Lloyd’s Survey Results Show More Inclusive Culture, but Improvement Still Needed

Lloyd’s has made notable progress in its push to become more inclusive, according to its 2020 culture survey, but it still has plenty of room for improvement—especially when it comes to the experiences of Black and minority ethnic talent.

The annual survey, begun in 2019, is designed to track the market’s collective progress toward a more inclusive environment and identify areas that need attention.

Survey results show that progress has been made across the four priority areas Lloyd’s identified in 2019 as foundational to driving cultural change: gender balance, speaking up, well-being and leadership.

However, the survey also revealed the need to add a fifth priority area: ethnicity. Black and Minority Ethnic [BAME] respondents indicated they were less likely to raise concerns relating to discrimination, had a higher level of disagreement about whether their colleagues act in an honest and ethical way, and a higher level of distrust in senior leaders.

As a result of negative press reports in 2019 that described widespread sexual harassment in the market, Lloyd’s began a program to drive cultural change, which included conducting surveys to benchmark progress made.

Survey highlights:

Covering the period from Sept. 29 to Nov. 1, 2020, Lloyd’s acknowledged that it will be difficult to ascertain the effect of the new virtual working environment driven by COVID-19 restrictions. However, this does not change the importance attributed to the findings and Lloyd’s continued commitment to building a high-performing, inclusive culture, said Lloyd’s in a statement.

Source: Lloyd’s

A version of this article first was published in Insurance Journal’s sister publication, Carrier Management.