Industry takes a stand for diversity
The findings of the 2017 Insurance Industry Diversity Survey, which provides industry-wide benchmarks and statistics on diversity and inclusion across the Australian general insurance sector, have been released today, as part of Dive In 2017, a global diversity initiative of Lloyd’s.
In a rare move for an entire business sector, Australian insurers and brokers have come together for the first time to gauge their performance in the areas of physical ability, mental health, ethnicity, gender and sexual orientation.
Insurance Industry Diversity & Inclusion Survey findings include the following:
• 10 per cent of insurance industry employees identify as LGBTI
• 83 per cent of people are completely open about their sexuality at work, while 6% actively hide it
• Three-quarters of workers are born in Australia or the UK and speak English at home
• 48 per cent identify as Christian and 41% stated they follow no religion
• 49 per cent have caring responsibilities
• 1 in 25 people experience a psychological condition such as depression or bipolar disorder.
The survey also found that one in four people didn’t know whether their company executives “showed commitment” to Diversity and Inclusion (D&I), and almost one in five people weren’t sure whether they were equipped to manage D&I in the workplace.
Almost three quarters of all insurance workers said comments targeting an individual’s personal characteristics were not tolerated at work. In a boon for employees with caring responsibilities, 80 per cent of survey respondents said they were happy with their level of flexibility at work.
That finding is good news amid growing concerns about the work-life balance of many Australians. A recent study by the Australia Institute found employees are donating $110 billion in free labour every year, with full-time staff putting in an extra six hours of unpaid overtime a week, and part-timers working an additional three.
Lloyd’s General Representative in Australia, Chris Mackinnon, said, “Australian insurers need to be more focussed on employing people from a wide talent pool. Failure to do so not only puts them at risk for winning the best and brightest employees, it also jeopardises their potential future customer base.”
He added that holding up the mirror as an industry will help draw a line in the sand from which future progress can be tracked and measured.
Head of the insurance broking segment for Macquarie Business Banking, Eoghan Trehy, said, “We recognise the important role benchmarking research has to play in identifying not only the key areas to address, but to generate new ideas and opportunities. We are delighted to be sharing the findings of the inaugural survey to drive even greater diversity and inclusion in the industry.”
Privileged to be at Aus launch of @LloydsInclusion #diveinfest 2017 with Eoghan Trehy frm @Macquarie presenting https://t.co/SuB2EVlI1a pic.twitter.com/2GdzqlIiiN
— Dallas Booth (@NIBACEO) September 26, 2017
Mackinnon said quantitative benchmarks would feature prominently at this year’s Dive In event, where the theme is ‘Diversity Dividend’.
“Research shows that $43 billion could be added to national GDP over 10 years if disability discrimination was addressed, while 740,000 women would join the workforce if participation rates for women reached those of men.
“In addition, more than 2 million people in Australia over the age of 55 want to work but are unable to find it.
“Dive In is helping our industry quantify the case for greater diversity and inclusion, as well as the benefits this change will bring to our people, our businesses, our customers and our communities,” he said.
The Australian insurance sector employs about 60,000 people and on average pays out about $135 million in claims each working day. About 2,500 Australians from 21 insurance organisations took part in the inaugural Insurance Industry Diversity & Inclusion Survey, which was independently conducted by Macquarie Bank on behalf of the industry.
Dive In will be held across 32 cities in 17 countries around the globe this week, and is expected to reach an audience of more than one million insurance sector leaders worldwide. In Australia, 10 events will be held in Sydney, Melbourne and Perth from 26 to 28 September 2017 featuring 30 prominent speakers including Australia’s Race Discrimination Commissioner, Dr Tim Soutphomassane, GWS Giants player Maddy Collier and social commentator Tracey Spicer.