Diversity, inclusion is ‘a movement,’ NAIC members told

Diversity, equity and inclusion “isn’t a moment – it’s a movement.”

Those words from Evelyn Boswell, director of DEI for the National Association of Insurance Commissioners, opened a session on DEI and producer licensing for the NAIC 2022 Insurance Summit on Monday.

The purpose of DEI, she said, is to encourage self-awareness and promote an overall safe environment for people of all races, ethnic backgrounds, economic backgrounds, genders, abilities and disabilities, ages and more.

“DEI makes good business sense,” Boswell said. “It has the potential to increase revenue and profits.”

Chris Gandy, founder of Midwest Legacy Group and an advocate for DEI in the industry, said the insurance industry’s challenge “is that the sales force inside the insurance industry doesn’t look like the community it serves.”

“When we have ownership of something, we can change things from the inside out,” he said. Gandy encouraged everyone “to do business with someone who doesn’t look like you. That’s an action that changes the narrative.”

It’s difficult for industry professionals to talk about wealth with the African American community, Gandy said, “when wealth has never been part of the African American community.”

He noted that there are many barriers to those from underserved groups who want to start a career in the industry and that it’s even more difficult for agents from underserved groups to find clients.

Gandy offered two suggestions for how the industry can attract and retain more African Americans.

1. “If you want to attract other African Americans, you need to show us we can do it before we do it. Top leadership can’t look like what it looks like now. We have to train people differently.”
2. “Companies have to embrace this through the chain of command. If we see it, we believe it, then it’s easy to inspire others to do it.”

Promoting career opportunities and cultural sensitivity

Today’s college graduates “are entrepreneurial and creative, and that makes them great prospects for our industry,” said James Dean, CEO of JD Financial Group and Associates.

“We need to come together and have an industry conversation and really tell the market that this is a good industry to be in for a career and that what we do is important,” he continued.

Dean called for the industry to be more culturally sensitive in order to reach more African Americans.

“For example, the Black community doesn’t like the term ‘financial literacy;’ we prefer the term ‘financial empowerment,’” he said. “We also need more representation among decision makers.”

Lori Gasior, insurance manager for the Louisiana Department of Insurance, said her department established a Division of Diversity and Opportunity in 1984. One of its objectives is promoting insurance careers to minority and disadvantaged populations. She said there are many opportunities in the industry.

“For example, after Hurricane Ida, there weren’t enough insurance adjusters on the planet to help us,” she said. “Insurance companies need underwriters. Insurance departments need insolvency examiners. There are opportunities for insurance careers – not only being an insurance agent. The breadth of opportunity is massive. As diverse as this industry is, the diverse individuals we have participating in it bring so much to the table.”

Ian Trepanier, policy analyst with the American Council of Life Insurers, noted that his organization has its own Economic Empowerment and Racial Equity Initiative. The four pillars of the initiative are:

1. Expanding access to affordable financial security protection in underserved communities.
2. Advancing diversity and inclusion within companies and on corporate boards.
3. Achieving economic empowerment through financial education.
4. Expanding investments in underserved communities.

Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.

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Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected].