Views on DEI efforts vary in the insurance industry

The third annual Diversity, Equity and Inclusion survey from Arizent, Digital Insurance’s parent company, shows nearly a third of employees are in favor of DEI but insurance industry respondents scored the perception of both the importance of DEI efforts and the effect of such efforts lower than some other industries. 

The research was conducted online during July and August among 669 employees at U.S. companies. The survey includes employees across all industry sectors and companies with 10 or more employees; 60% of responses come from white-collar industries like banking, accounting, wealth management, insurance and other professional services. 

Respondents often scored their companies higher on DEI health than they scored their industries. White, non-Hispanic men are most likely to indicate that DEI is overemphasized at the expense of merit-based staffing, while intersectional identifying workers – Black, Indigenous, People of Color and Hispanic women – said DEI efforts can be performative.

The accounting and banking industries also scored relatively low on the perception of both the importance of DEI efforts and the effect of such efforts. Some respondents named their own industry as being behind.

One white woman in the insurance industry wrote: “I think it’s important for companies to be conscious of expanding who they’re hiring and promoting, especially in insurance — and not just stay an old boys club.”

According to the research, respondents who believe they are least likely to directly benefit from DEI initiatives are less likely to value such policies. A white woman who works in insurance said: “I know it’s important but it doesn’t affect me so I don’t give it much thought.” 

However, the research suggests that a commitment to inclusion and the number of demographic groups represented in an organization’s leadership directly correlate with positive workplace experiences for all employees. 

BIPOC and Hispanic employees do report high levels of isolation, with BIPOC or Hispanic women saying they still do not feel comfortable raising disagreements during meetings.

The report concludes that transparency and broad DEI initiatives to address the complexity of multiple viewpoints can help companies create more inclusive work environments. Additionally, considering how to develop talent across all demographics is necessary.