A new “ambitious” blueprint, setting out a multi-year strategy to improve diversity, equity and inclusion (DEI) across the insurance and long-term savings industry, has been published by the Association of British Insurers (ABI).

Created in collaboration with industry leaders, the blueprint takes a holistic approach to DEI and sets out priority areas for the ABI, alongside good practice for industry, and opportunities for collaboration with experts.

The blueprint looks at each stage of the employment journey, from using inclusive retirement practices to attract the best talent from all backgrounds, to helping employees grown and progress their careers in the sector, and advancing understanding of what works to drive improvement.

In relation to attracting the best talent from all backgrounds, the blueprint's first goal focused on recruitment practices, aiming to encourage people from all backgrounds, experiences and seniority into the sector, and to break down any barriers in their way.

With a greater focus on socio-economic status, the blueprint seeks to make opportunities for apprentices and school-leavers attractive and inclusive, in an effort to increase the take-up of initiatives to support under-represented groups into the industry.

On helping employees grow and progress their careers in the sector, the blueprint set out key opportunities and mechanisms that can help create environments that retain, embed, and expand a diverse workforce of talented people.

These ranged from structured secondments and mid-career apprenticeships, to offering further support for significant life events, such as fertility treatment, bereavement, miscarriage, and the menopause.

The blueprint also acknowledged the importance of creating a culture that supports employees at every stage in their career so they can reach their full potential.

In addition to this, the ABI argued that evidence is “crucial” to identifying where the gaps or barriers for protected groups exist and targeting efforts to tackle them, emphasising the need to advance industry understanding of what works.

In light of this, the blueprint aims to build a consistent set of metrics to support members in gathering the necessary DEI information, including social mobility, and includes a commitment from ABI to develop guidance to help employees feel more comfortable sharing their data.

The blueprint also encourages a culture of transparency, so that evidence can be used to advance understanding and measure progress.

ABI director general, Hannah Gurga, commented: “At a time when society is entering the most challenging circumstances in a decade, the need for a diverse range of experiences and perspectives has never been greater.

“I’m proud that our industry is setting the path for change with this ambitious blueprint. This isn’t just about changing the way the industry looks and feels, it’s about creating a more effective industry that represents the people we serve.”

“Whether it’s financial resilience or climate change, our sector has always aspired to be at the forefront of efforts to address societal challenges. So, we must also play a leading role in creating diverse, equitable and inclusive workplaces.”

Gurga went on to point at initiatives such as the #MakingFlexibleWork campaign and signing up to Business in the Community’s Race at Work charter as an indication that the association has made a start in the DEI endeavour but acknowledged that there is much more to do.

The blueprint has also been welcomed by members of the industry as Pensions and Lifetime Savings Association (PLSA) chief executive, Julian Mund, stated: “The PLSA has been calling on listed companies to improve their disclosure of workforce diversity in their annual reports for several years, which is why it is so important to hold a mirror up to our own practices and ask, ‘are we doing enough?’

“The ABI’s DEI Blueprint draws a clear line in the sand, sets ambitious targets and charts a course to promoting greater diversity in the insurance and lifetime savings industries. It is a valuable and very welcome piece of work.”

Share Story: