Lloyd’s launches new Culture Dashboard and sets gender target for the market
Lloyd’s, the world’s leading specialist insurance and reinsurance market, today published its new Culture Dashboard, alongside setting a gender target for the market supported by a commitment to achieve parity over the next decade.
These measures mark the fulfilment of Lloyd’s 2019 commitments to drive long-term culture change across the Lloyd’s market, and form the foundation of ongoing initiatives to build a more inclusive environment.
The Lloyd’s Culture Dashboard* will be updated annually and is informed by data gathered from the largest ever culture survey in the sector undertaken for the first time last year, as well as market participant data across key demographic characteristics. It benchmarks the market’s starting point and is intended to transparently track Lloyd’s collective progress towards a much more inclusive environment.
The Dashboard will be an evolving representation of the market’s progress across key culture indicators. It presents the current view of gender, ethnicity, sexual orientation and disability, alongside the importance of culture within individual firms. Lloyd’s recognises that there is more work to be done to build and improve its data and in doing so ensure that it is presenting the most accurate view of where the market stands collectively. As part of the Corporation’s commitment to improve market data and measure progress, Lloyd’s will be running its annual Culture Survey for the second time, in October this year.
Alongside the Dashboard, Lloyd’s also announced the setting of an interim target of 35% female representation in leadership positions to be achieved by 31 December 2023 (Board, ExCo, ExCo Direct Report). In addition, Boards and Executive Committees combined will be expected to achieve at least 20% female representation by the end of 2023. New market entrants will be expected to meet these expectations on arrival.
The Lloyd's Corporation has already taken action, with 47% of its leadership roles being filled by women. The market target will drive an improvement in the gender balance in leadership roles across the market in the short-term, with Lloyd’s committing to a medium-term ambition for parity over the next decade.
Lloyd’s is equally committed to increasing the representation of Black and Minority Ethnic colleagues across the market, and importantly 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**.
"Last year, we committed to building a much more inclusive market – one that we are all deeply proud to be part of, and one that welcomes and represents the diversity of our customers globally. In the Corporation, we have achieved parity in less than two years and we are all the better for it. While we have put in place a series of actions to accelerate change, it is abundantly clear that we have much work to do and we must be impatient in our resolve to get there. The Corporation will continue to do more in leading the market on all aspects of inclusion.John Neal, Lloyd's CEO
“Creating an inclusive and high-performing culture is fundamental to the future success of our marketplace. To get there we must be brave in our actions to accelerate change, and transparent in how we measure our progress and hold ourselves to account. The setting of a gender target, with a commitment to parity in the next decade, together with presenting an honest view of our starting point, represents an important step towards that critical goal.”Fiona Luck, Lloyd’s board member and non-executive director responsible for talent and culture
* Currently only 52% of market firms can provide data on ethnicity and other characteristics, such as disability and sexual orientation. The Corporation will now be asking for all market firms to collect and provide this data. Alongside this, Lloyd’s will also aim to reduce the proportion of people who do not declare their ethnicity, currently at 36%, and other characteristics by highlighting to market participants the importance of this data to help inform Lloyd’s actions, and be used as a measure against which Lloyd’s will hold itself accountable.
** On 10 June, Lloyd’s announced five initial actions to help improve the experience of Black and Minority Ethnic talent in the Lloyd’s market. These include:
- Investing 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.
- Reviewing our employee and partner policies, as well as our organisational artefacts, to ensure that they are explicitly non-racist.
- Committing 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.
- Providing financial support to charities and organisations promoting opportunity and inclusion for Black and Ethnic minority groups.
- Developing 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.
More information can be found on our Culture website: www.lloyds.com/culture