Greater diversity would improve industry expertise and drive innovation, says ACE research from FERMA

  Greater diversity would improve industry expertise and drive innovation,
  says ACE research from FERMA

Business Wire

LONDON -- October 11, 2013

99% of risk management and insurance professionals believe that diversity is
important to future business success, according to research carried out by ACE
at the 2013 FERMA Forum last week.

Encouragingly, an overwhelming 87% of interviewees also believe that diversity
within the sector has improved over the last five years, with more younger
people (26%), more flexible corporate cultures that encourage diversity (24%)
and role models from different cultures (19%) as the most visible examples of
change.

However, the majority (56%) of respondents think there is still work to be
done to improve diversity further in their own businesses. The top three
improvements they would like to see at their own companies are more women in
senior roles (25%), a greater diversity of cultures and nationalities (16%)
and more younger staff making their way up the ranks (15%).

According to the research, today’s risk and insurance professionals believe
the benefits of greater diversity are widespread. Over a quarter of
professionals say that diversity increases the sector’s base of skills and
expertise (28%) and enhances creativity and innovation (25%). In addition,
around one in five believes diversity gives the sector greater understanding
of its customer needs (20%) and makes it more relevant to its customers (16%).

Pat Goudarzi, Director of Sales and Distribution for ACE in Continental
Europe, said:

“Encouraging greater diversity within the risk management and insurance sector
is clearly the right thing to do. But, more than this, our research shows that
it simply makes good business sense. Not only will a growing awareness of the
benefits of diversity help us to recruit the best skills and talent from the
widest talent pool possible, it will also strengthen our customer proposition
by making us more innovative and more relevant to our customers.

“One of the main improvements that respondents want to see in the future is an
increase in the number of women in senior roles. While there is clearly room
for improvement, there are also clear signs of progress as demonstrated by
well over 100 women joining the ladies lunch at last week’s FERMA Forum”

ACE sponsored two events on the official programme at the 2013 FERMA forum,
the Young Risk Professionals Breakfast and the Ladies Lunch. The company has
also recently launched a new pan-European graduate programme to support its
growing multinational practice in Continental Europe.

ACE’s research was carried out between 30 September and 2 October at the 2013
FERMA Forum in Maastricht. 100 respondents were interviewed from insurance,
risk management, broking and service functions across the sector.

ENDS

About ACE:

The ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 53 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and supplemental
health insurance, reinsurance and life insurance to a diverse group of
clients. ACE Limited, the parent company of the ACE Group, is listed on the
New York Stock Exchange (NYSE:ACE) and is a component of the S&P 500 index.

Visit www.acegroup.com/eu

Contact:

Juliet Massey, Communications Manager EMEA at ACE
Tel: +44 (0)20 7173 7793
juliet.massey@acegroup.com
or
Charlie Evans or Oli Hibberd
Luther Pendragon
Tel: +44 (0)20 7618 9100
 
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