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Modern Insurance Magazine Issue 62

This issue features... Insight: A Guide to the New Consumer Duty, with Branko Bjelobaba, FCII Interview: Doing the Right Thing, with Matt Brewis, Financial Conduct Authority (FCA) Interview: A New Consumer Freedom, with Sam Richardson, Which? Money Editorial Board: Find out what our editorial board panel of experts have to say in this edition of Modern Insurance Magazine Associations Assemble: Modern Insurance's panel of resident associations outline the burning issues in insurance Just a Thought with Eddie Longworth... Suppliers Must Also Deliver Consumer Duty Obligations Consumer Intelligence: Avoiding Consumer Harm in the Consumer Duty Age Modern Claims Awards 2024: Meet the Judges EDAM Group: Meet the Company, 'Internal Satisfaction Informs Customer Satisfaction at EDAM Group' Dive In Festival: Dive In's 'Below the Surface' Event Shines a Light on Insurance Industry's Diversity and Inclusion Challenges Thinking Upside Down: Consumer Duty: An Illusion?? with Michael Lewis, CEO, Claim Technology I Love Claims / ARC 360: The Unintended Consequences of Consumer Duty Europcar: Can the Insurance Sector Help to Accelerate the Adoption of EV? with James Roberts, Head of Insurance Sales 10 Mins with… Ajay Mistry, Founder and Director, Gambit Partners, & Co-Founder and Co-Chair, iCAN (The Insurance Cultural Awareness Network) Insur.Tech.Talk - Interviews with Farooq Sheikh, Global Head of Insurance at Unqork; Brent Williams, Founder and CEO at Benekiva; Juan Mazzini, Head of Insurance Practice APAC, EMEA, LATAM at Celent; Meredith Barnes-Cook, Partner at ReSource Pro Consulting; and Ron Rock, Managing Director - Financial Services at JobsOhio Insur.Tech.Talk Editorial Board - Experts from within the insurtech sector and beyond join us once more to share their unique insights!

This issue features...

Insight: A Guide to the New Consumer Duty, with Branko Bjelobaba, FCII
Interview: Doing the Right Thing, with Matt Brewis, Financial Conduct Authority (FCA)
Interview: A New Consumer Freedom, with Sam Richardson, Which? Money
Editorial Board: Find out what our editorial board panel of experts have to say in this edition of Modern Insurance Magazine
Associations Assemble: Modern Insurance's panel of resident associations outline the burning issues in insurance
Just a Thought with Eddie Longworth... Suppliers Must Also Deliver Consumer Duty Obligations
Consumer Intelligence: Avoiding Consumer Harm in the Consumer Duty Age
Modern Claims Awards 2024: Meet the Judges
EDAM Group: Meet the Company, 'Internal Satisfaction Informs Customer Satisfaction at EDAM Group'
Dive In Festival: Dive In's 'Below the Surface' Event Shines a Light on Insurance Industry's Diversity and Inclusion Challenges
Thinking Upside Down: Consumer Duty: An Illusion?? with Michael Lewis, CEO, Claim Technology
I Love Claims / ARC 360: The Unintended Consequences of Consumer Duty
Europcar: Can the Insurance Sector Help to Accelerate the Adoption of EV? with James Roberts, Head of Insurance Sales
10 Mins with… Ajay Mistry, Founder and Director, Gambit Partners, & Co-Founder and Co-Chair, iCAN (The Insurance Cultural Awareness Network)
Insur.Tech.Talk - Interviews with Farooq Sheikh, Global Head of Insurance at Unqork; Brent Williams, Founder and CEO at Benekiva; Juan Mazzini, Head of Insurance Practice APAC, EMEA, LATAM at Celent; Meredith Barnes-Cook, Partner at ReSource Pro Consulting; and Ron Rock, Managing Director - Financial Services at JobsOhio
Insur.Tech.Talk Editorial Board - Experts from within the insurtech sector and beyond join us once more to share their unique insights!

