Making sense of a new target framework for DEI in insurance
In a show of unity towards the end of last year, the FCA and PRA released a joint consultation paper outlining proposals to improve DEI performance in the insurance sector. The announcement overtly connects diversity with some specific commercial performance outcomes, noting that boosting diversity and inclusion will “support healthy work cultures, reduce groupthink and unlock talent.”
At the time, FCA Chief Executive Nikhil Rathi said: “For UK financial services to be competitive and for the companies in it to be well run with healthy work environments, it’s vital they attract, retain and promote the best talent. The data suggests this isn’t happening.”
At Padda Consulting, we welcome the regulators’ intervention. We’re delighted that there is an extra impetus to the DEI argument. And yet… we’ve been here before. DEI isn’t new, and Boards fully understand the benefits of diverse perspectives on their workforce. The challenges to DEI are insidious – deeply cultural in the industry – and we need to make sure that efforts to improve inclusivity don’t just end up being another layer of checkboxes.
To discuss the issue, on 31st January 2024, Suneeta Padda brought together a stellar panel of experts, all of whom have visibly moved the needle on diversity outcomes in the insurance industry:
David Flint, Founder & CEO, Blue Mountain Capacity
David has over 45 years of experience in the insurance sector and stands as a beacon of diversity in the field: joining Lloyd’s in May 1978, he was the first black broker brought into the firm. His leadership career also includes Lowndes Lambert and Jardine’s. Challenging prejudices through football, David has served as Head of Football at Lloyd’s Football Club, also helping to establish the Cultural Awareness Committee at Lloyd’s FC and contributing to the creation of the Lloyd’s Women FC side in 2021. Respected across the sector, his leadership at Blue Mountain is genuinely changing the industry.
Sandra Lewin, Founder, 100 Women in Insurance
Sandra started her career in insurance as a broker, and then joined Lloyd’s where she worked across EMEA, including setting up Lloyd’s Europe. Since then, she has consulted across the insurance market, leading change and transition programmes. In 2023, Sandra launched the ‘100 Women in Insurance’ podcast, which had over 1,000 downloads in its first month. Sandra is passionate about creating a community that empowers women in insurance to attract and retain female talent and ensure future gender equality.
Erik Johnson, Board Member, Inclusion@Lloyd’s
Erik is a leading insurance executive but best known for his passionate advocacy for inclusion across the sector. He was a founding Co-Chair of Link (LGBT Insurance Network), the Insurance Institute of London’s first Diversity Champion, a founding Steering Committee member of iCAN (Insurance Cultural Awareness Network) and was part of the group that founded Inclusion@Lloyd’s – today he leads its Partner Network Initiative. In 2017 Erik was recognised as a ‘Market Inclusion & Diversity Champion’ by LM Forums; in 2019 as the Chartered Insurance Institute’s ‘Unsung Hero’. He is a Fellow of the Chartered Insurance Institute and Liveryman of the WCI.
Heather Connery, Founder & Managing Director, ANTHRORG Ltd
Heather has worked with Fortune 500 firms, FTSE 250 companies, government, trade bodies, and charities, with a focus on the legal, financial and insurance sectors. An expert in transformation and change management, she has delivered multi-year strategies for growth and run large scale cultural transformations. She is a recognised and award-winning advocate for ESG and is passionate about levelling the playing field for all.
Mark Lomas, FCIPD, Head of Culture, Lloyd’s of London
Mark has delivered D&I projects for organisations from The Financial Reporting Council, through to the BBC and Highways England. He has authored the Law Society E&D Risk & Compliance Toolkit; and serves as an executive committee member of the R.I.D.I. (Recruitment Industry Disability Initiative). At HS2, his work won no less than 12 awards, including the Apollo Award for Best Supplier Diversity Programme. In 2019 Mark won Head of Diversity of the year at the Inclusive Companies annual Diversity Awards and in 2020 was named on the People Magazine Top 20 Diversity & Inclusion Powerlist. Joining Lloyd’s as Head of Culture in January 2022, he has already led Lloyd’s to Gold standard on the Clear Assured Accreditation framework and to Disability Confident Leader status in 2023.
Pauline Miller, Chief Equity Officer, Dentsu International
An HR expert for over 20 years with leading banking names including State Street and Barclays, Pauline was Head of Talent Development and Inclusion at Lloyd’s of London before joining Dentsu. Pauline is an advisory board member for the United Nations Foundation Girl Up, an organisation which strives for gender equality with causes across the world. She also created the Dive In scheme at Lloyd’s, a three-day D&I festival which has had a global audience of over 9,000 attendees with workplace outcomes improved in insurance companies in 27 countries. In 2019 she joined the panel for CIPD at Hallam Conferences to discuss the ethnic pay gap and has given speeches on behalf of the LGBT insurance network.
See what they had to say on DEI in our blogs:
Lies, damned lies and statistics: digging beneath the numbers on DEI.
