ABI data shows the urgent need for action in order to increase ethnic and socio-economic diversity in the insurance and long-term savings sector.

Black, Asian and minority ethnic employees make up 10% of those holding entry level positions. At Executive and Board level this drops to just 2%. Improving diversity needs to be seen as a major long-term programme of cultural change that is properly resourced, planned, measured and monitored and supported by senior leadership.  

Research on the socio-economic diversity of financial and professional services, published by the City of London, shows that employees from lower socio-economic backgrounds can take 25% longer to progress in the UK financial services sector. This ‘progression gap’, which has no link with performance, increases to 32% when considering those from disadvantaged socio-economic backgrounds who also identify as Black.

Much more needs to be done to improve how our sector attracts, retains, progresses and includes diverse talent. This is the right thing to do, and it will help our industry to continue to thrive and reflect the customers that we serve. ABI research also shows that the sector needs to rapidly improve the data and the detail that it collects on employees in order to develop and monitor action plans, to put resources in place to deliver them and to set targets that will make a difference.

Speakers discuss the actions that work and how employers can create more inclusive workplace cultures in the context of the Covid-19 pandemic and the new world of work that’s emerging. They also explore the importance of employee engagement and the use of data to monitor progress and inform action plans that create meaningful change.