The Australian insurance industry’s progress on DE&I

Insurance Business Australia (IB) recently released the winners of 5-Star Diversity, Equity, and Inclusion (DE&I) 2022. IB and the report’s sponsor, AXA XL, presented a panel in IBTV to determine how the Australian insurance industry is progressing on the DE&I front.

In an IBTV episode, which you can watch here for free, AXA XL country manager (Australia) Catherine Carlyon said the Australian insurance industry has come a long way regarding the implementation of DE&I initiatives, “but we still have work to do.”

“Building awareness is one thing, but I think we still have work to do to walk the walk and to deliver on [our promises]. We’ve got to focus on an inclusive environment and fostering diversity, and we’ve got no tolerance for any lack of equity,” Carlyon said. “We also still have work to do at a leadership level. A very tangible example of this [is] gender. Currently, in Australia, our overall employee base is 51% female. However, as you look at the more senior positions we have, that balance decreases, and that’s something that we’re committed to [addressing] as an organisation.”

Prue Willsford, CEO of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF), aired the same sentiments. On the bright side, she noted that organisations across Australia are now setting and meeting targets and have a range of DEI frameworks and initiatives. For example, concerning Indigenous Australians, some organisations have been implementing specific DE&I programs, including advancing reconciliation action plans.

Find out more about the Australian insurance industry’s progress on DE&I initiatives by watching the IBTV episode here. You may also check out the companies with the best DE&I initiatives in Australia this year by reading the IB 5-Star Diversity, Equity, and Inclusion 2022 report.