Lloyd's 2020 culture survey results show where progress has been made and where improvements are still needed. (Source: Lloyd's of London)
Lloyd's of London recently released the results of its second-annual culture survey that highlights how the market has progressed toward a more inclusive environment.
The findings of the 2020 survey show notable progress in the experience of women working in the Lloyd's market over the past 18 months; however, the survey also reveals areas in need of improvement. One such area is better the experience of Black and ethnic minority talent.
"The results of our second annual culture survey show good progress in our efforts to sponsor gender parity and to our commitment as leaders to make needed and valued change," Lloyd's CEO John Neal said in a statement. "Though we are encouraged by the results of the survey, the feedback from our Black and minority ethnic colleagues has reinforced our commitment to address the inequalities and lived experiences of Black and minority ethnic colleagues across the market. We can feel confident in our ability to make change quickly and are more determined than ever to create an inclusive and inspiring culture for all."
Areas driving change
A total of 6,171 responses were received for the study, comprising 36 questions, two free text questions, and additional questions on specific areas. The results show how progress has been made across the four priority areas Lloyd's identified in 2019 as foundational to driving cultural change:
- Gender balance: Fourteen percent of women in the 2020 survey said they believe people do not have equal market opportunities — a five percentage point improvement over 2019. Women's perceptions also improved by seven percentage points across all characteristics measured.
- Speaking up: More respondents in 2020 (50%) feel comfortable raising concerns about behavior in the market than in 2019 (45%). Also, 57% said they felt that they were listened to and taken seriously in the past 18 months, up from 41% in 2019.
- Well-being: Fewer respondents in 2020 (15%) than in 2019 (23%) said that working in their organization negatively impacted their health and well-being. Additionally, 90% said that their line manager had supported them throughout the COVID-19 pandemic.
- Leadership: Fewer respondents who do not believe senior leaders in their organization take responsibility, especially when things go awry, also decreased from 16% in 2019 to 8% in 2020. In addition, the proportion of respondents who said that people in their organization turned a blind eye to inappropriate behaviour fell to seven percentage points to 15%.
Despite the notable improvements highlighted above, insights from Black and ethnic minority professionals illuminate areas of the market that are still in need of change.
According to Lloyd's, Black and ethnic minority respondents were less likely to raise concerns about discrimination. They also had a higher level of disagreement about whether their colleagues act honestly and ethically and a higher level of distrust in senior leaders.
Achieving racial inclusivity
Only 46% of Black professionals in London who responded to the survey said they believe senior leaders create opportunities for everyone, compared to 74% of all respondents. Furthermore, nearly a third of Black respondents said they have seen people turn a blind eye to inappropriate behaviour, compared to just 15% of all respondents.
"We're pleased that the survey revealed improvements to gender-related equality in the marketplace," Junior Garba, co-founder of the African-Caribbean Insurance Network (ACIN), said in a statement. "However, the starkly different survey findings for Black people working in the Lloyd's market show the urgent need for market leaders to take action to create racial inclusivity within organizations. Diversity without inclusion is just box-ticking, but companies that are both diverse and inclusive achieve appreciably better bottom-line results."
The ACIN released a new report, "Six Steps to Racial Inclusitiy: Recommendations for the London Insurance Market," which details how insurance companies in London and worldwide can create more inclusive cultures. The steps include:
- Know, share, target;
- Be committed;
- Recruit for now and the future;
- Create a culture of inclusion;
- Train and develop; and
- Sponsor, partner, support, donate.
"All progress is encouraging," said ACIN co-founder Godwin Sosi in a release. "We are very pleased that Lloyd's has said it will work at 'improving the experience of Black and minority ethnic talent as a top priority,' but there's a long way still to travel."
For more information on the steps insurance companies can take to achieve racial inclusivity, download the ACIN report here, and view the image above for more findings from Lloyd's culture survey.
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