Small Business Guide To Commercial Insurance

27 Insurance Diversity Initiative OVERVIEW The Insurance Diversity Initiative (IDI) was established by Insurance Commissioner Dave Jones in 2011 in an effort to focus on diversity issues within California’s $259 billion insurance industry. Specifically, these efforts - both by Department staff and the Commissioner- appointed Insurance Diversity Task Force - are meant to encourage increased procurement from California’s diverse suppliers and diversity amongst insurer governing boards. This Initiative represents an open door to increased business opportunities for California’s minority, women, disabled veteran, and LGBT owned businesses. The Department accomplishes these goals by conducting surveys to collect and make public information about the diversity efforts of insurers, as well as through outreach, partnerships, and Department- hosted events. The first action of the Commissioner was a 2011 Voluntary Survey sent to the state’s top insurers to understand the state of supplier diversity and governing board diversity in the industry. Since then, the Initiative has administered annual surveys to ensure transparency around these important issues of diversity. In May 2016, Commissioner Jones announced a new multistate initiative, the Multistate Insurance Diversity Survey. The MIDS Initiative was established by insurance commissioners across six states – California, District of Columbia, Minnesota, New York, Oregon, and Washington – in an effort to focus on diversity issues within the nation’s $1.78 trillion insurance industry. Between 2012 and 2015, insurers increased their procurement with California diverse businesses by $586.6 million. MIDS will now build on California’s success by taking a look at diversity issues across the nation’s insurance industry.