With all the news that comes out of the insurance industry, it can be hard to keep up with everything. From important hires to the latest update regarding the coronavirus, it's easy to feel overwhelmed and possibly even become numb to the deluge of industry-related news that matters.

One subject that garners quite a bit of attention and shouldn't be ignored, however, is women and diversity in insurance — especially as March is Women's History Month.

On Feb. 27-28, the American Property Casualty Insurance Asociation (APCIA), in partnership with the American Council of Life Insurers and the Life Insurance Council of New York, co-hosted the inaugural Women & Diversity: Expanding Opportunities in Insurance event in New York City.

A packed ballroom filled with men and women spent the day listening to panelists discussing a range of subjects, from how the financial landscape is changing and why diversity is critical to understanding the value of inclusive company cultures.

While the subject of diversity and inclusion is now a top of mind concern that organizations are actively looking to remedy, this wasn't always the case. Barbara Turner, president and chief operating officer at Ohio National Financial Services, told the audience how 15 years ago she went to an event chairman at her company about doing more about diversity and inclusion, only to be told that the issues would resolve themselves "naturally." She went on to explain that she approached the issue again a few years later, only this time she made the case from a business standpoint.

As for what the industry can do, both Turner and fellow panelist Lisa Corless, president and CEO at AF Group, highlighted a greater emphasis on intention. Turner said organizations need to examine their culture and whether women feel welcome, while Corless cited APCIA's inaugural event as an example of how to create an environment where conversations like these can take place.

"Being an advocate is a constant action," says Turner.

Rethinking recruiting and apprenticeships

The recruitment process and apprenticeships were also discussed as solutions to the issue of diversity and inclusion. The industry is well-aware that it cannot fulfill all the jobs that will be lost to automation and retirement by just shifting people around, which is there needs to be a dramatic shift in recruiting, says Noelle Codispoti, CEO at Gamma Iota Sigma.

Traditional recruiting techniques will not work, especially as the market for diverse candidates is a priority across all industries. One way organizations in the insurance industry can start is by hiring who may lack "traditional" experience related to insurance if they are compatible with its goals in terms of culture or long-term goals.

Sevé Spruill Sr., director of talent outreach at Chubb, talked about how he previously recruited mechanical engineers prior to joining the industry. He stressed that there are plenty of people with skills that can help companies in insurance, it's just a matter of finding the right fit and how it can be an asset in an insurance-related capacity.

"If you're good at what you do, you're good at what you do," said Spruill.

Apprenticeships offer another proactive way companies can resolve diversity and inclusion issues. According to John Ladd, administrator of the Office of Apprenticeship at the U.S. Department of Labor, there are 7.6 million jobs unfulfilled in the U.S.

The insurance industry has been on the front lines when it comes to apprenticeship initiatives. To add to this momentum, APCIA launched a new program focused on establishing insurance apprenticeships programs across the country. Insurance Apprenticeship USA is a joint project by APCIA in collaboration with Zurich North America, the U.S. Department of Labor, The Hartford, and Aon to bring together industry professionals across the industry in an effort to expand apprenticeship opportunities in the sector.

There is still plenty of work to be done when it comes to diversity and inclusion — and it's not an issue with an end date. Being committed to both means a continuous effort to make them integral parts of anything an organization does in the future and recognizing that it must always be a priority in the insurance industry. Until that day comes, the efforts by APCIA and others in the world of insurance is a sign that the industry is still on the right track.

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Women and diversity continue to be top of mind in the insurance industry

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