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- Diverse employment helps life insurers connect with underserved communities.
- Policies are becoming more accessible as companies eliminate discriminatory underwriting practices.
- Life insurance companies are committed to community and product development.
Racial wealth disparities affect every aspect of personal finances, from savings to life insurance. Many of the largest insurers have historically discouraged black applicants because they offer less valuable life insurance than white applicants who pay the same amount and engage in other discriminatory activities. have rejected the person.
research from William G. GaleEconomics expert at the Brookings Institution and co-author of Racism in Life Insurance Black families are 3% more likely to have life insurance than white familiesinheritance differences (often including life insurance payments) account for 10-20% of the wealth gap.
Although companies have made efforts to address discriminatory practices, many Latinos, Blacks, Polynesians, Indigenous peoples, and other people of color purchase life insurance to meet their family needs. I continue to feel uneasy about making the economic leap to achieve this goal.
Insurers are working to rebuild trust to uplift communities in distress, improve the quality of life for individual families and foster greater business innovation. But, as Gale puts it, “It’s hard to tell the difference between lip service and a genuine effort to remedy a problem, intentional or unintentional.” He stresses that change is happening.
Diverse hiring is just the beginning
Jackson DavisHead of Diversity, Equity and Inclusion at MassMutual, said: Published employee demographics. ”
In short, people need to see themselves in the company. Trust is built when buyers can walk into a life insurance office and talk to people who look like them or share their native language. This is only possible through diverse recruitment practices.
But diversity goes beyond the hiring table. It also includes efforts to “close the opportunity gap for young people who may not have had the opportunity to work in a corporate environment,” which typically includes disenfranchised community individuals. Kathleen Navarro Senior Vice President and Chief Diversity Officer at New York Life.
The question is whether this will lead to long-term careers and leadership roles. In evaluating the performance of the New York Life Year Up Intern Program for interns who might otherwise not have corporate life insurance, Navarro said, “Many of these young and diverse adults And I saw many of them get promoted several times.”
Intersection is essential to promote diversity
Racial inclusion is an important part of diversity, equity and inclusion. However, it is also important to recognize the experiences of women, LGBTQ people, and individuals who identify as having a disability, especially as these designations may overlap with each other.
Many people with disabilities fear not being hired, losing promotions, and other consequences if an employer finds out about their status. These challenges are also faced by people in the LGBTQ community. Through programs like her Inclusively in New York Life, people with disabilities aren’t just invited to the table. Their opinions matter and should be commended.
New York Life’s Navarro explained the company’s Inclusively platform. The platform aims to connect professionals who identify as having a disability with job opportunities. “The companies on this platform are committed to helping this people find meaningful and successful careers. It provides the company with an opportunity to focus on the market.”
We also offer comprehensive training on topics such as understanding accommodation, interviewing, disability discrimination, and understanding neurodiversity.
Making life insurance better for all communities
Many of the large insurance companies we know well today refused to cover non-white applicants, sold only low-value coverage, or engaged in active discrimination.
Beyond eliminating blatantly discriminatory underwriting practices, Guardian Life has opened the door to: life insurance for people living with HIVUnderwriting guidelines are based on current medical innovations and knowledge, making more people eligible for coverage than ever before.
Diane Henryis the Head of MassMutual’s Impact Investment Fund, which emphasizes investments in diverse vendors and small businesses. MassMutual works with a diverse range of companies, managers, and employees who may work in fields other than finance, enabling individuals to make an impact in the areas they are most passionate about.
The company invests millions of dollars in supporting organizations like the Raven Fund II. According to Henry, it will “invest in early-stage and growth-stage Indigenous businesses that are helping build regenerated and sustainable Indigenous economies in Canada and the United States.”
Another example of community outreach is Lincoln Financial. Network of African-American Financial Professionals To connect black financial professionals.partnership with chipsconnecting agents to customers in the community.
Diversity, equity and inclusion require continuous innovation
Diversity, equity and inclusion require commitment and flexibility. Above all, companies must be prepared to admit mistakes and gaps in their knowledge.In addition to course changes, this could mean working with organizations such as life insurance nonprofits life happens We make these connections through extensive consumer outreach, education, and online resources.
Life Happens Director Paul Dougherty said: Because he believes that a rising tide lifts all ships. ”
Most importantly, companies must commit to long-term planning. Davis exemplifies this idea, stating: Hundreds of leaders have completed the program and continue the dialogue each year. ”
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