Making Insurance a Choice for Everyone | The Financial Technologist

5 Minutes

In today’s globalised world, the financial sector is being enriched by an influx of diverse ...

In today’s globalised world, the financial sector is being enriched by an influx of diverse talent, having made great strides in promoting diversity, equity and inclusion (DEI) in the workplace. But DEI isn’t one and done. In insurance in particular, we’re seeing a lot of potential – and positive intent – to improve. Take today’s demographic of new starters. While many join insurance directly from university, gaining a degree isn’t mandatory. In fact, there are many ways to build a career, from apprenticeships to junior positions. Graduates will forever be a vital part of the industry, but as employers, we must acknowledge that university isn’t for everyone, and that many people never get the opportunity to attend. At CFC, we’re proud to be a real launchpad for individuals starting their careers - no matter their culture, gender or socioeconomic background - and are also seeing an increase in experienced, diverse talent joining the business, particularly across support roles where skills are more easily transferred between industry sectors. In this sense, DEI isn’t just the right thing to do. It’s a vital step in widening the industry’s talent pool, attracting people from all areas and building a workforce with real breadth of experience and skill. Setting recruitment targets is a great way to create this level playing field and encourage talent diversity. Recently, we set the goal of hiring at least 25% of new employees from minority ethnic groups, and in 2023 are on track to exceed this figure. The faster insurance as a whole opens up to new perspectives and ways of doing things, the more it stands to gain as diversity stimulates innovation. Here, a modern recruitment journey is key. Have you tried posting job advertisements that aim to include, not exclude, by focussing more on general skills and experiences? How about offering brochures to interviewees so they can get a real sense of what the company is about? Or investing in immersive hiring skills training that goes beyond unconscious bias, to help interviewers operate in a way that’s fair? As the world changes, our recruitment practices have to keep up. By creating a structured journey, it’s easy to offer consistency and accommodate different needs. An open interview process doesn’t exclude anyone, and simply means the business can hire the best person for the job. At CFC, our partnerships with careers organisations like Bright Network, The Brokerage and the African-Caribbean Insurance Network (ACIN) help extend opportunities to a wider audience – and help us build a diverse workforce that creates real relationships with our 100,000 brokers worldwide. There’s no quick way to enable equal opportunities for everyone everywhere. It’s a journey that starts with recruitment and goes on to influence how the entire organisation operates. That’s why we created Together at CFC, a colleague-led programme that’s for employees, by employees. Our schedule of events and trainings is key in encouraging company-wide learning, with annual surveys providing useful feedback for us to grow and improve our internal DEI rating. If DEI ever was a tick-box exercise, today it’s so much more. With the right approach, insurance can pave the way for a host of new talent, and benefit from a vibrant blend of experiences, skillsets and perspectives. What better time to start than now. Read more articles like this in The Financial Technologist. Download your free copy here.
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