In recent times there has been a rising importance placed on diversification and equity (DE&I) initiatives within business insurance. This is due to a growing awareness that DE&I isn’t just an obligation to society but also a business necessity.
Therefore, companies which can draw and keep talented individuals will be more successful in a complex and competitive world market.
The following is from Jodie Kaufman Davis, chairman and vice president of the H.W. Kaufman Group, for H.W. Kaufman Group, who went over the most critical advancements in the DE&I sector in the chat with IBTV.
The discussion focused on the advancements in the insurance field regarding DE&I programs; Kaufman Davis pointed to the diversity of the audience attending industry events and the growing integration of DE&I into marketing and recruiting strategies.
“We have a long way to go, but we have definitely gotten started,” she added. “DE&I has become more a part of what we’re doing as opposed to just being compartmentalized into these specific strategies.”
Kaufman Davis said DE&I is particularly important today because a skills shortage is among the most significant problems insurance companies face.
To tackle this problem To address this issue, companies need to broaden their recruitment efforts beyond the traditional channels and be open to hiring applicants who have diverse backgrounds and backgrounds.
“Part of the challenge has been that we’ve continued or consistently recruited people like us,” she explained. “And if we only stay where we’re comfortable, we have an inability to progress.”
As Kaufman Davis noted, many companies need help to retain and attract diversified talent, particularly in areas of underrepresentation in the past.
This can be partly due to unconscious bias and the tendency to hire individuals like the people on the team.
“People often are attracted to work with others like them and so that kind of perpetuates the status quo,” she explained.
Kaufman Davis said leaders should be prepared to open up and tell their own personal stories to meet these challenges. In doing this, they can help create an environment that is welcoming of diversity and inspires people to bring their whole selves to work.
She specifically talked about creating resource groups for employees at H.W. Kaufman Group, which allow employees to share their personal information and connect with others with similar experiences or who want to become allies.
“We’ve seen individuals share personal insurance for businesses stories where, before this, they would not have done so,” Kaufman Davis said. “It’s really empowered people to be a part of something and also to work across groups and offices to really make a difference.”
Watch the complete interview for more information about Kaufman Davis’ insights on DE&I in the insurance business.
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