Diversity could result in economic benefits for insurers

Speaking to Post about the network's plans over the next four months to three years, Erik Johnson, strategy manager at Lloyd's and co-chair of Link, pictured, told Post it will be making the case for diversity and inclusion as a factor to improve business performance.

He said: "In diverse environments people are more comfortable in the way they act and can perform better. However more diversity will also attract talent into the industry."

Quoting from Chartered Insurance Institute figures that found only 1% of students consider a career in insurance, Johnson said. "One of the traditional images around insurance has been that is pale, male , stale, full of old fashioned, older people, white middle-aged men. Some people might look at the industry and think it does not not reflecting their values, so they won't seek opportunities in the sector."

He added that Links aims to expand the talent base within insurance: "By improving diversity in the industry that talent will look different, be more diverse and you should attract better talent because there is more people to choose from."

Johnson said the time was right for the launch of the network as both the CII and Lloyd's have been emphasising the need for the industry to attract wider talent, with the latter highlighting the issue in to its Vision 2025 plan.

"Some firms like Aon and Aviva already have their own internal LGBT group. Other smaller firms might not be able to do something like this so we think a market-wide approach in insurance across the UK will be beneficial in that it could kick-start the discussion and help companies that want to engage on this issue," he said.

Link's steering committee was established in 2012 and it has brought together more than 170 insurance professionals from over 80 organisations which include insurers, brokers, reinsurers, market bodies and service providers.