Department receives honor as a model for diversity and gender equity
News: 2018 Press Release
SAN FRANCISCO, Calif. —The California Department of Insurance today was honored at the 2018 Gender Equity Challenge Forum for its commitment to increase diversity within the insurance industry through Insurance Commissioner Dave Jones' Insurance Diversity Initiative. The department is among one of the nine honorees and the only public agency to receive this notable recognition.
"The California Insurance Diversity Initiative started a conversation among insurers, diverse suppliers, governing board members, advocates, and stakeholders that has translated into action," said Insurance Commissioner Dave Jones. "The doors of economic opportunity have been opened to women-owned businesses, and we have witnessed significant progress in the insurance industry. We are honored to be recognized for our efforts and will continue to challenge the status quo to diversify the insurance industry."
Established by Commissioner Jones in 2011, the Insurance Diversity Initiative was recognized by the forum for advancing the principles of gender equity as a result of the transparency initiative that collects and disseminates data regarding the state of diversity in the insurance industry publicly. In an effort to focus on diversity issues within California's $310 billion insurance industry, Commissioner Jones created the initiative to encourage increased procurement from California's diverse suppliers, such as Women Business Enterprises (WBEs), and diversity among insurer governing boards.
In the first Insurance Diversity Survey in 2012, insurance companies self-reported their annual procurement spend in California with WBEs at $153 million. As of the last Insurance Diversity Survey collected for 2016, annual procurement spend from WBEs have increased over three-fold to $506.4 million. The critical data provides key metrics for measuring the progress of women in the areas of supplier and governing board diversity.
Commissioner Jones delivered an acceptance speech at the forum highlighting the main components of the initiative and underscoring the progress in gender equity made since its inception through the administration of the surveys to collect and make public data regarding the diversity efforts of insurers, as well as through outreach, partnerships, and the department-hosted Annual Diversity Summit.
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Media Notes:
- More information on the Gender Equity Challenge
- More information on the Insurance Diversity Initiative
Led by Insurance Commissioner Ricardo Lara, the California Department of Insurance is the consumer protection agency for the nation's largest insurance marketplace and safeguards all of the state’s consumers by fairly regulating the insurance industry. Under the Commissioner’s direction, the Department uses its authority to protect Californians from insurance rates that are excessive, inadequate, or unfairly discriminatory, oversee insurer solvency to pay claims, set standards for agents and broker licensing, perform market conduct reviews of insurance companies, resolve consumer complaints, and investigate and prosecute insurance fraud. Consumers are urged to call 1-800-927-4357 with any questions or contact us at www.insurance.ca.gov via webform or online chat. Non-media inquiries should be directed to the Consumer Hotline at 800-927-4357. Teletypewriter (TTY), please dial 800-482-4833.
