Introduction

Welcome from our industry leaders

Dominic Christian, Chair Inclusion@Lloyd’s, Global Chairman Aon Benfield International

Welcome to the new Holding Up the Mirror report for 2018 – the third year in which we report on progress across the market and research among the Inclusion@Lloyd’s charter signatory members on key diversity and inclusion measures. The results are here in the context of an extraordinary year of activism and heightened accountability. From the global #metoo movement to gender pay gap reporting in the UK, via numerous governance scandals and company failures, equality and the need for inclusive cultures have never been more prescient.

Against this backdrop, the sustained efforts and outputs of the Inclusion@Lloyd’s committee feel more relevant than ever. The fact that we are able to draw on three years’ data and report sustained progress is a source of pride and proof that we are creating our own industry movement to level the playing field for talent. Fifty-two per cent of our research respondents report a rise in positive D&I culture in their organisations, up from twenty-one per cent last year. The number of firms implementing a D&I policy has also increased to sixty-three per cent –  a steady ten-point climb.

We are also entering a new phase of collaboration with the London Market Group. By combining and streamlining our focus and resources we will speed our progress, sending a clear signal together that D&I is a strategic imperative. The business case for inclusivity is growing exponentially, so it’s a good time to focus our combined efforts on translating that awareness into action – this year’s Dive In campaign message to support our industry’s ability to thrive in a global market.

To provide ideas and inspiration of what that action can look like we have gathered examples from around the market, talking to leaders, experts and volunteers about their approach to D&I through policies and practicalities. We hope you enjoy these inspiring stories and the new digital format as a way of making the information even more accessible – and of course, more actionable.

Chris Beazley, CEO, London Market Group

I’m delighted to be co-introducing this year’s Holding up the Mirror report, a positive reflection of the hard work and progress that our industry is making towards achieving a more diverse and inclusive environment.

The value of diversity and inclusion to a business is beyond speculation. The work of the Inclusion@Lloyd’s committee, alongside the many other great initiatives across the London Market, has built on this fundamental understanding of the business case, and the report shows some encouraging trends.

The updates seen further on are all steps in the right direction – better representation of women on boards and in leadership positions and an increase in D&I policies and compulsory training. However, as we saw in the London Matters 2017 report last year, while the market is making progress, there remain significant differences between the London insurance market and other sectors.

Talent sits at the heart of the London Market ecosystem and we must continue to focus on attracting and retaining the very best. It is imperative that we have broad diversity within that talent if we are to truly understand, engage with and deliver world leading products and services to our clients. Ultimately, we need a workforce that reflects that of our clients and partners if we are to improve our chances of developing long-term, sustainable business relationships going forwards.

What this year’s report does is highlight not only the progress but also the ongoing challenges.  However, change can only be delivered within market firms themselves and we must build the momentum. D&I is no longer a nice to have, but an important part of a business’s ability to innovate, thrive and prepare for the future.