The Chartered Insurance Institute (CII) has reduced its insurance gender pay gap following the roll-out of a targeted action plan since 2016. It is publishing its data and action plan voluntarily along with guidance for other employers in order to encourage action across the sector.
The CII’s mean Insurance Gender Pay Gap is now 16.64% – down from 28.00% in 2017 and below the sector average of 29.00%. Its median gender pay gap has also fallen from 18.00% last year to 5.65% now.
Champion Diversity
The reduction in the Insurance Gender Pay Gap is the result of a programme of activity to champion diversity and inclusion at the CII. Following an in-depth organisational review of job levels, development of a knowledge framework supporting accountability and progression, the CII introduced a number of measures to support its colleagues in the workplace. These include:
- Introducing agile working to support all colleagues to manage work and personal priorities
- Introducing parental coaching for all colleagues to enable them to better manage returning to work
In addition, the CII continues to ensure that all managers attend compulsory unconscious bias training and inclusive leadership training. It is also part of the 30% club cross-country mentoring programme and provides access to informal mentoring for all colleagues.
The insurance gender pay gap
This year marked a turning point for UK employers as the pay gap between the genders is now out in the open. Our own analysis of the published data revealed that the insurance and personal finance sector has a long way to go to close this gap but as the professional body for insurance and personal finance, we are committed to leading by example on this. I am pleased to report that we have begun to close the gap at the CII following a more inclusive approach to the way we recruit, develop and support our people. I am proud of the work the Board and my colleagues have done and see this as the first step in an ongoing process which benefits all colleagues at the CII. We recognise we are on a journey and that we might go back before we can go forwards but we are working towards a 0% gap. I urge all those working in the insurance and personal finance profession to publish their data openly, even if
like the CII, their headcount is lower than the threshold required by the rules. Publishing our gender pay information is an opportunity to show that we recognise that we serve the whole of society, and we should take this opportunity.
While the CII’s Insurance Gender Pay Gap has fallen, it believes that until there is no gap between the genders, more must be done. In order to support the profession to do this, it has produced a briefing paper ‘Mind the gap’, in which the CII outlines the key factors behind, the causes of, and what can proactively be done to bring about a better balance.
