Diversity still vital to get the best leaders: CICA panel
The insurance and risk management industry has long been dominated by traditional hierarchical structures, often reflecting a lack of diversity in both leadership and decision-making processes. However, as society progresses, so too must the industries that serve it.
That was the message from a panel discussion about diversity, which took place at the annual CICA conference, taking place this week in Tucson, Arizona.
The panel highlighted the necessity of diverse leadership, the power of varied perspectives, and the role of individual responsibility in fostering inclusive work environments.
Mary Ellen Moriarty, vice president of property & casualty at EIIA/College Insurance Company, referenced the formation of College Insurance Company in the 1960s, a time when historically black colleges and universities (HBCU) were denied insurance coverage due to the prevailing political and social climate. In response, five institutions affiliated with the United Methodist Church united to create their own insurance solutions, showing how resilience and collective effort can overcome systemic discrimination and pave the way for a more inclusive industry, she reminded attendees.
Reflecting on her own journey in the insurance field since 1977, Moriarty noted how early career paths for women were often limited to administrative roles, while leadership positions remained male-dominated. However, her experience with HBCU-led insurance initiatives broadened her understanding of different strategic approaches, reinforcing the importance of diverse perspectives in effective decision-making.
Melissa Hollingsworth, deputy chief risk officer at the Los Angeles Unified School District, reinforced the importance of sustained action. She shared her own experiences in navigating a male-dominated industry for over 25 years and expressed her admiration for initiatives such as CICA’s Amplify Women, which champion female leadership in insurance. Hollingsworth encouraged professionals to take personal stands where possible, whether through consumer choices or continuous advocacy within their organisations.
Karen Hsi, executive director of UC Captive Programs at the University of California, stressed the necessity of diversity in thought leadership. She highlighted the risks associated with homogenous teams, stating, “If you are with the same, same, same all day long, what you create is the same, same, same.” Hsi emphasised that innovation thrives in environments where diverse perspectives challenge traditional thinking, ultimately leading to better decision-making. She cited research indicating that diverse teams make better decisions 87% of the time, underscoring the tangible benefits of inclusivity.
Jennifer Allen, director of insurance and risk solutions at IFO Group, echoed these sentiments, advocating for diverse hiring practices. She shared her own experiences in team building, where she deliberately sought out individuals who think differently. “I know my strengths and I know my weaknesses, and I think he fills some of my weaknesses,” she explained, referring to her decision to hire an actuary despite initial scepticism from colleagues. Allen stressed that this approach highlights the value of complementing skill sets and perspectives within teams to foster well-rounded decision-making.
Despite the clear advantages of diversity, equity, and inclusion (DEI) programs, recent trends indicate a pushback against such initiatives. Allen referenced an article in Forbes, arguing that as formal DEI programs are dismantled, the responsibility to uphold inclusive values shifts to individuals. “Just because these programs are disappearing doesn’t mean you are any less valuable to your employer,” she asserted. The challenge now is to maintain momentum without institutional backing, ensuring that diversity remains a priority through everyday workplace interactions and hiring practices.
Hsi also acknowledged the resistance to DEI initiatives, particularly in states where political climates have led to their dissolution. She advocated for small, meaningful changes that can be implemented at an individual level. “We may not be able to change an entire unit overnight, but within my own team, I can make sure that diversity remains a core value,” she stated.
While some fear a regression in DEI progress, Moriarty remains optimistic. She argued that the expectations of younger generations will drive continued inclusivity, particularly in higher education institutions. “Students now expect to be global citizens. They don’t just want to lead in the US; they want to be part of a broader world,” she noted. This shift in mindset ensures that diversity remains a critical component of both education and the industries that graduates will enter.
The panel concluded by underlining the undeniable benefits of diversity in risk management and insurance. Whether through historical resilience, innovative thought leadership, or individual responsibility, the push for inclusivity must remain a priority, they agreed. While systemic barriers still exist, the collective effort of professionals committed to diversity will ensure continued progress. The challenge now is to integrate DEI principles into everyday business practices, fostering environments where all voices are heard, valued, and empowered to drive meaningful change.
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