The American Property Casualty Insurance Association (APCIA) and Dr. Leroy Nunery II, founder and principal of PlūsUltré and president of Evolution Advisors LLC, announced they would present the findings of the association’s inaugural Diversity, Equity and Inclusion (DEI) Catalog to insurance commissioners during the National Association of Insurance Commissioners Fall National Meeting on Dec. 14.

APCIA partnered with Aon’s Ward Group and PlūsUltré to develop the anonymized Catalog, which examines diversity efforts among the P/C industry’s workforce, boards and supply chains. The Catalog uses a broad definition of diversity to include race, ethnicity, gender and other aspects.

The inaugural Catalog establishes the level of DEI investment and commitment among APCIA’s membership, allowing future versions to track member companies’ progress and paving the way for continuous improvement and potential breakthroughs. Questions focused on categories such as commitment to DEI in strategic planning; recruitment and retention practices for individuals from underrepresented groups; whether there is a chief diversity officer or other designated role responsible for DEI implementation.

The Catalog includes feedback from 52 P/C insurers. Findings reveal that many companies already have established and intentional investments in DEI, evidenced by more than 80 percent of companies acknowledging that they have “created more inclusive workplace policies” and many saying they have “educated managers on the benefits of DEI in the workplace.” The findings also show areas for continued improvement in implementation of DEI practices, such as hiring and retaining employees from underrepresented groups or identifying and developing minority executives.

Highlights from the findings:

• 88 percent of company respondents said they have DEI embedded into the business/talent practices and company culture.
• 62 percent have incorporated DEI into strategic goals.
• 65 percent undertake pay equity analyses.
• 78 percent discuss DEI issues at the board level.

“It’s exciting to see an association such as APCIA take such a transparent and authentic approach to raising awareness for sound DEI practices,” said Nunery. “Every industry is trying to figure out how to get this right, and there is no one-size-fits-all solution. But APCIA is showing that through intentional effort and collaboration, insurers can lead the way and help move the needle on diversity, equity and inclusion.”

Source: APCIA