Insurance industry increases spending with California diverse suppliers by nearly $670 million
News: 2017 Press Release
SACRAMENTO, Calif. — At the 6th Annual Insurance Diversity Summit, Insurance Commissioner Dave Jones announced California diverse businesses supplied $1.6 billion in goods and services to insurance companies last year—a $670 million increase since 2012. Jones also announced the 2017 Multistate Insurance Diversity Survey, launched last year as the first ever national survey of the insurance industry around supplier and governing board diversity with insurance commissioners from four states—California, District of Columbia, Oregon, and Washington, found insurers spent $7.8 billion with diverse suppliers nationwide in 2016.
Commissioner Jones hosted the summit convening more than 300 insurance company executives, business organizations, chamber representatives, diversity advocates, and leaders from minority, women, LGBT, veteran owned and disabled veteran owned businesses today at California State University, Sacramento. By providing a plat form for diverse suppliers and insurers to meet, and encouraging insurers to embrace supplier diversity programs and corporate board diversity, Commissioner Jones is leading the nation in establishing supplier diversity in the insurance market while moving towards a board that reflects its diverse consumer base.
"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. "I am pleased with the progress in California and throughout the nation and I commend those insurers who continue to be leaders by proactively implementing strategies to diversify their boards and expand their outreach to our nation's talented diverse businesses."
The summit hosted its first ever resource expo with 28 organizations showcasing useful tools and mentorship programs to diverse suppliers, insurers, and stakeholders to help increase supplier and governing board diversity. The department also conducted the annual matchmaking session where nearly 70 diverse suppliers were paired with over a dozen insurance companies for about 150 matches. The sessions, coordinated in partnership with BrandGov, a women and minority-owned business that facilitates matchmaking, offered California's diverse suppliers the opportunity to present their company's goods and services to insurers, in hopes of competing for upcoming contract bids.
2017 Diversity Awards - CSAA Insurance Group received the Insurance Commissioner's Award for Excellence in Diversity for its exceptional diversity on both their governing board and supplier diversity efforts. Kaiser Permanente was presented the Supplier Diversity Champion Award for its commitment to supplier diversity, its successful approaches to diverse supplier development, and for increased opportunities for diverse suppliers. Prudential Financial received the Governing Board Diversity Champion Award for its example of successful board diversity and for its successful and innovative approaches to diversifying its governing board. The Western Regional Minority Supplier Development Council (WRMSDC) received the Insurance Diversity Trailblazer Award for being a champion of diversity and an advocate for diverse businesses for 40 years. CalPERS and CalSTRS, both speakers at the Governing Board Diversity workshop, were also nominees for the Trailblazer Award.
"CSAA Insurance Group, Kaiser Permanente, Prudential Financial, and the Western Regional Minority Supplier Development Council are leaders in the field of diversity within the insurance industry, and I commend them for furthering the goals of the initiative and partnering with us to ensure success," Jones added.
The summit was sponsored by NGLCC, JT2 Integrated Resources, Air-Tech Environmental, Inc., Macias Consulting Group, Inc., En Pointe IT Solutions, LLC, Mischler Financial Group, Trinus Corporation, Blaylock Van, LLC, WesTech Environmental, LLC, Paragon, Equilar, and Jay Greene Law Firm.
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Media Notes:
- Learn more about the Insurance Diversity Initiative on the department's website.
- Full survey data and reports can now be found at here.
- Photos from the summit.
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.
