Fostering inclusive workplaces in insurance through apprenticeships

Davies delivers a range of professional apprenticeships and skills bootcamps aimed at accelerating the careers of those within insurance, financial services, and regulated markets. From interactive workshops to one-on-one coaching with industry practitioners, Davies provides apprentices with a variety of learning options that are accessible anytime, anywhere, on any device. Davies’ customisable programmes allow apprentices to develop their professional, technical and digital skills through a variety of mediums with complete flexibility. 

With a vested interest in this subject, Davies is marking National Apprenticeship Week 2024 (NAW) by announcing a new partnership with the Insurance Cultural Awareness Network (iCAN). The NAW awareness campaign, conducted by the UK Government promotes the benefits and value of apprenticeships, is taking place from Monday 5th February to Sunday 11th February 2024, with the theme of “Skills for Life”. NAW highlights how apprenticeships help develop professional skills and knowledge through hands-on experience, benefiting not just individuals, but also employers, businesses, and the wider economy.

Davies is partnering with iCAN, an independent organisation supporting multicultural inclusion and diversity across the insurance sector, to further the case for apprenticeships as a vehicle for achieving greater diversity. Founded in 2017, iCAN was formed to tackle the lack of leaders and employees in the insurance industry who come from outside the UK, identify as ethnic minorities, or are deemed young talent. By promoting the benefits of diversity, iCAN has supported and partnered with multiple insurance firms to assist them through their transition to becoming a multicultural workplace. 

Ajay Mistry, Co-Founder of iCAN said:

“We are delighted to partner with Davies as we continue to improve talent attraction and inclusion throughout the insurance industry. Through our iCAN initiatives, we are committed to promoting the visibility and access of career development opportunities for multicultural and ethnic minority talent. Together with Davies’ apprenticeship programmes, we hope to generate a powerful and sustainable long-term approach to early careers challenges in the insurance industry.”

Diversity, Equity and Inclusion in the Insurance sector have been highlighted in more recent years due to national campaigns such as the #MeToo movement and Black Lives Matter, noting how people’s differences have been affecting their success in the workplace. Steadily more organisations have introduced a DEI strategy to help increase the volume of diverse characteristics within the workplace including gender, age, social status, nationality, ethnicity, sexuality, faith, disability, and neurodiversity. Improvements have been made with female representation at the board level increasing to 32% ¹, and more companies incorporating diversity initiatives for ethnic minorities, and those with neurodiversity or social mobilities.  

An effective DEI strategy offers companies the opportunity to experience an increase in profitability, creativity, productivity and innovation. Those with a diverse leadership team are likely to produce 19% more revenue ², 35% more likely to outperform their competitors ³and are 1.7 times more likely to be innovation leaders in their sector ⁴. By demonstrating a diverse and inclusive culture, companies have experienced a wider pool of candidates to choose from when advertising a new job role along with stronger customer relationships due to the value diversity adds. Potential employees and customers believe a multicultural workforce illustrates the organisation’s commitment to better practices and is more likely to serve their needs. 

Although progress has been made, the insurance industry is lagging behind other industries in terms of DEI with the largest statistical proportion of diversity being seen in entry-level roles. Even though the industry is making waves in improving gender, LGBTQ+, and ethnic diversity, other minority groups have seen little improvement over the past decade, including those with neurodiversity and disabilities. The rise of inclusivity-focused initiatives is starting to make an impact, with 78% of insurance CEOs believing they have a responsibility to drive greater social mobility in their organisations ⁵

Davies Academy puts Diversity, Equity and Inclusion (DEI) at its core. With More than 50% of our candidates being female and/or from underrepresented minority groups, we help you create a diverse and inclusive workforce, powering diversity of thought and ultimately creating change for good Through our commitment to DEI, we are encouraging an industry-wide conversation about the value of a multicultural working environment in improving leadership decisions and general worker well-being. 

 Craig Potter, Vice President of Professional Education at the Consulting Division of Davies said:

“Our commitment to diversity and inclusion is a core value of Davies. Through our award-winning apprenticeship programmes, we are working to improve the opportunities offered to workers no matter their ethnicity, nationality, age, or gender. A multicultural workplace is an important aspect in creating role models and industry leaders with varied backgrounds inspiring new approaches and systems to the industry.” 

(Source: KPMG)

(Source: Forbes)

(Source: McKinsey)

(Source: Josh Bersin)

(Source: KPMG)