Just 2% of the UK insurance workforce come from black backgrounds according to ACIN

The African Caribbean Insurance Network (ACIN) has revealed its six recommendations to boost racial inclusion in the London Market.

A recent research paper by ACIN ‘Six Steps to Racial Inclusivity: Recommendations for the London Insurance Market’ highlights that just 2% of the UK insurance workforce come from black backgrounds, which is “highly disproportionate” to the number of black people in the UK.

ACIN’s two co-founders Junior Garba and Godwin Sosi unveiled these recommendations in a webinar on 10 July.

These recommendations come directly from the London Market’s black employees. The initiative also hopes to aid the development and the promotion of black and minority ethnic talent.

To further facilitate this, the ACIN is collaborating with Lloyd’s of London to put together the first comprehensive study of ethnic minority employment in the insurance market. Thereafter the two will launch a market-wide development programme for future leaders from ethnic minority backgrounds.

It follows recent world events such as Black Lives Matter and the murder of George Floyd bringing black, Asian and minority ethnic (BAME) issues within the insurance industry to the fore.

Hear our voice

In the report, Garba and Sosi state: “We in the London market have been slow to give ethnic diversity the attention it needs. Ethnicity has not yet been included in formal Diversity & Inclusion (D&I) strategies at many companies, for example.

“The Six Steps serve as a starting point, and a foundation for insurers, brokers, market bodies, and service providers to build diversity. As a network, it is ACIN’s duty to amplify the voice of black and minority ethnic professionals in the London Market. Now that the community’s recommendations have been heard, compiled, and presented, the onus is on every market company to hear our voice.”

The six recommendations include:

1. Know, share, target: Develop, track, and report ethnic diversity metrics in the area of representation, recruitment, retention, promotion and pay gaps.

2. Be committed: Ensure ethnic diversity throughout the organisation, built on the commitment of senior leadership.

3. Recruit now and for the future: Improve ethnic diversity among employees at all levels now and build a pipeline of opportunity for the future.

4. Create a culture of inclusion: Create a workplace where race is recognised but is irrelevant.

5. Train and develop: Use proven HR tools to embed diversity in minds and processes.

6. Sponsor, partner, support, donate: Provide resources to enable the creation of a racially inclusive London market.

Wholehearted support

John Neal, chief executive at Lloyd’s, has said that he “wholeheartedly supports the work of the ACIN” to increase the representation of African-Caribbean professionals in the London market.

Neal continued: “Now more than ever, we all share an urgent responsibility to not understand what we can do to improve the experience and representation of black talent in the London Market, and most importantly take measurable action to drive lasting change.

“The following recommendations developed by the ACIN, in consultation with many of their members provide insurance firms with tangible and meaningful actions they can take to ensure that we create an inclusive environment, where everyone has the opportunity to achieve their potential.”

Read more…Black Lives Matter protests reawaken insurance industry under-representataion BAME debate

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