ABI launches blueprint targeting industry diversity

The Association of British Insurers (ABI) has outlined a multi-year work plan to improve diversity, equity and inclusion (DEI) across the insurance and long-term savings industry.

The plan, launched at ABI’s DEI summit on November 22, sets out a “holistic approach” to the issue through priority areas for the ABI to lead on and collaborate with experts.

The initiative outlines key areas of recruitment, employee growth and advancing careers for underrepresented groups in the industry.

The ABI says progress in the sector has improved, noting a rise in women board members from 29% to 32%, but inconsistencies remain, with the overall percentage of ethnic minority backgrounds in the industry dropping from 10% to 9%.

The ABI says the blueprint aims to address barriers within industry recruitment practices, which it hopes will encourage the under-represented and inexperienced for roles.

The initiative also advises workplaces to support employees who are going through significant life events, saying that workers who feel backed by their workplaces are able to “reach their full potential”.

The organisation calls for improved data collection from industry groups to help build a “consistent set of metrics,” to advance the ABI’s understanding and measures of progress.

ABI Director General Hannah Gurga applauds the industry for “setting the path for change with this ambitious Blueprint”.

“At a time when society is entering the most challenging circumstances in a decade, the need for a diverse range of experiences and perspectives has never been greater,” Ms Gurga said.

“This isn’t just about changing the way the industry looks and feels, it’s about creating a more effective industry that represents the people we serve.”

Axa Health CEO and Executive Sponsor for Diversity and Inclusion at Axa UK Tracy Garrad says the initiative is “a great step” towards creating “diverse, equitable and inclusive workplaces for the future”.