind.
“We need to make our ambition a reality.”
It’s not so much about making a big difference; it’s about investing your time in people.Professor Jason Arday
Her comments came as the ABI unveiled the findings from its DE&I Blueprint, which it launched in 2022.
Highlighting achievements across three main areas – Attracting Talent, Growing Talent and Advancing DE&I through an evidence-based approach, Yvonne Braun, executive sponsor for diversity and inclusion at the ABI, said there had been some clear improvements.
Key findings included:
- Almost half (47%) of insurance and long-term savings firms now collect data on neurodiversity within their organisation, up from 27% in 2020.
- Almost a quarter (24%) of ABI members have a specific policy in place to support neurodiverse employees, up from 14% in 2021.
- A key target of the Blueprint was to secure at least 50 signatories to the government’s Women in Finance Charter and Business in the Community’s Race at Work Charter, and this goal has been met at 50 and 57 signatories respectively.
- The Women in Finance Charter has helped increase the number of women on boards from 19% in 2017 to 32% in 2022.
- Representation of women within executive teams has also increased from 25% in 2021 to 29% in 2022.
- Black and ethnic minority representation at board level within firms has risen from 2% in 2021 to 6% in 2022.
Braun said: “There is still lots more work to be done to improve ethnic diversity in financial services, but this increase is encouraging.
“We need a more diverse leadership; it means we will understand customers’ needs better and this will help insurance as a whole.”
Also at the conference was social justice advocate Jason Arday, who gave a keynote speech.
Arday, who was barely able to write before the age of 18, became the youngest black Professor at Cambridge at the age of 37, and is now professor of sociology of education.
