From: Risk & Insurance Vermont
NFP Management Corp. has taken great strides to enhance its diversity and inclusion initiatives, showing that such efforts in captives are a necessary step forward.
In a white male dominated industry, it can be hard for women and minority professionals to find footing in insurance.
Data collected by S&P Global Market Intelligence shows the percentage of nonwhite employees in the insurance workforce only reached 21.4% in 2019, an increase from 19.8% the year prior. The percentage of nonwhite insurance workers was 15.3% in 2010.
A diversity of ideas and insights fuels a better understanding of what employees and clients want and need to be more successful.”
Kara Tencellent, NFP
Women fill just under 22% of insurance executive and officer roles.
Diversity and inclusion efforts are on the rise, however, and many institutions are taking larger strides than ever before to open their talent pool and bring on workers with unique, distinct backgrounds and ideas.
“We see that lack of diversity in our industry and know that we have to do our part to change it,” said Tracy Stopford, SVP, managing director and co-lead of RISC at NFP. “Diversity brings in new perspectives that make us better for our colleagues, clients and communities.”
NFP Management (Vermont) Corp. is a state-approved captive management company that provides services to captives licensed in Vermont through its Risk & Insurance Strategy Collective (RISC). NFP, through RISC, has made a concerted effort to drive diversity and inclusion throughout the industry. This effort is a prime example of how the insurance industry can not only devote time to D&I initiatives but also find success in doing so.