The LGBTQ Presence in the Insurance Industry

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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.

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

Canada

Germany

Great Britain

The Netherlands

United States

See Also

Further Reading/Research


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