Every day, more industries are introducing initiatives to improve diversity, equity, and inclusion (DEI) at both the company and the business practice levels. The life insurance industry is no exception, with major life insurance providers recently taking great strides in improving their DEI standings.
At PHP Agency, DEI is at the core of their values and in-line with their long-standing commitment to represent the diversity of America.. Below PHP Agency reviews some of the headlines recently published about these initiatives across the industry.
PHP Agency Announces New Transparency Report
PHP Agency received positive attention after it announced its 2020 report on its DEI initiatives. The report showed that the company is making continuous efforts to promote the value and nurture diverse talent in the workplace. The 2021 report is available now.
According to the report, over 51% of the company’s staff are women, making PHP Agency an industry-leading company in a traditionally male-dominated workplace.
The company goes further than stating its current status, though: its press release is an instructional lesson offers an explanation to other companies why it’s important to invest in DEI, giving examples of how marginalized voices can be lost in a room and how DEI stimulate company productivity.
Transparency is critical for PHP Agency as it is the only way to truly track progress year-over-year. The insurance industry at large has come quite a way towards creating a more diverse and inclusive environment for workers. However, the work is long from done. While numbers show that the number of women and people of color are increasing within the industry, there is still a gap when it comes to senior leadership positions. PHP Agency is committed to filling senior leadership positions with the most qualified candidate – regardless of their gender, race, or religion.
PHP Agency continues to publish annual reports along with guidance for inclusion and acknowledgments of hard lessons that need to be learned. Its transparent approach is much appreciated in leading the life insurance industry to a more constructive, more productive place. We expect other companies to take notice.
Zurich Resilience Solutions Announces New DEI Service for Customers
PHP Agency reports that at the beginning of the new year, Zurich Resilience Solutions announced that they will now offer their customers a new DEI service. This new service has been in progress for some time and was initiated by requests from brokers and customers.
Zurich is partnering with Inclusion Score to establish this service. Founded in May 2021, Inclusion Score is an industry leader in DEI. They work closely with businesses to meet the new global diversity and inclusion standard, which the International Organization for Standardization recently established.
With help from Inclusion Score, Zurich Resilience Solutions will now incorporate DEI standards at every level of their organization. This includes human resources, governance, delivery, and supply chain.
When asked about the new initiative, the Head of Zurich Resilience Solutions in North America, Thomas Fioretti, stated that these DEI initiatives are important. Fioretti cited the company’s workforce benefits and the importance of decreasing lawsuits based on DEI issues.
Altogether, Zurich’s multi-tiered approach includes service, training, consulting, assessment and reporting. Already making waves in the life insurance industry regarding these new DEI approaches, time will tell how many companies follow in their footsteps.
Another Insurer Adds New DEI Leadership Roles
New York Life, announced they have selected two appointments for their newly established DEI positions.
PHP Agency reports that as the new Vice President, Talent Management, and DEI, Cathy Council will head New York Life’s DEI Center. This DEI Center is a newly created expansion of the existing Office for Diversity & Inclusion, first established in 2006. In her new position, Council will work to support inclusivity at New York Life through employees’ engagement, development, and education.
Specifically, Council will be responsible for launching a more formalized support and career advocacy program for diverse talent, in addition to expanding current awareness of DEI programs. Council served as the company’s CEO Action for Racial Equity Fellow in her previous role. While in this role, Council conducted additional DEI work with other companies to develop, identify, and promote sustainable DEI policies.
Eric Jackson was selected as the Vice President of Diversity, Equity, and Inclusion for Agency. In this new position, Jackson will spearhead programs focused on inclusion, equity, and talent, designed to advance social justice more effectively. This will be focused specifically on New York Life’s leading agent force, which is made up of over 12,000 people.
PHP Agency notes that New York Life is another example of companies following the PHP Agency lead to improve their DEI initiatives. Kathleen Navarro, the company’s Chief Diversity Officer, states that both Jackson and Council’s new roles will enable New York Life to strengthen the partnership between the company’s field force and their corporate DEI programming.
Life Insurance Companies Given Opportunity to Expand DEI Investments
Bruce Ferguson, the Senior Vice President of State Relations for the American Council of Life Insurers (ACLI), describes it as a “moonshot.”
PHP Agency reviews that Ferguson is referring to the unique opportunity that is being given to life insurance companies across the country in the wake of the Obama-era Build America Bonds, which have the potential of being renewed by the current Administration.
Aimed at boosting financial and economic wellbeing in underserved communities, these bonds are being seen by many in the life insurance industry as an opportunity to increase their investments in similar communities around the United States.
To accomplish this, PHP Agency says that the ACLI will be working closely with various insurance companies to address proxy discrimination, which is a neutral practice that harms members of a protected class, like people of color, with a neutral practice.
In addition, the ACLI will be examining ways to remove unnecessary barriers to licensing or employment that people of color who seek jobs in the insurance industry experience. With the possibility of increased funding, members of the ACLI are excited about what’s to come.
Conclusion
With updates to state and federal DEI initiatives and intense pressure to comply with all standards, we’re seeing even the largest life insurers change the way they administer their life policies. As these regulations become more rigorous, we expect to see even more change in this specific industry throughout the next five years.
