Stakeholder session on the IAIS’ work on diversity, equity and inclusion (DEI) in the insurance industry

On 9 February 2023, 13.00 – 14.00 CET, the IAIS held a virtual stakeholder session to give an overview of the IAIS’ work on diversity, equity and inclusion (DEI) in the insurance sector and to receive input from stakeholders to inform the IAIS’ next projects on DEI.

The IAIS gave an overview of the DEI stocktake report (published in December 2022) and the IAIS’ planned next DEI projects:

• One will examine the link between DEI within an insurers’ institution and its governance, risk management and corporate culture.
• The other will examine how DEI considerations in insurers’ conduct of business, and in their supervision, may result in fairer treatment of consumers who are vulnerable, under-served or have different needs in comparison with a normative or majority consumer profile.

We have published a partial recording of the session to make more widely available the overview of the DEI stocktake report and the planned next DEI projects. See below.

During the session stakeholders were then invited to raise ideas and feedback to help the IAIS take forward the two new projects on DEI in 2023. The session was interactive and invited comments from participants. We have not published a recording of this part of the session.

In advance, registered participants were told the IAIS is particularly interested to hear from them on topics such as:

1. Institutional DEI: What are the corporate governance, risk management and corporate culture implications and risks when an insurer/intermediary lacks diversity and has poor inclusion within its workforce and leadership?  (ie what does it look like when it is done badly?)
2. Institutional DEI: What are the most important and impactful ‘ingredients’ an insurer/intermediary should put in place to improve diversity, equity and inclusion within its workforce and leadership? (ie what does it look like to implement a meaningful commitment to doing better?)
3. DEI in conduct of business: In what ways can an insurer/intermediary ensure that products and services are accessible and the treatment of customers is fair, when you accept that a customer cohort involves diversity with people being different one from another? (ie how to treat customers fairly and not expect customers to have the same demographics, abilities, knowledge, experience etc?)

During the session, participants responded to the following slido questions:

1. Which best describes you? (multiple choice)
• Insurer
• Intermediary
• Industry association
• Consumer perspective representative
• Consultant working with insurance industry
• Supervisor/regulator
• International organisation
2. To what extent are you/the insurance industry in your jurisdiction putting effort to enhancing DEI in workforce/leadership? (Rating 1- 5) 1 = Low effort 5 = High effort
3. What are the risks and implications when an insurer/intermediary lacks diversity and has poor inclusion in its workforce/leadership? (Open text)
4. What ‘ingredients’ are most important to put in place if an insurer/intermediary is committed to improving DEI in its workforce/leadership? (world cloud)
5. What is most difficult about improving DEI in the workforce/leadership? (Open text)
6. To what extent are you/the insurance industry in your jurisdiction putting effort to making insurance products and service delivery accessible and fair to various different kinds of people (not only a ‘typical’/’dominant’ customer profile)? (Rating 1- 5) 1 = Low effort 5 = High effort
7. What characteristics or demographics heighten the risk of unfair treatment, difficulties with access, or exclusion from insurance? (world cloud)
8. How can the delivery of insurance products and services be made fairer and lead to better outcomes for various different kinds of customers (not only a ‘typical’/’dominant’ customer profile)? (open text)
9. What is most difficult about insurers/intermediaries enhancing the way they meet the needs of different types of customers (not only a ‘typical’/’dominant’ customer profile)? (open text)

Tell us more

By COB 27 February by email to Lauren.Eckermann@bis.org, we invite:

• any further responses to the above questions,
• any other comments in connection with the IAIS’ work on DEI, and
• any feedback on the 9 February stakeholder session.

Subsequent engagement

We anticipate further opportunities for stakeholder engagement on this topic. Subscribe to the IAIS email alert and select ‘Theme: Diversity, equity and inclusion (DEI)’ to be on our list.