Greater social mobility

We know that diverse organisations are better able to provide products and services that are representative of the diverse customers they serve. Community engagement is one of our keys to accessing a more diverse talent pool.

One of the biggest challenges facing the (re)insurance sector is the ability to recruit new diverse talent to develop the skills and knowledge needed to help transform our industry.

The insurance sector is a significant recruiter, with the London market estimated to hire around 20,000 people over the next few years. To achieve this there is a need to work together as an industry to make insurance an attractive career destination to more young people.

Community involvement is one of the key pillars of Lloyd’s approach and this is where our partnership with SEO London is making a difference. The charity delivers education, training, and mentoring support to young people from under-represented and under-served backgrounds, supported by the Lloyd’s Community Programme (LCP).

SEO London helps students from low socio-economic backgrounds and from ethnic minorities to broaden their horizons through access to academic, professional and enrichment opportunities, as well as equipping talented university students to launch successful professional careers.

Engaging with Lloyd’s has enabled the charity to launch a series of virtual events and workshops, introducing insurance as a career sector to the SEO London student population.

The ‘Step into Insurance’ initiative involved nearly 20 insurance companies last year, and featured CEO fireside chats, ‘lunch and learn’ opportunities and speed networking sessions, all geared towards improving the employability of students for roles in insurance.

Following these events, 86% of attendees said they would apply for an internship at Lloyd’s, 90% expressed an interest in pursuing a career in insurance and all attendees said their knowledge of the insurance sector had improved.

The partnership has also implemented a summer internship programme for UK undergraduate students to access paid work placements across the Lloyd’s market, of between six and twelve weeks. Last year the rigorous selection process saw 130 applicants vying for 27 placements across nine organisations. The successful applicants received dedicated support to ensure they got the most out of the scheme and gained valuable employment experience.

Each successful applicant was also paired with an industry mentor for the duration of their internship, as part of the SEO Summer Mentoring scheme, with mentees receiving one-to-one coaching on skills including leadership and communication.

The success of the initiative, and the value of these schemes for our industry, is reflected in the quality of the candidates selected for the internships. All of the interns taken on by firms were then recruited to permanent roles.

The partnership with Lloyd’s has also helped SEO London to grow its network both in the City of London and the wider insurance sector, driving awareness of the charity’s work and bringing the industry closer to this deep pool of future talent.

Lloyd’s is seeking to have a positive impact  by building  an inclusive market and therefore a more inclusive society. Our drive to recruit and develop diverse talent across the industry has involved taking action on gender parity and setting targets on ethnicity, as well as a strong focus on social mobility.

Of the 30 interns placed at Lloyd’s as part of the collaboration with SEO London, 50% came from an Asian background and 30% from Black heritage backgrounds, demonstrating our commitment to a society where everyone, regardless of background, has equal opportunity to achieve long-term professional and personal success.