Diversity in the Insurance Industry

“There are still many causes worth sacrificing for, so much history yet to be made.” —Michelle Obama

A special day is becoming more recognized and celebrated throughout the country. Juneteenth is also known as Jubilee Day, Emancipation Day, Freedom Day and Black Independence Day. Even though this day has been celebrated on June 19th in various parts of the country since 1865, not everyone was aware. President Biden signed the Juneteenth National Independence Day Act into law on June 17, 2021.

Because this day is now a federal holiday, many employers demonstrate their commitment to the importance of racial and social justice in the workplace. Many employers also made Juneteenth a paid holiday. There is a movement in the work industry to create social changes to foster diverse and inclusive workplaces.

According to S&P Global, the percentage of female executives and officers in insurance business ranges from 15.6% to 45.5%. The insurance carriers and related business has only 12.4% (as of 2019) of Black or African Americans representing the industry. However, there is progress. In 2010, the percentage of Black or African American employees in the insurance workforce was 9%.

There is a visible lack of diversity in insurance leadership. One way to make a change is for executives to sponsor diverse candidates for senior positions when they become available. Employers can also offer opportunities for students from underrepresented communities to lay the groundwork for long-term change.

Let Juneteenth be a reminder that diversity in the workplace or in the insurance industry, is an opportunity to create changes and to include everyone that has worked hard and deserves a leadership position regardless of race or gender. Let’s create opportunities for Everyone to rise up based on their abilities. Let’s teach our children to be friends with everybody without judgment.

“Struggle is a never-ending process. Freedom is never really won, you earn it and win it in every generation.” —Coretta Scott King

 

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