Building an inclusive Lloyd's marketplace
Lloyd’s is equally committed to improving the experience of Black and Minority Ethnic talent in our market, by taking meaningful and measurable action to level the playing field and increasing the representation of Black and Minority Ethnic colleagues across the market, particularly across leadership roles. To support this, Lloyd’s is focusing on improving the collection of ethnicity data and other characteristics to enable it to fully understand its starting point and set a market target for ethnicity in Q2 2021.
This follows Lloyd’s five initial actions to help improve the experience of Black and Minority Ethnic talent across the market, published on 10 June:
- Invest in positive programmes to attract, retain and develop Black and Minority Ethnic talent in the Lloyd’s market, including launching our ‘Accelerate’ Programme – a modular programme to develop Ethnic Minority Future Leaders across the market.
- Review our employee and partner policies, as well as our organisational artefacts, to ensure that they are explicitly non-racist.
- Commit to education and research. We will educate our colleagues and continue our research into the experiences of Black and Ethnic Minority professionals working in insurance, and share what we learn with the market.
- Provide financial support to charities and organisations promoting opportunity and inclusion for Black and Ethnic minority groups.
- Develop a long-term action plan in collaboration with our Culture Advisory Group, Black and Minority Ethnic colleagues and white allies who will inform our journey and hold us to account.
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.