Looking Ahead

Focus areas for 2019 and beyond

Ongoing priorities and next steps

“I’m determined that 2019 will be the year we can truly make an impact with diversity and inclusion.”

Pauline Miller, Head of Talent Development and Inclusion, Lloyd’s

Matthew Fosh, Chairman Axis Europe at Axis Capital

Chairman Axis Europe at Axis Capital Matthew Fosh interviews Head of Talent Development and Inclusion at Lloyd’s Pauline Miller on the future of diversity and inclusion at Lloyd’s.

MF: What have been the highlights for you this year, Pauline?

PM: We’ve spent 2018 focusing on moving from awareness to action, encouraging employees and partners to take active and measurable steps to implement best practices in inclusivity that will help attract and retain the best talent.

At Lloyd’s we were proud to be named in the Top 100 most inclusive employers in Britain by lesbian, gay, bi and trans equality charity Stonewall in its Workplace Equality Index for 2019, having leapt more than 100 places from our 2018 ranking, making us number one in the insurance sector. This is the result of a huge amount of work, especially by members of our Pride and Allies network, one of a number of Lloyd’s inclusion networks, who have supported both LGBT and non-LGBT people through a programme of market events throughout the year.

One of my biggest highlights from the year is creating the Wellbeing Champions programme. We trained over 100 Wellbeing Champions across the market to raise awareness of mental wellbeing, to support their colleagues and to signpost to additional support. Nominated champions are identified by their peers by a lapel pin in the shape of a green dog,and this has so far had a fantastic response.

It is clear from the research that, four years into running this report, we’re making real headway in shifting the needle on diversity and inclusion.

MF: To what extent do you think D&I needs to be implemented from a government level?

PM: The year 2018 saw the first gender pay gap reports mandated for all large businesses in the UK, revealing some alarming disparities in men’s and women’s earnings, the insurance industry included. Pressure from the government to release gender pay figures helped businesses face up to the urgent need for D&I and take serious action to address any disparities.

At Lloyd’s we are committed to closing the gender pay gap, through initiatives such as mandating all external recruitment long lists to include a 50/50 gender split of potential candidates; review of succession plans to ensure they are fully representative of all talent across the organisation; creation of a bespoke female development programme to strengthen the pipeline of future talent; and conducting a full review of our family care policies.

But the diversity pay gap doesn’t stop at gender. The lens has moved to ethnicity and we expect to see an ethnicity pay gap implemented in the future which we in the insurance industry must be prepared for.

MF: What is the purpose of Inclusion@Lloyd’s?

PM: One of the strengths of our sector is our ability to collaborate together towards a common goal, it is essentially how business gets done at Lloyd’s. Inclusion@Lloyd’s is essentially the ‘brain’ of D&I  across Lloyd’s and the wider market, setting a strategy and providing governance to ensure diversity and inclusion best practice is the norm that every insurance firm strives for. Ultimately, Inclusion@Lloyd’s is here to is ensure Lloyd’s and the wider insurance market has the culture and talent it needs to thrive.

It is important that we promote diversity and inclusion across Lloyd’s and the wider insurance market, so employees at all level can understand that D&I is good for business. We aim to work collectively to develop best practice activities and toolkits that can be shared across our sector. More so, it is about implementing decisive and measurable action, such as supporting new employee resource groups, encouraging more CEOs to sign the Inclusive Behaviours Pledge and continuing to educate our colleagues across the wider insurance market in order to progress the D&I agenda.

MF: Lloyd’s will be supporting new Employee Resource Group, ACIA, can you tell me about it?

The African Caribbean Insurance Association (ACIA), aims to increase the representation of black processionals, celebrate the achievements of experienced black insurance professionals, and provide networking and opportunities for future talent through the creation of scholarships.  As a black woman working in insurance, I recognise the need for more action to be taken to support ethnic minorities: both attracting them into insurance and developing them to becoming leaders. Lloyd’s has agreed to become Gold Sponsors of the ACIA (alongside Tokio Marine Kiln).

In October last year to celebrate Black History month, we hosted an action-oriented dinner for 70 black, Asian and minority ethnic professionals here at Lloyd’s. During dinner we asked the individuals to share their experiences of being a BAME employee in the insurance market, what barriers are there within the insurance market for people from an ethnic minority, and what actions need to be undertaken to improve inclusion and better representation from ethnic monitories.  Attendees discussed the lack of ethnic minority role models, the heavily reliance on relationships to progress and the challenge of trying to break into the sector when you are a minority.

What is important for organisations is knowing where to start. Last month we took that step by updating our HR systems to improve the data we could collect across our employee population (not just for ethnicity but for all types of diversity). By understanding who our employees are, we can start to identify what actions we need to take in order to create lasting change.

MF: What are you looking forward to most from 2019?

I’m determined that 2019 will be the year we can truly make an impact with diversity and inclusion. Evidently, work needs to be done in improving our culture. A lot has already been done but we now need to step back, look at what has been done, and make a clear roadmap in order to create a change. I am looking forward to weaving a thread through all of our past actions to bring everything together create an impact. The recently launched I@L website has helped to become a portal and a resource for the work being done, but there is more to do.

It will be the fifth year of the Dive In Festival this year, and it is set to be the biggest yet with over 30 countries expected to sign up. This year we’re continuing the two-year strategy of Awareness into Action, but with the focus on creating measurable impact. I’m looking forward to seeing what stories and anecdotes are shared, focused on impact, that will silence the nay-sayers who contend that D&I is not a commercial imperative.

Dive In 2019