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FEATURES<br />

Dive In’s<br />

‘Below the Surface’<br />

Event Shines a<br />

Light on <strong>Insurance</strong><br />

Industry’s Diversity<br />

and Inclusion<br />

Challenges<br />

At Markel’s offices in the heart of<br />

Fenchurch, Dive In, one of the world’s<br />

largest diversity, equity, and inclusion<br />

festivals, hosted an event called<br />

‘Below the Surface - The Unspoken<br />

Side of <strong>Insurance</strong>’. It brought to<br />

light the hidden diversity, equity and<br />

inclusion complexities within the<br />

insurance industry.<br />

The event, presented by The Communication Practice, a drama-based training<br />

company with a focus on fostering diversity, equity, inclusion, and a sense<br />

of belonging (DEIB) within the workplace, was far from your typical industry<br />

event. It took the form of a dynamic workshop, drawing insights from research<br />

conducted across the Lloyd’s Partner Networks.<br />

The research findings were revealing, with 24% of survey respondents feeling<br />

that they couldn’t be their authentic selves at work, and 22% sensing that their<br />

true voices went unheard. With these statistics as a backdrop, the event aimed<br />

to:<br />

• Uncover diverse perspectives and experiences of marginalised individuals in<br />

the insurance field.<br />

• Shed light on perceived barriers and challenges that hinder professional<br />

growth.<br />

• Encourage attendees to take personal actions to challenge workplace biases<br />

and become advocates for others.<br />

One impactful segment featured actors delivering statements derived from<br />

Dive In’s research, underscoring issues such as the industry’s perception as oldfashioned,<br />

and the struggles of those who don’t conform to established norms.<br />

Attendees engaged in a thought-provoking theatrical performance simulating<br />

a one-on-one meeting between a boss, ‘Gary,’ and a junior team member,<br />

‘Richard,’ struggling with ineffective communication. The audience actively<br />

discussed ways in which Gary could have improved the situation, emphasising<br />

the importance of active listening, body language, and making Richard feel<br />

valued.<br />

In breakout sessions, attendees tackled real-life case studies involving actors<br />

facing industry difficulties, including a female executive feeling undermined<br />

by male colleagues and a Muslim mother dealing with workplace inclusivity<br />

challenges due to differences in social activities. Attendees grappled with finding<br />

solutions and acknowledged the need for broader cultural change.<br />

Attendees were also encouraged to reflect on their ‘lightbulb moments’ and<br />

commit to immediate changes in their approach to inclusivity. Organisers<br />

encouraged attendees to introspect and asked critical questions such as:<br />

• Are you genuinely an active ally?<br />

• Do you challenge bad behaviour and recruitment decisions based on ‘gut<br />

instinct’?<br />

• Are you investing in your own development to confront biases?<br />

• How are you contributing to diverse hiring?<br />

• Who are you personally sponsoring and pushing forward within your<br />

organisation?<br />

• Do you regularly review diversity statistics for your team or organisation?<br />

• Are you objective when considering the skills and capabilities of team<br />

members for promotions or new projects?<br />

• Have you provided training to make the workplace more inclusive?<br />

Organisers also shared inclusive communication tips, advocating:<br />

• The need to embrace mistakes as learning opportunities.<br />

• ‘Be the change;’ step outside of your comfort zone.<br />

• That diversity, equity, and inclusion (DEI) isn’t solely HR’s responsibility! Be<br />

prepared to lead from the front.<br />

In his closing remarks, Bruce Carnegie Brown, Chairman of Lloyd’s of London,<br />

commended the presenters for their practical approach to diversity and<br />

inclusion.<br />

He emphasised that inclusion should not be academic but practical and<br />

actionable, urging attendees to spread the message beyond the event’s<br />

confines.<br />

The event illuminated the often-overlooked aspects of the insurance sector.<br />

It provided a platform for open dialogue, learning, and reflection on creating<br />

a more inclusive industry, exemplifying the spirit of Dive In and the ongoing<br />

commitment to diversity, equity and inclusion within the insurance industry.<br />

This event was sponsored by Dive In Global Festival Partners: BMS, Lloyd’s,<br />

Markel, Tokio Marine Kiln, and MS Amlin.<br />

46 | MODERN INSURANCE

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