Why the Insurance Industry
Should Care about DEI…
For RGA, there are many reasons we are committed to Diversity, Equity, and Inclusion (DEI). First, of course, is that it aligns with our purpose and our commitment to create a culture where individuals are valued and respected for their differences.
Larnise Boain, Vice President Diversity, Equity, and Inclusion
For RGA, there are many reasons we are committed to Diversity, Equity, and Inclusion (DEI). First, of course, is that it aligns with our purpose and our commitment to create a culture where individuals are valued and respected for their differences.
Larnise Boain, Vice President Diversity, Equity, and Inclusion
But DEI also brings quantifiable business value. Workforce diversity has been proven to be essential to driving innovation and effective decision-making, as well as expanding into new markets and developing new solutions. On top of that, younger generations of talent expect employers to be able to demonstrate their commitments in this area. Anna Beninger, Global Head of Inclusion and Diversity, AXA, in her article on The future of work: How the insurance industry needs to shift its thinking to attract diverse talent, says, “To attract job seekers, it is paramount to ensure that we are actively building an inclusive and diverse workplace culture to ensure that it is ready for the next generation of insurance professionals. In the future, our bright, new employees may have had minimal exposure to the insurance industry but bring a new skill or perspective that could be an industry gamechanger.”
Challenges and opportunities
Despite potential value creation, there is still a long way to go across the insurance industry. Just 4% of employees at insurance companies in the U.S. identified as having a disability in 2021, while 25% of adults in the country are living with a disability. The gender pay gap is still significant, and the insurance industry is less racially diverse than other industries in the U.S. According to the Equileap’s Report on Gender Equity in Asia-Pacific, the average gender equity score for companies in the Financial sector in Asia-Pacific is 36%, slightly lower than the global sector average of 38%. Women make up 58% of the average workforce in insurance companies in the region, but representation drops off considerably in leadership levels.
The four pillars below show how RGA plans to address these challenges and align to our organizational five-year strategy.
The four pillars below show how RGA plans to address these challenges and align to our organizational five-year strategy.
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