A2ii-IAIS Supervisory Dialogue on Diversity, Equity and Inclusion
Event report:
During the A2ii-IAIS Supervisory Dialogue on Diversity, Equity and Inclusion (DEI), Lauren Eckermann, Senior Policy Advisor at the IAIS, gave a presentation on the key insights from the 2022 IAIS Stocktake on diversity, equity and inclusion in the insurance sector. She covered the benefits that DEI can bring to an insurer’s institution in governance, risk management and corporate culture, as well as how DEI considerations in insurer’s conduct of business and supervision can result in fairer treatment of customers who are vulnerable, under-served or have specific needs.
After Lauren’s presentation, a panel discussion took place moderated by Helen Rowell, IAIS DEI Champion and Deputy Chair at the Australian Prudential Regulation Authority (APRA). The discussion featured four panellists: Anna Jernova, Senior Manager at the Prudential Regulatory Authority (UK) and Chair of the IAIS Governance Working Group, Mark White, CEO at the Financial Services Regulatory Authority of Ontario (Canada) and Chair of the IAIS Market Conduct Working Group, Natalia López Uris, Senior Policy Advisor at Superintendencia de Seguros de la Nación (Argentine Supervisory Authority) and Lezanne Botha, Senior Manager at the Regulatory Frameworks Department at the Financial Sector Conduct Authority (South Africa).
Each one shared the actions that are being undertaken in their jurisdictions to implement DEI, as well as the challenges that have arisen. Panellists also shared concrete examples of measures taken by their supervisory authority.
One highlight was the discussion around data, the collection and reporting of data and its challenges. Data can make DEI less subjective and provide a more accurate image of the society and the groups that are being excluded or under-served. Data can also make monitoring of DEI measures feasible, establishing concrete benchmarks. The collection of this type of data is however still a challenge, as there is a large amount of trust needed from consumers to disclose personal information. Measuring inclusion is also still challenging as it is hard to quantify, but efforts are being made to make this a reality.
The recording of this session will soon be available for supervisors only on A2ii’s e-learning and peer exchange platform, Connect.A2ii.
Event Announcement:
DEI is particularly relevant to governance, culture and conduct, but also to financial inclusion and sustainable economic development as well as innovation and social responsibility.
To make insurance more inclusive to all population groups, reducing inequalities and bringing awareness to the disparities that still occur is crucial. A2ii’s work has focused on making insurance an accessible resource to those excluded from traditional insurance products since the beginning. One example of this has been the work done on making insurance gender aware, such as the gender disaggregated data toolkit that is being developed. The topic of Diversity, Equity and Inclusion is therefore central to our work.
The IAIS has committed to deepening and strengthening its work on DEI in a number of ways, including exploring the insurance sector's efforts and steps taken by supervisors in support of DEI, incorporating relevant DEI aspects into ongoing IAIS projects and activities, and considering opportunities for cooperation on DEI with other international organisations and partners.
On 25 May, a Supervisory Dialogue on Diversity, Equity and Inclusion will take place. This dialogue will focus on the key insights from the IAIS's Stocktake on diversity, equity and inclusion in the insurance sector published in December 2022, which will be presented by Lauren Eckermann, Senior Policy Advisor, IAIS. Afterwards, a panel discussion moderated moderated by Helen Rowell, Australian Prudential Regulation Authority (APRA) Deputy Chair and IAIS DEI Champion. For the panel discussion, we will be joined by Anna Jernova, Chair of IAIS GWG and Senior Manager at Bank of England's Prudential Policy Dictatorate, Mark White, Chair of IAIS Market Conduct Working Group and CEO at Financial Services Regulatory Authority (FSRA - Canada), Natalia López Uris, Senior Policy Advisor at SSN (Argentina), as well as Lezanne Botha, Senior Manager at Financial Sector Conduct Authority (South Africa).
This webinar will be open to supervisors only. It will take place on 25 May at 14:00 CEST via Webex and will last 1 hour and 15 minutes. The webinar will have simultaneous interpretation to French and Spanish.
Registration is available here.
