Lloyd’s, the specialist insurance and reinsurance market, has published its new ‘Culture Dashboard’, alongside setting a gender target for the market supported by a commitment to achieve parity over the next decade.
The measures mark the fulfilment of Lloyd’s 2019 commitments to drive “long-term culture change” across the Lloyd’s market, and form the foundation of ongoing initiatives to build a more inclusive environment.
Lloyd’s said the newCulture Dashboard* will be updated annually and is informed by data gathered from the “largest ever” culture survey in the sector undertaken for the first time last year, as well as market participant data across key demographic characteristics.
It benchmarks the market’s starting point and is intended to transparently track Lloyd’s collective progress towards a much more inclusive environment.
The Dashboard will be an “evolving representation” of the market’s progress across key culture indicators. It presents the current view of gender, ethnicity, sexual orientation and disability, alongside the importance of culture within individual firms.
Lloyd’s added it recognises that there is more work to be done to build and improve its data and in doing so ensure that it is presenting “the most accurate view” of where the market stands collectively. As part of the Corporation’s commitment to improve market data and measure progress, Lloyd’s will be running its annual Culture Survey for the second time, in October this year.
Alongside the Dashboard, Lloyd’s also announced the setting of an interim target of 35% female representation in leadership positions to be achieved by 31 December 2023 (board, ExCo, ExCo Direct Report).
In addition, its boards and executive committees combined will be expected to achieve at least 20% female representation by the end of 2023. New market entrants will be expected to meet these expectations on arrival.
The Lloyd’s Corporation has already taken action, with 47% of its leadership roles being filled by women.
Lloyd’s said it is “equally committed” to increasing the representation of Black and Minority Ethnic colleagues across the market, and importantly across leadership roles. To support this, Lloyd’s is focusing on improving the collection of ethnicity data and other characteristics* to enable it to fully understand its starting point and set a market target for ethnicity in Q2 2021.
John Neal, Lloyd’s CEO, said: “Last year, we committed to building a much more inclusive market – one that we are all deeply proud to be part of, and one that welcomes and represents the diversity of our customers globally. In the corporation, we have achieved parity in less than two years and we are all the better for it.
“While we have put in place a series of actions to accelerate change, it is abundantly clear that we have much work to do and we must be impatient in our resolve to get there. The Corporation will continue to do more in leading the market on all aspects of inclusion.