One of the most prominent themes to have emerged out of 2020 is the renewed commitment from the public and businesses to foster diversity and inclusion (D&I). Companies across industries are now evaluating how to address discrimination and representation issues concerning all minorities in the workplace. On Oct. 12, Marsh and the Latin American Association of Insurance Agencies (LAAIA) released the "Building a Future for Hispanic Professionals in the Insurance Industry" report that explores Hispanic representation within the insurance industry. The report's timing also coincided with National Hispanic Heritage Month, which is observed annually from September 15 to October 15. "Many of the findings are frustrating, though not surprising," writes Martin South, president, U.S. and Canada at Marsh, and Lissette Perez, president of LAAIA. "We hope the report will draw attention to continuing, systemic problems, and inspire industry leaders to take actions that will support Hispanic colleagues, develop more of them as insurance leaders, and plant the seeds to grow a larger, vibrant generation of Latinx insurance professionals."

More support is needed

The report is based on a survey of nearly 250 LAAIA members, industry executive focus groups, an ideation session held at Marsh headquarters, and in-depth interviews with external experts. One of the report's most telling findings is that Hispanic insurance professionals do not think the insurance industry is representative of their culture and that insurers do not employ enough Hispanics. Respondents also said they don't feel supported enough to climb that ladder at their respective companies and are left to "their own devices to succeed." One focus group member said, "I see it at many insurance companies. They hire Hispanics, but then it is hard for them to advance since they don't have the right support system to reach the top." [caption id="attachment_189344" align="aligncenter" width="412"] (Source: Marsh/LAAIA)[/caption] Another survey participant said, "One of the things we struggle with [is] the value of mentoring. Is it more valuable for a Latino employee to have a Latino mentor?" [caption id="attachment_189351" align="alignright" width="200"] (Source: Marsh/LAAIA)[/caption] There also is a significant underrepresentation of Hispanics in top-level roles. "The insurance industry leadership is mostly white male," said a focus group member. "We see the same in other industries. It is a problem that corporate America is facing and has been documented already. If you are a Latina, like me, it is even harder to advance in the insurance industry. Consider that only 3.8% of board seats among the Fortune 500 in 2018 were held by a Hispanic/Latino, according to a study by the Alliance for Board Diversity. Despite robust D&I initiatives across the insurance industry, many companies fail to enforce or adopt those policies equally, says the report. The result is few to no Hispanics in leadership positions, which leads Hispanic job-seekers to conclude that insurance does not offer a promising career path.

A focus on recruitment

The industry needs to communicate better the types of career opportunities available if insurance companies are committed to attracting more Hispanic talent, the report asserts. One potential way to drive change is through more effective university recruiting. Some survey participants also noted the insurers tend to recruit at elite colleges where Hispanics are underrepresented. The report suggests that a better strategy for insurers would be to adopt a recruitment approach that targets Hispanic Serving Institutions (HSIs), which are federally designated colleges and universities with 25% or more Hispanic enrollment. Other issues that Hispanic insurance professionals remarked in the survey include recruiting and hiring Hispanics in entry or junior-level positions that lack a well-managed support system and issues concerning continuing education. According to the report, only a small percentage of Hispanics seek certification in the industry after being hired, and Hispanics also are vastly underrepresented at certifying bodies themselves. To help the industry create better systems to support Hispanic employees, Hispanic leaders who participated in the study offered three areas companies should focus on:

1. Recognize and adapt to the changing workforce.
2. Develop better educational/training programs to assure that Hispanics can succeed.
3. Value and reward the strong work ethic of Hispanics.

Click through the slideshow above for more findings from the"Building a Future for Hispanic Professionals in the Insurance Industry" report.  Related: 

• Leading Latinxs in the insurance industry
• Three things insurance should know to serve Hispanic communities better
• 'Consultative conversations' drive the Latin insurance market