The National African American Insurance Association (NAAIA), a NAIFA advocacy partner, has issued a new report showing that, while insurance and financial services companies have increased diversity, equity, and inclusion (DEI) initiatives, many fail to address inequity at a foundational level.
The survey of more than 650 professionals is a follow-up to NAAIA's 2018 study and identifies where DEI initiatives in the insurance and financial services industry fall short. Among other findings, the report shows that respondents have not seen an impact on career advancement despite increased DEI-related training, support for employee resource groups (ERGs), and mentorship programs. Additionally, a higher percentage of respondents reported racial and gender bias as top barriers to entry into the industry than in the 2018 study.
The report offers recommendations for how the industry can improve diversity, equity, and inclusion in the workplace, including enhancing recruitment initiatives, addressing compensation and pay inequities, and increasing mentorship opportunities.
Increasing diversity, equity, and inclusion in insurance and financial services is a central component of NAIFA's 2025 Strategic Plan. On May 22, 2023, NAIFA will host its 8th Annual DEI Symposium in Washington, D.C. The free event is open to all and will feature notable keynotes from industry professionals and DEI experts as well as panel discussions with our members and advocacy partners. The program provides participants with a forum to discuss strategies for creating and promoting diversity in the financial services industry and serves as a resource for insurance and financial professionals in NAIFA's mission to provide financial security for all Americans.