Modern Insurance Magazine Issue 61

ASSOCIATIONS ASSEMBLE
Liisa Antola
Title: DEI Policy Adviser
Association: Association of British Insurers
(ABI)
A Catalyst for
Change
Social Mobility is a real priority for the
ABI. We know that people from lower
socio-economic backgrounds are underrepresented
within the insurance industry,
especially at senior levels. Whilst progress
is happening, there’s always more that can
be done. We’re ready and determined to
drive that change.
Firms must urgently start to improve the parity
between different educational paths and backgrounds
to help make our sector more accessible and equitable
for everyone. Publishing data on socio-economic
background pay gaps promotes transparency on the
current state of Social Mobility, which can significantly
help to inform strategy moving forward.
Through our DEI Network, we’re working closely with
our members and partnering with organisations such
as Progress Together, as well as taking part in the Social
Mobility Foundation’s ‘Social Mobility Employer Index’.
We also collect data from our members each year,
which helps to track progress and hold our industry
accountable.
Collaborating with stakeholders to improve Social
Mobility is a key element of our DEI Blueprint, which
sets out short, medium, and long-term actions for
the sector. Shorter term, we’re aiming to encourage
employees to participate in data collections. People
may experience discrimination or exclusion in a number
of ways, and the impact can be heightened by failing to
address issues when they arise. Companies must listen
to their employees’ lived experiences, and use this to
inform their policies.
In 2022, we pledged to double the number of
apprenticeships across the sector from 1,200, to 2,500
by 2025. The Blueprint also aims to drive participation
in initiatives that help under-represented groups join
the industry, demonstrating a wide range of career
opportunities for many
different skillsets. Looking
at recruitment practices, it
also focuses on breaking
down barriers that may
prevent people from all
backgrounds, experiences
and seniority from entering
the sector.
Fleur Rochester
Bushra Jali
Muhammad Merali
Association: London Forum of Insurance Lawyers (FOIL)
and Kennedys
Tearing down the
Paper Ceiling:
A Challenge for the
Insurance Sector
According to a June 2022 report by the
Social Mobility Commission, the UK’s Social
Mobility rate has remained stable for a
decade, with upward Social Mobility for
men aged 35 to 65 sitting at around 40%.
Historically, the London insurance market has been
perceived as an exclusive domain, dominated by those
from privileged backgrounds and well-known for familial
introductions, where ‘who you know’ puts you a step
ahead. Whilst the sector continues to drive forward
strategies around gender and ethnicity, improving Social
Mobility in insurance has fallen into the ‘too difficult’ pile
for many businesses.
A lack of data on the components of socio-economic
status makes it difficult to assess the magnitude of the
problem. Data collection will be key to identifying the
biggest barriers to upward Social Mobility and finding
targeted solutions to drive real change.
Insurers and their service providers may join initiatives
set out in the ABI’s Diversity and Inclusion Strategy.
The Social Mobility Commission data toolkit is also
extremely useful for businesses. It clearly identifies
key questions to ask when measuring socio-economic
background and how to analyse results. Forwardthinking
organisations should be combining these with
their own business-centric strategies, and while these
are positive, the challenge of unconscious bias persists.
It remains a fact that candidates from lower socioeconomic
backgrounds often lack the confidence and/or
education of their competitors in interviews for new jobs
or promotions. To counter this, some organisations are
taking body language assessments into account when
making positive action recruitment decisions.
The London insurance market must continue to embrace
Social Mobility in its core principles. Industry-wide
collaboration, data-driven strategies and transparency in
tracking progress are vital to ensure that opportunities
are accessible, that insurance continues to attract and
retain the very best talent, and that insurers and their
providers retain a competitive advantage through better
decision-making born from
broader perspectives.
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