Lack of industry exposure was a major barrier for both African Americans and Hispanics entering the insurance profession, according to research conducted by Marsh in collaboration with National African American Insurance Association (NAAIA) and the Latin American Association of Insurance Agencies (LAAIA).
A team of diverse employees provides varied skill-sets and the out-of-the-box thinking that can help foster innovation and create a competitive edge for your agency. When it comes to hiring diverse talent, it’s important to share all that an insurance industry career has to offer.
During a webinar earlier this year on how to hire and retain diverse talent, Margaret Redd, Executive Director of NAAIA shared, “we all need to do a better job making sure more people know about these great jobs.”
One way is by evaluating hiring processes and prerequisites for jobs, including whether industry background, or even a college degree, is required. Make sure your internship or mentorship program includes schools in minority communities.
The industry also has increased demand for people with strong data, technology, and digital skillsets, with the need to explore non-traditional talent pools.
Lissette Perez, President of LAAIA shared, “The younger generation thinks this is a boring industry. We have to find a way to show them and expose them to the fact there are so many options not only sitting behind a desk and selling insurance – there’s the tech side, the actuarial side, exposing all the different possibilities within the industry.” Perez mentioned she partners with the Hispanic Association of College and Universities.
Mark Berven, Nationwide P&C President and Chief Operating Officer shared that recent graduates may be surprised by all that an insurance career offers, including the ability to serve others and ways to make an impact.
During this time of workforce evolution fueled by the pandemic, more individuals are reevaluating their work and if it’s providing fulfillment beyond a paycheck. A 2020 report by McKinsey and Company noted the insurance industry’s increased willingness to work together toward common philanthropic goals and millennial’s influence on the types of charitable efforts companies engage with in their communities.
Of course, the pandemic has impacted the workplace in many other ways, including hybrid or fully remote workplaces. As you revisit your hiring strategy, think how you can position your workplace to meet these evolving workforce expectations to attract and retain talent.