InsurePride Network's Paul Bennell is Diversity Luncheon Keynote

 

Diversity, equity and inclusion (DE&I) has become a key attraction mechanism for recruiting new talent, and is critical for staff retention, according to Paul Bennell, keynote speaker at the ANZIIF Diversity and Inclusion Luncheon to be held in Sydney and online on 28 May this year.

 

"In coming years, DE&I will be a central focus, irrespective of where your organisation sits in the value chain," says Bennell, who is also Co-Chair of the InsurePride Network, which he helped to found.

 

In his keynote address at the ANZIIF Diversity and Inclusion Luncheon in May, Bennell will explore the opportunities and challenges of DE&I. “Organisations not focusing on Diversity, Equity and Inclusion will be left behind,” he says.

 

Support for workplace diversity

 

Research by the Diversity Council of Australia (2024) found that 69 per cent of people support diversity, equity and inclusion initiatives in their workplace today, compared with just 37 per cent in 2017.

 

“This fantastic groundswell of energy has been bolstered by increased awareness and advocacy,” Bennell says.

 

“A diverse range of Employee Resource Group (ERG) networks are springing up to ensure the unique needs of team members are understood and catered for. Committed staff, such as CDO (Chief Diversity Officers) are driving inclusion strategies.”

 

However, there is more work to be done. 71 per cent of organisations still struggle to advance underrepresented groups into more senior positions. This contributes to the significant pay gap noted in the most recent WGEA gender pay report.

 

The insurance industry is lagging behind other sectors. While the national gender pay gap sits at 19 per cent, the figure is 26 per cent insurance industry. This gap widens for migrant women, who, on average earn 31per cent less than their non-migrant counterparts.

 

Bennell argues the disparity is largely due to structural factors within organisations.

 

“Policies and practices may inadvertently favour certain groups over others,” he says. “For example, inflexible working hours or criteria for promotion may disadvantage people with caregiving responsibilities, typically women.”

 

Facing up to unconscious bias

 

Unconscious bias also impedes progress. Bennell points to “recruitment and promotion processes” that valorise traditional Western ways of communicating and working, making it difficult for individuals who don’t conform to these norms to be recognised and promoted.

 

“Common examples include people being overlooked based on their linguistic aptitude or having overseas educational experience,” he says.

 

Bennell urges organisations to address structural imbalances and encourage flexibility, by revisiting policies and procedures, especially regarding more senior roles.

 

He suggests that unconscious bias in recruitment can be minimised by “removing identifying elements like the applicant’s name, where they grew up and were educated from job applications.”

 

He also encourages greater recognition of the transferability of education and experience gained abroad, noting that this needs government sponsorship and support.

 

Individuals can also have a powerful impact on the industry and broader society. “Listening and understanding our team members results in better outcomes for organisations and therefore for customers," he says.

 

The cycle is virtuous, leading to better outcomes for all Australians. "Bringing the voices of the communities we are seeking to impact into the conversation early, and keeping them with us as trusted guides throughout, rather than layering assumptions, is an important approach that we need to keep at the forefront of our minds,” Bennell asserts, adding that he will address this in his keynote.

 

Capturing LGBTQIA+ stories

 

Bennell is particularly proud of the achievements of the InsurePride Network, including its recent research, Worth the Risk: LGBTQIA+ experiences with insurance providers.

 

Published in June 2022, this was the first report to capture the stories of 493 members of the LGBTQIA+ community regarding their experiences acquiring, transacting and claiming on insurance products.

 

Almost half the respondents had experienced discrimination or exclusion when applying for insurance, with “intrusive, offensive and outdated questioning”, misgendering and denial of cover being among the complaints.

 

Authored by the Victorian Pride Lobby, the landmark report was described as "a positive turning point for Australia’s insurance industry.” The impact of listening to lived experience is evident in the change of thinking this report inspired about HIV.

 

"Until 2022, HIV+ people in Australia were excluded from acquiring the full range of life insurance products," Bennell says.

 

“This exclusion was largely based on old data and was not supported by the improved health outcomes experienced in this community over the past three decades,” says Bennell.

 

For example, as one survey respondent shares, “The (travel) insurance industry hasn't kept up adequately with pricing risk for HIV+ people who are managing the disease with modern treatments.”

 

A second respondent noted, “I only have insurance through super because as (an HIV) positive guy, I can’t get standalone.” This discriminatory practice led a third respondent to claim, “Being HIV positive, I was made to feel like a leper.”

 

Helping Australians access life insurance

 

Following the publication of this report, and advocacy by community organisations, HIV is now considered on par with any other pre-existing condition in the life insurance application process. 

 

Bennell is deeply proud that, as a result, nearly 30,000 Australians can access life insurance, and benefit from the support that it provides to them and their families.

 

“The report set out 24 recommendations for change which are being widely adopted by the industry,” he says. “I could go on forever, but you’ll need to come to the Diversity and Inclusion Luncheon to learn more.”

 

InsurePride was established in 2018, following the legalisation of marriage equality.

 

Initially branded as The InterInsurance Network, the group attracted stakeholders from across the insurance industry, along with affiliate members, who came together to discuss how the industry could advance LGBTQIA+ inclusion in the workplace.

 

The network has grown significantly and now has over 30 member organisations. “The foundation has remained the same: creating a space where members can share their knowledge and experience for the benefit of employees, our customers, community and industry,” Bennell says. “With that kind of purpose, why wouldn’t you want to be a part of InsurePride?

 

“We have an ambitious growth strategy to canvass all insurance organisations into our membership base, and through this, make a wider difference to LGBTQIA+ inclusion to the 160,000 Australians that work in the insurance industry.

 

"We are keen to extend our support and influence into regulatory and policy leadership, and to take a greater part in the broader community through volunteering and sponsorship opportunities. If you are not already part of the network, now is the time to jump on board.”

 

While the opportunities and successes are encouraging, Bennell notes that support for inclusion at work was stronger pre-pandemic. “It is vital that we get that momentum back,” he says.

 

“The challenge will be for organisations to evolve into taking a coordinated approach, with the understanding that team members are multi-faceted. It’s vital for team members to find true and lasting belonging in their organisations,” he says.

 

Holding stakeholders to account

 

Bennell predicts that there will be a slightly lateral trend in the future, with organisations holding their partners, suppliers and vendors to the same DE&I standards that they set for themselves. “They will start to select (or anti-select) based on values alignment — similar to what we are seeing with the clean energy revolution,” he asserts.

 

Born in Sydney, Bennell grew up on the North Shore. After completing school there, he studied Business at the University of Technology Sydney (UTS) and moved to the Eastern Suburbs at the start of his working life.

 

“Shortly after finishing high school, Bennell’s sister, who worked in People and Culture at ING (before it became OnePath), arranged a part-time role for him as a Claims Administrator.

 

“Looking back at that role now, it seems so old-school, spending my days sorting the mail, preparing and filing claim files, along with providing first-class support to a team of dedicated claims consultants,” Bennell recalls.

 

Seventeen years later, he still loves the life insurance industry. “I truly believe in the importance of the promise life insurance companies enter into when we sell a life insurance product the promise that we will be there for customers in their time of need. 

 

Being able to deliver on the promise at the claims stage and make a meaningful difference in someone’s life is a great privilege and fills every day with deep purpose.”

Find out more about the 2024 Diversity and Inclusion Luncheon