In June 2020 we committed to taking meaningful and measurable action to help improve the experience of Black, Asian and Minority Ethnic talent in the Lloyd’s market. Since then, we have made progress on these initial commitments:
- Develop ethnic minority talent: We launched our Accelerate programme in January 2021 for 15 future leaders, with participants from across the market. Following the success of our first programme, we are commencing our second cohort
- Review of employee and partner policies and historical artefacts: We have recruited an archivist as part of our work to better understand and represent our history.
- Commitment to Education and Research: We gathered research on the lived experience of ethnic minority colleagues in the Corporation.
- Charitable support: Donations of over £100,000 have been made to five key charities aimed at supporting ethnic minority individuals and we formed a new partnership with Sponsors for Educational Opportunity (SEO) London in January, which has seen over 600 students participate in the first nine events. We offered 29 work placements this summer through this partnership.
- We have also developed a long-term plan to support and enable ethnic minority talent. For the market and the Corporation, we have set an ambition that a third of all new hires should come from ethnic minority backgrounds. The current level of representation of ethnic minority people is 8% in the market and 22% in the Corporation.
Improving the experience of Black and Minority Ethnic talent in the Lloyd’s market
Events in June 2020 shone a spotlight on the inequality that black people have experienced over many years as a result of systematic and structural racism that has existed in many aspects of society and unleashed difficult conversations that were long overdue.
At Lloyd’s we understand that we cannot always be proud of our past. In particular, we are sorry for the role played by the Lloyd’s market in the eighteenth and nineteenth Century slave trade - an appalling and shameful period of English history, as well as our own. In acknowledging our own history, we also remain committed to focusing on the actions we can take today to shape our future into one that we can truly be proud to stand by.
We have been listening carefully to our Black and Ethnic Minority colleagues in the Lloyd’s market. We have heard their frustrations, and it is clear that we must commit now as a market to take meaningful and measurable action.
Building an inclusive culture is essential to the market’s future success and that is why culture sits alongside performance and strategy as one of the Corporation’s three strategic priorities.
And we are not alone - through initiatives like Inclusion@Lloyd’s and Dive In, the wider Lloyd’s market has in recent years thrown its collective resources behind the drive for greater diversity and inclusion across the piece. We have made progress, but not enough.
We are grateful to our Black and Ethnic Minority colleagues who have helped to shape our conversations and actions to ensure that we create an environment free from injustice for them and for all. Our commitment is that we will continue to listen and learn as we act and to measure our progress.
There is a long way to go but we are determined that we can and will create a culture in the Lloyd’s market in which everybody can flourish.
Ethnic Diversity in the Workplace report – October 2020
This new report is the culmination of an 18-month exploration into racial and ethnic diversity in the Lloyd’s market. Lloyd’s has produced the report with the support of Inclusion@Lloyd’s, the market-wide steering group for diversity and inclusion governance and best practice. It is part research report and part practical blueprint for change. Using personal stories and data collected from over 900 employees’ market-wide, it highlights the experiences of black and minority ethnic colleagues in the market to bring different perspectives into focus. By using a data-driven approach, we are grounding this report in the current reality and setting a benchmark from which to measure future progress.
Alongside personal experiences from within the market, there are case studies of positive action from other knowledge-based industries including advertising and law.
The research was conducted in July 2020 and 923 insurance professionals participated. Of these, 55% are female, 44% are from a Black, Asian or Minority Ethnic background and most have worked in the insurance industry for 8-15 years.