Lloyd’s just-published annual Culture Survey, which for the first time revealed data about market employees’ work experiences based on their ethnicity, illustrates the imperative for London’s insurance risk carriers, brokers, and service providers to implement the ACIN’s Six Steps to Racial Inclusivity.
The 2020 survey found that only 46% of black people working in London believe senior leaders create opportunities for everyone, compared to 74% of all respondents. More than twice the number of black employees – almost a third – have seen people turn a blind eye to inappropriate behaviour, compared to just 15% of all respondents.
“We’re pleased that the survey revealed improvements to gender-related equality in the marketplace,” says ACIN co-founder Junior Garba. “Obviously half of visible ethnic minority people are women, so that’s good news for our members. Plus we know that a better gender-balanced workplace is typically a more inclusive one.
“However, the starkly different survey findings for black people working in the Lloyd’s market show the urgent need for market leaders to take action to create racial inclusivity within organisations,” he said. “Diversity without inclusion is just box-ticking, but companies that are both diverse and inclusive achieve appreciably better bottom-line results.”
Each of ACIN’s Six Steps to Racial Inclusivity is based on input from 50 black professionals spanning 20 London-market companies. Some directly address the issues identified in Lloyd’s Culture Survey. Already, Garba says, some Lloyd’s companies have begun to implement the Six Steps by:
- implementing three-pillar ethnic diversity strategies covering L&D, recruitment, and culture;
- launching Employee Resource Groups for black and minority ethnic employees;
- engaging diverse recruiters (including ACIN Recruit); and
- reviewing preferred recruitment suppliers to drop those which fail to meet diversity standards.
“All progress is encouraging,” says ACIN co-founder Godwin Sosi. “We are very pleased that Lloyd’s has said it will work at ‘improving the experience of Black and Minority Ethnic talent as a top priority’, but there’s a long way still to travel. ACIN is here to provide hands-on help to any Lloyd’s or London market company that wants to improve its racial inclusion by implementing the Six Steps, and to support their diversity through ACIN Recruit.”
The ACIN’s 2020 publication Six Steps to Racial Inclusivity may be freely downloaded here.