POWERED BY
LEARN

Embracing Diversity

How Specialty Insurance Businesses Can Lead LGBTQ+ Inclusion
< Back to hub

The London Market and Specialty Insurance sector, known for its long-standing tradition and worldwide impact, holds significant sway over the insurance industry.

Its major players command respect, shape policies, and set industry standards. However, true leadership isn't solely measured in financial prowess, market dominance, or achievements in innovation and advancement; it is also defined by a commitment to fostering an inclusive environment where every individual, regardless of their sexual orientation, gender identity, or expression, feels valued and respected.

International Day Against Homophobia, Transphobia, and Biphobia (IDAHOBIT), serves as a stark reminder of the challenges that LGBTQ+  communities face around the world. Discrimination, prejudice, and exclusion continue to undermine the well-being of LGBTQ+  employees and hinder their ability to thrive in their professional environments. There is a pivotal opportunity for businesses within this sector to do more to not only acknowledge but actively champion diversity and inclusion.

Research has shown that inclusive and supportive workplaces tend to have higher levels of employee satisfaction, productivity, and overall success. By taking meaningful action to create a more inclusive environment, employers can not only support their LGBTQ+  employees but also benefit from being able to attract and retain a more diverse and innovative workforce.

So, how can the London Market and Specialty Insurance businesses heed the call of IDAHOT and commit to creating a more inclusive workplace for LGBTQ+  employees?

With extensive experience working with innovative, tech-enabled companies across a variety of industries, including the London Market, we contacted the team at Pioneer Search, a recruitment firm dedicated to ensuring inclusive and equitable hiring processes for their global client base.

Below, they share what initiatives and approaches their clients have undertaken to support and embrace LGBTQ+ employees, as well as some of the key steps they have seen implemented.

Leadership Commitment

It starts from the top. Leaders must be visibly vocal and active in their commitment to diversity and inclusion, such as by championing LGBTQ+  rights and advocating for policy changes. Leaders set the tone for the entire organisation, and their active participation in diversity and inclusion efforts sends a powerful message that inclusivity is a top priority.

To really drive the message home, provide training and resources for management teams so they can understand the unique challenges faced by LGBTQ+  individuals and further support and filter down the expectations needed to be upheld within your organisation.

Comprehensive Policies

It is disappointing in today's day and age to see discrimination and harassment still occurring in the workplace. By implementing comprehensive policies that explicitly address LGBTQ+  rights and provide clear guidelines for respectful behaviour and procedures for reporting incidents of misconduct, we can protect LGBTQ+  individuals from discrimination and harassment in the workplace.

Regularly reviewing and updating these policies will demonstrate a continued commitment to creating a safe and inclusive environment for all employees.

Education, Training, and Employee Resource Groups

Ignorance is bliss, but in the case of LGBTQ+ rights in the workplace, ignorance can lead to discrimination and harassment.

Providing education and training on LGBTQ+ inclusion and sensitivity can help raise awareness, challenge biases, and promote understanding among employees at all levels of the organisation.

Establishing employee resource groups (ERGs) dedicated to LGBTQ+ employees and allies can also provide a supportive network and platform for advocacy, promote awareness, and offer valuable insights to management on issues affecting the community.  

Partnering with LGBTQ+ Organisations 

Collaborating with LGBTQ+ advocacy groups and community organisations demonstrates support for the cause and provides opportunities for meaningful engagement, as they offer resources and guides that can be shared within your company.

In addition to engaging external training providers and organisations, businesses should also look from within to give voice to LGBTQ+ employees who can provide firsthand experiences and perspectives on how the company can better support and include LGBTQ+ individuals in the workplace.

Celebrating Diversity

Celebrating diversity is more than a 'tick-box' exercise. It involves actively listening to and valuing the unique perspectives and contributions of all individuals, including those who identify as LGBTQ+. Actions speak louder than words, so to avoid the perception of 'corporate rainbow washing' it is important to be actively participating in events surrounding the LGBTQ+ community throughout the year.

This can include attending Pride events, hosting LGBTQ+ awareness workshops, and sharing why you are getting involved with specific initiatives within this space to demonstrate your organisation's commitment to inclusivity and equality.

Inclusive Benefits and Employee Entitlements 

Legally, your benefits package must be inclusive of all individuals, regardless of sexual orientation or gender identity. This means offering benefits such as parental leave, adoption leave, and mental and physical healthcare coverage that are equally available to all employees, factoring in their needs and circumstances.

Supplier Diversity

Extend the commitment to diversity beyond your organisation by prioritising partnerships with businesses and suppliers that actively support LGBTQ+ communities and promote diversity and inclusion in their practices. Pioneer Search, for example, proudly demonstrates that over 41%  of all placements made in the last two years by their IT, Projects and Transformation recruiters identify as female.  

Data Collection and Accountability

Regularly collect data on your company's diversity and inclusion metrics, including employee demographics, retention rates, and promotion rates categorised by LGBTQ+ identity. Use this data to hold leadership accountable for progress towards LGBTQ+ inclusion goals and to identify areas for improvement.

It is important to recognise that building an inclusive culture is an ongoing journey. Gather feedback from employees, assess progress regularly, and be open to adjusting as needed. Communicating the results and actions being taken to support continuous improvements will help create transparency and encourage a culture of accountability within the organisation.

-----

Sharing success stories and best practices can inspire other companies to follow suit in advancing LGBTQ+ inclusion and diversity. Some companies are already making great strides towards creating a more inclusive workplace. View the 2023-2024 Equality 100 Award CEI recipients here.

There is still much to be done to create an inclusive and equitable workplace. By embracing the principles of IDAHOBIT and implementing these key initiatives, London Market and Specialty Insurance businesses can lead by example to drive positive change within the industry and beyond.

Equality 100 Award
LEARN
LMA backs postponement for Blueprint Two
Sheila Cameron has noted that it welcomes the ...
READ MORE
LEARN
Lockton Re bolsters capital division
With key appointment of James Mackay
READ MORE
LEARN
Creating Genuine Support for LGBTQ+ Inclusion
Beyond Just Pride Month
READ MORE
LEARN
Caroline Wagstaff, CEO of the London Market Group
Wagstaff’s comments come as part of LMG’s 2024 edition of its London Matters research
READ MORE
LEARN
Ardonagh Specialty renames its reinsurance broking business
To Price Forbes Re
READ MORE
LEARN
Reinsurance recalibrate cyber risk
As per a new report from Howden Re
READ MORE
LEARN
AI has a crucial role for underwriters
Adam Denninger emphasised the role of AI integration in underwriting
READ MORE
LEARN
Tech Talent Insights & Trends - 2024
London Market and Specialty Insurance Sector
READ MORE
LEARN
Quarterly and Annual Results News
Reinsurance & insurance company results.
READ MORE
LEARN
Technology is key amid a volatile market
Regulatory & technology trends in insurance industry
READ MORE
LEARN
Q1 2024 record for most ransomware attacks
Q1 2024 sets record for most ransomware attacks in a first quarter: Corvus
READ MORE
LEARN
What's New - Blueprint Two
Explore the latest activity and information shared about the Blueprint Two programme
READ MORE