Hiring for the future: How the Lloyd’s insurance market can overcome the biggest diversity challenges today
While the Lloyd’s of London insurance market has ridden numerous challenges driven by the volatile economic climate better than most, it has still faced bumps in the road. However, while markets will fluctuate, there is one thing that will always be front of mind for businesses: how to hire and retain diverse, future-ready talent.
A changing landscape
The workforce of the future – and indeed today – is far more nuanced and multi-faceted than it has ever been. Yes, there has been a drive to improve diversity, equity and inclusion (DEI) over the last few years, but there has also been a general cultural shift. Employers and the C-Suite alike are now far more in tune with the benefits of creating an inclusive environment.
The business benefits are profound – from improvements to motivation and innovation, to increased retention and, of course, a greater sense of belonging. And we can’t overlook that people have different expectations from their employers today.
For the insurance market, there is a growing crusade being led by forward-thinking employers, staff and DEI experts to go above and beyond – that’s why the Dive In festival is so popular. Now in its 11th year, Dive In is a global movement in the insurance sector dedicated to fostering workplace cultures where talent can thrive, taking place between 16th and 18th September virtually and in London. This year’s theme – Belonging Builds Tomorrow – is very much aligned with our own mission, which is why we’re delighted to be a local partner.
Our expert teams will be presenting a range of sessions throughout the festival (if you’ve already registered, click here to sign up), but here’s a snippet of some of the views and points we’ll be discussing in relation to inclusive hiring in insurance.
Keeping DEI at the top of the agenda
The Lloyd’s market has made commitments to improve diversity and inclusion over the years, and we’ve been pleased to support so many firms on their journey. However, progress is only delivered by consistent focus, which means that businesses can’t take their foot off the accelerator. Candidate expectations are higher than they have ever arguably been. They expect more than policy statements; they want transparency, representation, and equity embedded into every stage of the recruitment and employment journey.
The solution:
Reassess your job descriptions: Use inclusive language and ensure criteria reflects essential skills, not wish lists that may exclude underrepresented groups.
Diversify sourcing channels: Move beyond traditional insurance pipelines. Partner with educational institutions, professional networks, and community organisations that reach a broader audience.
Measure consistently: Collect and analyse diversity data (while respecting privacy laws) to identify where diverse candidates drop out and why.
Publicise your progress: Candidates are drawn to organisations that are honest about where they are and where they're going.
Involve everyone: If a culture is to be truly authentic, it needs to be lived by all, not just dictated by a few.
Using AI responsibly
Artificial Intelligence (AI) is playing a role in every aspect of our lives today, both professionally and personally. From a hiring standpoint, AI tools can streamline recruitment in insurance, but they also risk replicating biases if not used carefully. In a market like Lloyd’s, where legacy hiring patterns persist, this is a challenge that really does need to be carefully managed.
The solution:
Audit your AI tools: Ensure they’ve been tested for bias and are explainable. Transparency is key; not just for compliance, but for trust. Consider forming an internal ethics board to vet new hiring technologies across the market.
Human-in-the-loop: Combine AI screening with structured human decision-making. AI should augment, not replace, good judgement.
Train your team: Hiring managers and talent teams should understand how these tools work and how to challenge their outputs.
Equip managers and hiring teams with the right tools
As we touched on in our recent blog post, leaders play a crucial role in defining and conveying the right culture in insurance businesses, but they need to be equipped with the right tools and training to deliver this effectively. This extends to hiring managers who are a critical cog in the inclusivity machine, but too often, they lack the training and tools to make evidence-based, unbiased hiring decisions, through no fault of their own.
The solution:
Structured interviews: These reduce bias and improve predictive validity. Managers should use scoring guides and clear success criteria agreed in advance of the process and based on the essentials in the job role.
Decision support dashboards: Use data dashboards that show candidate progress, diversity metrics, and interview outcomes in real-time.
Ongoing training: Embed inclusive hiring training into your managers’ professional development—not as a tick-box, but as an ongoing practice. Link hiring performance to manager KPIs. What gets measured gets improved.
Hiring for the future in insurance
There may be a number of challenges to overcome in inclusive hiring in the future, but it’s also a prime opportunity to drive meaningful and truly powerful changes. If you haven’t already registered for the Dive In festival, make sure you secure your place today to be part of the movement in insurance.
Register today