RSA’s Gemma Jackson on moving faster on diversity, equity and inclusion

The insurance industry has a long and rich history. However, in the same way that our industry has continued to evolve during that time, so too have attitudes towards the benefits of creating a diverse and inclusive insurance market across the UK, both for ourselves and the customers we serve.

We’ve come a long way when it comes to diversity, equity and inclusion, but we still have much further to go. Take gender parity as an example. As a sector, if we continue at the same pace, it’s going to be 2050 before we close the gender pay gap and around 2044 before ethnic representation catches up to where we should be.

While diversity of thought is essential, we must also act with more pace to diversify the representation of our sector, build a more inclusive culture, develop products and deliver service that meets the needs of our diverse customer base. This will enable us to grow and prosper as an industry.

Often competitors ‘on the pitch’, we’re united in sharing best practice across our organisations in line with our ambitions to regenerate our sector, to become the most diverse, equitable and inclusive sector of the UK economy. The recently launched ABI DEI Blueprint centres on sharing tangible actions that will have a sustained impact on us driving progress.

We need to review our practices, ensuring that access is equitable for all potential employees, regardless of background. Helping prospective candidates see that a career in insurance holds so much opportunity and potential. Let’s consider how we can cast our nets wider and build momentum in insurance as a career option.

Managing – but not taking – risk

As a sector we’re great at managing risk but not so great at taking it. Let’s test the boundaries as to what we have always done and redefine our expectations. Let’s attract different talents, skills and abilities, so our talent pool continues to widen and grow.

This also means stretching what we consider to be the skill requirements for a role. I recently heard a great example of a colleague who has a visual impairment. The skills required to navigate their way into the office are not typically something listed on a CV. One that always baffles me is not recognising recognise the toolkit of skills that comes with becoming a parent or carer. Master negotiators, exceptional patience, resilience and tolerance to name but a few.

We must ensure we’re allowing our people to reach their full potential by providing platforms that give access to career progression, even when their circumstances change (either temporary or more permanently) and as their lives evolve.

We must use data to better inform our progress and improve our understanding of how our businesses are made up. Sourcing employee data more effectively and engaging colleagues to help us act where necessary to drive effective change.

I’m not overly keen on the phrase ‘we don’t know what we don’t know’, but it is true and to steal a wonderful insight from the FCA’s Sheldon Mills at the recent ABI Talent & Diversity Summit, who perfectly articulated that in obtaining employee data we “lift the fog of uncertainty.” This allows us to hold ourselves accountable to driving progress. We need to bring people along that journey with us so they understand why we want their data, how we will use it and how it can positively impact on them.

The things I’ve referenced are only part of the picture, but there is a way to move this forward. We haven’t moved fast enough, more needs to be done and the responsibility lies with us all to ensure our industry is the place we know it can be and so much more.