Difference between revisions of "The LGBTQ Presence in the Insurance Industry"
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Latest revision as of 01:36, 3 March 2024
The insurance industry, as part of the overall financial industry, is very important to the LGBTQ community and its member's lives. However, a majority of LGBTQ individuals don’t feel financial companies or services actually want to help them.
Data suggests that the LGBTQ community lags behind the general public in terms of buying insurance products. In a recent survey, only forty two per cent of LGBTQ respondents indicated they had life insurance, which materially trails the general public at fifty four per cent. For many, it is the challenge of being able to afford insurance coverage. For others, it is based on discriminatory pricing - for example, an individual who is HIV positive, is married to a same-sex partner, or is transgender has more difficulty in obtaining insurance at competitive rates. As a result, there is a massive distrust of the insurance industry by the LGBTQ community, and many individuals feel dis-enfranchised.
Some suggestions for improvement include: a call-centre language protocol that does not make assumptions about a partner's gender; the depiction of LGBTQ individuals in marketing and advertising; representation of the LGBTQ community in management of the industry; pricing of product that is equivalent to heterosexual individuals; designing of product specifically suited to the needs of the LGBTQ community; and an active program designed to reduce discrimination across the board in the industry. The life insurance industry needs to do more to rectify this situation and make insurance product more readily available to the community.
To accomplish this, it is important to have LGBTQ individuals within the industry leadership. A star LGBTQ individual in this business sector is the UK's Inga Beale. She is the first woman and first LGBTQ individual to be President of the Lloyds of London insurance syndicate in its 328 year history. As well, she is an active participant in the industry's leading LGBTQ interest group LINK.
There is an LGBTQ presence across the board in insurance markets: life, health, property & casualty, marine, and more.
We have identified the following individuals who are notable in the insurance industry and identify as LGBTQ. Simply click on their names to access their biographies.
Australia
- Liam Buckley, QBE Insurance
- Frank Costigan, Youi Insurance, Berkshire Hathaway Specialty Insurance, IAG
Canada
- James Bond, Wawanesa Insurance, Western Life Assurance Company
- Pascal Dessureault, Intact Insurance
- Anne-Marie Vanier, RBC Insurance/Aviva
Germany
- Philipp Raether, Allianz SE
- Matthias Weber, HDI Group
Great Britain
- Inga Beale, Lloyds of London
- Richard Beaven, Brightside Insurance, Insurance Operations Director, Lloyds Bank
- Angela Darlington, Aviva
- Geoff Godwin, AIG UK Property Casualty
- Jan Gooding, Aviva
- David Hynam, Bupa Global and United Kingdom
- Gregory Lowe, AON
- Nick Major, Zurich Insurance
- James Mee, RPC Law
- Simon Rogers, Aviva
Ireland
- John McNamara, AIB Life, Canada Life International
The Netherlands
- Elizabeth Schmitz, Insurance ombudsman
- Hein Vos, Central General Life Insurance
United States
- Denise Andrews, Liberty Mutual Insurance
- Laith Ashley, Callen Lorde Community Health Centre
- Stephanie Battaglino, New York Life
- Eric C. Bauman, LA County Insurance Commission
- James Bryson, Bryson Insurance
- Trevor Burgess, Neptune Flood Insurance
- Elyse Cherry, Pilgrim Insurance
- Anne Marie Elder, AXA Global Marine
- Donna Griffin, Chubb Insurance
- Ricardo Lara, California Commissioner of Insurance
- Lisa Middleton, State Compensation Insurance Fund of California
- Opal Perry, Allstate Insurance
- Joseph Schneier, Trusty.care
- Margaret Stumpp, Prudential Insurance
- Helen Whitener, Washington State Board of Industrial Insurance Appeals
- Bobby Wilkinson, USAA Insurance
- Paul Wood, Aviva
- Sigal Zarmi, Global Atlantic
See Also
- LGBTQ Chief Executive Officers of Business Enterprises
- LGBTQ Chief Information/Technology Officers
- Union Leaders Who Identify as LGBTQ
- LGBTQ Economists
- Noteworthy LGBTQ Individuals in the Accounting Profession
- Human Resource Professionals Who Are LGBTQ
- LGBTQ Travel and Tourist Operators and Promoters
- LGBTQ Venture Capitalists and Startup Advisors
- Investment and Wealth Management and the LGBTQ Community
- LGBTQ Bankers
- Corporate Diversity and Inclusion Officers Who Identify as LGBTQ
- Marketing Professionals Who Identify as LGBTQ
- Transgender Business Leaders
- Chief Operating Officers of Business Enterprises Who Are LGBTQ
- Auto and Transportation Experts Who Identify as LGBTQ
Further Reading/Research
- file:///C:/Users/mbhm1/Downloads/Role-Models-Link-2018-04.pdf
- https://www.lgbtinsurancenetwork.co.uk/
- http://lewisellis.com/industry-insights/article/40134516-can-life-insurers-do-more-to-reach-the-lgbt-community
- https://www.theguardian.com/money/2018/dec/15/time-the-insurance-industry-ended-this-lgbt-discrimination
