Perspectives on diversity and inclusion from Asia Pacific

Asia is one of the most diverse regions in the world and more needs to be done to make workplaces more inclusive.

That was the view of a panel of insurance and risk experts sharing their insights around diversity and inclusion (D&I) from around the Asia Pacific at September’s Dive In festival.

The insurance industry’s annual diversity and inclusion festival featured a program of more than 100 in-person and virtual events taking place across more than 35 countries.

Dive in Asia

Diversity and Inclusion in Insurance: A regional perspective brought together senior panellists from Hong Kong, Malaysia, Philippines and Singapore to discuss how cultural norms and corporate policies influence different approaches to D&I in their countries.

Event host Pavlos Spyropoulos, who is Lloyd’s Asia’s CEO and country manager — Singapore, told attendees that most countries in Asia Pacific are multiracial and multilingual.

‘South-East Asia alone is amongst the most diverse regions in the world with 100 ethnic groups and a population of 655 million people who speak more than 1,000 different languages and dialects,’ he said.

Zainudin Ishak, CEO of Malaysian Reinsurance Berhad, put this into perspective by pointing out that the total number of languages and dialects spoken in the world was 6,000.

‘So, the region represents close to 20 per cent of the whole world’s spoken languages and dialects.’

Florence Chan, a diversity, equity and inclusion advocate based in Hong Kong, also spoke about North Asia’s ‘incredible’ diversity.

Focusing on China, she said: ‘People often assume it’s just one country and people. But China has over 50 ethnic minorities and more than 100 various forms of dialects.’

‘The business case for D&I in Asia is even stronger for me because it is a highly diverse region, comprising a variety of many different sub-cultures,’ added Annacel Natividad, CFO and risk management head at Pilmico Foods Corporation in the Philippines.

Walking on eggshells

Natividad says her role on the board of the Pan-Asia Risk & Insurance Management Association and Pilmico Foods Corporation’s expansion outside of the Philippines, had given her the opportunity to travel and interact with people across Asia.

‘The issues of ethnicity and racial bias in the workplace are sensitive subjects in Asia that most prefer not to discuss openly,’ she says.

She describes conversations of this nature as often being ‘like walking on eggshells’ and that some team leaders are not willing to risk discussing it openly.

‘The underlying problems remain largely unaddressed. This undermines companies’ effort in building a truly inclusive work culture.’

Of the Philippines, Natividad says it is consistently regarded as gender equal and inclusive. ‘We are among the best in the world, making us the only South-East Asian country in the top 10 year after year.’

Political gap

She notes, however, that there remains a gap for women and minorities in politics and government policymaking.

‘Since the Philippines is already a gender-equal country, many companies and business leaders think or express that gender equality and diversity and inclusion are good statements to have.

'But the reality is that a lot of companies need to be encouraged to [revisit] workplace gender equality and turn that into corporate sustainability and business strategies.’

This would help them to attract and keep the best talent in the market, Natividad says, adding that D&I and gender equality are ofttimes tucked away in a tiny closet at the back of the minds of leaders.

Organisations of the future

Natividad says her company has embraced the Remix concept, based on Lindsey Pollak’s book The Remix: How to Lead and Succeed in the Multigenerational Workplace, and had customised it to its own requirements.

‘In this information age, employers want digital-savvy 26-year-olds who have 30 years of working experience,’ she says.

‘The Remix offers proven strategies on how companies can adapt when they service multigenerational needs.

'We have prepared our group for the organisation of the future, understanding that our greatest asset is our people. This involved a diversity strategy incorporating more inclusive policies such as flexible working schedules.

'We also revisited our benefits. We have included employees with LGBTQA+ partners and common law domestic partners and have enlisted them as eligible dependents for medical benefits.’

Sean Chou, deputy CEO of Marsh in Malaysia, spoke about the company’s efforts to retain senior and more experienced employees who had contributed to the insurance industry and the community.

He noted that the retirement age in Malaysia was 60, but one didn’t have to stop working at that age. ‘It’s already proven that your mind is still active, and you will probably leave behind a legacy as well.'

Towards change 

Asked how companies could ensure that their actions would have a long-lasting impact, Zainudin Ishak said there was a need to build a strong business case for D&I, ‘where we sell the benefits of having it’.

‘Those who have a very structured D&I program in their organisations will have higher innovation and profits. We need to measure this and then promote it.’

He also cautions that employees might move elsewhere if their companies don't have an established D&I program.

‘The leadership has to lead this from the front and have a proper program in place to sell the benefits to stakeholders, such as shareholders.

'They should make this visible and have proper tracking so people are able to ask questions about the progress.’

Thinking in Hong Kong shifts

Chan noted that in the wake of COVID-19, many of Hong Kong’s more traditional, conservative companies had embraced flexible and virtual working.

'COVID-19 created a huge shift in thinking as companies realised that not everyone had to be in the office from nine to five and that employees didn’t have to be so strictly regimented in the traditional ways of work,' she said.

‘That really helps the employee groups that struggle, particularly those who are working parents and carers who can’t get help. It makes the playing field a bit more levelled.’

Chan says another change in Hong Kong is around well-being. ‘There has been a huge shift in thinking about being an employer that is supportive of its employees.’ 

Employers are now focusing on how they can go the extra mile in building up well-being support for employees, she said.

Renewed push for progress

Meanwhile, a new survey conducted by Dive In and released ahead of the festival highlights the urgent need for companies to focus D&I, especially in times of crisis.

The survey polled more than 12,000 registered attendees across over 30 countries in the lead-up to this year’s festival.

It found that 97 per cent of respondents believed that D&I played a crucial role in building resilience to help overcome the many challenges businesses face.

The same number of respondents agreed that the pandemic had highlighted an even greater need for businesses to focus on building more inclusive workplaces.

In addition, 41 per cent agreed that flexible working should be an area of focus following the pandemic.