Insurance Commissioner delivers keynote speech on diversity initiative at Asian Chamber of Commerce Conference
News: 2013 Press Release
SAN DIEGO, Calif. - Insurance Commissioner Jones addressed the California Asian Chamber of Commerce today on the topic of supplier diversity in the insurance industry and the importance of the diversity initiative to California's recovering economy.
"California itself is home to one-fifth of the nation's minority-owned businesses," said Commissioner Jones."With the first of its kind insurance data call we have learned that insurance companies spend approximately $1 billion with diverse suppliers including many of the 600,000 California Asian owned businesses."
Speaking at the chamber's annual business summit, Jones discussed his own department's efforts to increase procurement with minority- and women-owned businesses from 8.3 percent-from $496,000 three years ago to $1.3 million in the 2011/12 fiscal year. The department also hosted a diversity summit in 2012 bringing together over 200 representatives from the insurance industry and diverse business leaders to share their best practices and challenges with supplier diversity.
"I am proud that we are leading a diversity initiative that is proving to be a win for the insurance industry, diverse businesses and California's economy."
Jones also cited results of a data call of California's largest 206 insurance companies, Jones reported that more than 150 companies have a supplier diversity statement or are developing one and the majority of insurers are increasing their efforts to expand supplier diversity.
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Media Notes:
- Assembly Bill 53, (author: Solorio, 2012)
- Asian Business Association of San Diego www.abasd.org
- Parties interested can view the reports of the 2013 Insurer Supplier Diversity data call on the department's Web site.
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.
