New Marsh and LAAIA research showed that this demographic is underrepresented and under supported.
Insurance industry diversity and inclusion are among the leading themes for companies and organizations in 2020, and as such, many are seeking to understand those who have been underrepresented and under-supported.
Companies are seeking to evaluate methods of addressing issues of discrimination and representation.
The results of a new Marsh and Latin American Association of Insurance Agencies (LAAIA) study has revealed that Hispanic professionals are among those least represented in insurance industry diversity and inclusion efforts. Marsh and the LAAIA published their study in a report titled: “Building a Future for Hispanic Professionals in the Insurance Industry”. The report explored the industry’s Hispanic representation.
The publication of the report aligned with National Hispanic Heritage Month, which occurs every year from September 15 through October 15.
“Many of the findings are frustrating, though not surprising,” wrote Marsh US and Canada president Martin South and LAAIA president Lisette Perez. “We hope the report will draw attention to continuing, systemic problems, and inspire industry leaders to take actions that will support Hispanic colleagues, develop more of them as insurance leaders, and plant the seeds to grow a larger, vibrant generation of Latinx insurance professionals.”
The insurance industry diversity report pointed to a need for greater support for Hispanic professionals.
The research results in the report were based on the outcomes of a survey completed by almost 250 LAAIA members, industry executive focus groups, a Marsh headquarters ideation session, and in-depth external expert interviews. Among the most striking findings from the survey results was that Hispanic professionals working in the insurance industry do not feel that it is representative of their culture. Moreover, they don’t believe insurers are employing enough Hispanic professionals.
Respondents in the survey also indicated that they did not feel adequate support to climb their companies’ ladders. Instead, they felt left to “their own devices to succeed.” One focus group member underscored this insurance industry diversity issue, saying: “I see it at many insurance companies. They hire Hispanics, but then it is hard for them to advance since they don’t have the right support system to reach the top.”