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Research Outline

Prepared for Carter B. | Delivered March 21, 2020

Insurance Diversity Practices

Goals

To understand the best practices for diversity and inclusion marketing specific to the insurance industry, including plan features that deal with such aims, and examples of companies who excel in these areas, in order to develop a POV on how insurance companies should approach diversity & inclusion.

Early Findings

  • A major factor in insurance marketing strategies for multicultural consumers is to translate the advertisements and information into different languages, depending on the target audience and local customers.
  •  Education is a major part of diversity marketing in insurance, especially with multicultural consumers who may not understand the insurance industry due to cultural differences, and may not know even what is required of them by law. Hosting free educational insurance seminars in a variety of languages is one best practice to inform and educate multicultural minorities.
  • When using people in advertising images, it is important to incorporate multicultural consumers to include more diversity into advertisements. Use ethic groups your target audience can relate to, or use an assortment of ethnicities in one ad to attract multiple ethnicities.
  • As minorities make up a large portion of the U.S. population, to view them as a secondary market is a lost opportunity for many companies. For example in 2012, U.S. Hispanics had an estimating purchasing power of $1.2 trillion. With that number growing, insurance companies and agencies can target significant new markets in their advertising efforts.
  • The top 50 Workplaces For Diversity for 2019's “Great Places To Work” lists features Nationwide Insurance, Liberty Mutual Insurance, USAA and Progressive Insurance.
  • The list for the Black Enterprise 50 Best Companies for Diversity in 2018 features Allstate, Aflac, Cigna, Nationwide, State Farm, and Prudential Financial.
  • CSAA Insurance Group, CNA, Massachusetts Mutual Life Insurance Co., Marsh & McLennan Companies Inc., Nationwide, and The Guardian Life Insurance Co. of America, were all recognized by the Human Rights Campaign’s Corporate Equality Index, a rank relating to the LGBT's community and equality efforts.
  • In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address your goals.