DEI more crucial than ever, says Lloyd’s new inclusion chair
“We’ve made huge strides over recent years, but we must keep at it,” Nick Line, the newly-appointed chair of Inclusion at Lloyd’s, said about diversity and inclusion policies at the insurance giant.
President Donald Trump ordered the end of “radical and wasteful” diversity, equity and inclusion (DEI) programmes in the US. He signed an executive order on 20 January resulting in some global companies pulling back on these programmes, including Meta, Amazon, McDonald’s and Ford.
This move has put a spotlight on global companies in London, especially for an industry that has put a lot of focus on diversity and inclusion (D&I), such as the Lloyd’s market.
One of Lloyd’s four strategic pillars is to “change perceptions of the industry”. But the marketplace’s culture was thrust into the hot seat by a 2019 Bloomberg report which highlighted a male-dominated workforce and excessive drinking.
Lloyd’s has since overhauled its culture with updated rules, standards, fines and a push on non-financial misconduct.
Line, who is also the chief underwriting officer at Markel International, stated that “to help secure the future of our industry and ensure its longevity, we need to make the London insurance market a career destination of choice that is accessible to everyone.”
He pointed out that the industry has “not shied away from challenging conversations” which he adds demonstrates “our continued commitment to D&I”.
“We’ve developed communities, frameworks, and safe spaces where people can talk, disagree, and debate, with the collective goal of creating a marketplace that is more attractive and welcoming, and broadening our sources of talent beyond traditional avenues,” he explained.
He added that “this results in a wider range of skills across the market, skills that the industry needs so it can support our societies and economies solve the challenges of our times, skills that also drive high performance.”
He pointed out that this “business case ensures” that the sector can “respond to those who feel that DEI programmes have led companies to deviate from their primary purpose.”
Line warned that the London marketplace has “made huge strides over recent years, but we must keep at it.”
“It’s crucial – now more than ever – that we use the momentum we’ve worked so hard to establish, to deliver what we’ve set out to achieve,” he concluded.