LONDON--(BUSINESS WIRE)--99% of risk management and insurance professionals believe that diversity is important to future business success, according to research carried out by ACE at the 2013 FERMA Forum last week.
Encouragingly, an overwhelming 87% of interviewees also believe that diversity within the sector has improved over the last five years, with more younger people (26%), more flexible corporate cultures that encourage diversity (24%) and role models from different cultures (19%) as the most visible examples of change.
However, the majority (56%) of respondents think there is still work to be done to improve diversity further in their own businesses. The top three improvements they would like to see at their own companies are more women in senior roles (25%), a greater diversity of cultures and nationalities (16%) and more younger staff making their way up the ranks (15%).
According to the research, today’s risk and insurance professionals believe the benefits of greater diversity are widespread. Over a quarter of professionals say that diversity increases the sector’s base of skills and expertise (28%) and enhances creativity and innovation (25%). In addition, around one in five believes diversity gives the sector greater understanding of its customer needs (20%) and makes it more relevant to its customers (16%).
Pat Goudarzi, Director of Sales and Distribution for ACE in Continental Europe, said:
“Encouraging greater diversity within the risk management and insurance sector is clearly the right thing to do. But, more than this, our research shows that it simply makes good business sense. Not only will a growing awareness of the benefits of diversity help us to recruit the best skills and talent from the widest talent pool possible, it will also strengthen our customer proposition by making us more innovative and more relevant to our customers.
“One of the main improvements that respondents want to see in the future is an increase in the number of women in senior roles. While there is clearly room for improvement, there are also clear signs of progress as demonstrated by well over 100 women joining the ladies lunch at last week’s FERMA Forum”
ACE sponsored two events on the official programme at the 2013 FERMA forum, the Young Risk Professionals Breakfast and the Ladies Lunch. The company has also recently launched a new pan-European graduate programme to support its growing multinational practice in Continental Europe.
ACE’s research was carried out between 30 September and 2 October at the 2013 FERMA Forum in Maastricht. 100 respondents were interviewed from insurance, risk management, broking and service functions across the sector.
The ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE:ACE) and is a component of the S&P 500 index.