‍Building a diverse workforce gives you a competitive edge

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When insurance companies make Diversity, Equity, and Inclusion (DEI) a priority, they create workplaces where everyone feels valued and respected. This, in turn, leads to better ideas, happier employees, and stronger relationships with clients. It’s clear: DEI isn’t just the right thing to do; it’s also good for business.

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Here, we discuss DEI with two leaders who are driving DEI efforts at their companies:

• Nola Cartmill, Chief Diversity Officer at Holmes Murphy in Des Moines, one of BTV’s founding partners.
• Carlos Herrera, Vice President of Diversity, Equity & Inclusion at Ryan Specialty, a trading partner in the Chicagoland area.

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Cartmill and Herrera are passionate about making DEI a core part of their business, and show us how embracing diversity can lead to growth, innovation, and long-term success.

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Why DEI is important

At Holmes Murphy, DEI is all about creating an environment where people—whether they’re employees, clients, or community members—feel respected and free to be themselves.  It’s also part of the foundation of the company’s culture and purpose. “People do their best work when they feel like they belong,” she says. “When you remove the stress of feeling out of place, people are more productive, creative, and innovative,” says Cartmill.

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At Ryan Specialty, Herrera says inclusion is key to the firm’s values. “It’s at the heart of who we are,” he says. “When we foster an inclusive environment, employees are happier, work harder, and the whole company benefits.” Herrera believes diversity is the key to staying innovative and competitive. “If your team is too homogenous, it’s harder to come up with fresh ideas. You need people who understand different perspectives to keep up with what clients and trading partners need and want.”

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Having a culture that embraces diversity also helps companies attract and keep top talent. “Millennials and Gen Z care a lot about working for companies that share their values,” says Cartmill. “The world is getting more diverse, and understanding different cultures is key to building strong relationships with clients.”

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DEI is the secret to innovation

Diversity isn’t just about meeting quotas—it’s about creating an environment where different perspectives can come together to solve problems. “When you have a mix of people from different backgrounds, you get more creative ideas,” says Herrera. “If you’re not embracing that, you risk not benefiting from a full spectrum of perspectives and developing a more optimal solution.”

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Herrera also stresses the importance of leadership in making DEI work. “Leaders who create an environment where people feel comfortable taking risks and sharing ideas are the ones who spark innovation,” he says.

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Cartmill adds that it’s not enough to just hire a diverse team—you have to make sure everyone feels included and comfortable sharing their thoughts. “When people feel safe enough to speak up and contribute, that’s when the magic happens,” she says.

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At Holmes Murphy, Cartmill has seen how embracing diversity leads to smart business decisions. “For example, we’ve been able to use an employee’s bilingual skills to support our clients in a way that would have typically required outsourcing. That’s a win for everyone,” she says.

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How do you know DEI is working?

Both Cartmill and Herrera agree that tracking the impact of DEI efforts is important. For Herrera, it comes down to three things:

1. Understanding: Employees need to know what DEI is and how it affects them.
2. Feedback: Gathering input from employees in a variety of ways helps companies understand how the initiatives are being received.
3. Metrics: Tracking things like hiring trends, promotions, and retention rates ensures that companies are making progress and can adjust their approach if needed.

At Holmes Murphy, Cartmill uses a mix of qualitative and quantitative methods to gauge progress. “We primarily rely on employee surveys and participation in DEI-related events,” she says. “For example, we use a four-question inclusion index to track how employees feel about our DEI efforts over time.” Informal feedback from employees and clients also gives them a real-time pulse on how things are going.

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Tracking data, like diversity in hiring, is another key part of measuring success. “If we’re not as diverse as we’d like to be, we dig into the numbers,” Cartmill explains. “Are we not getting enough diverse applicants, or is there something in the hiring process that’s causing us to miss out on talent?” This helps the company adjust its strategy as needed.

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Overcoming challenges

Making DEI work in a company can be tough. According to Herrera, one challenge is simply helping people understand DEI. “Not everyone knows what DEI is all about, and some people may not see its value,” he says. “It’s important to make sure everyone is on the same page and understands why these efforts matter.”

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Herrera adds that many diversity demographics—especially gender, racial and ethnic diversity—remains a major challenge in the insurance industry. “There’s still work to be done in terms of getting more women in leadership roles and increasing racial diversity,” he says. “A big part of the challenge is that people tend to prefer job candidates who are like them. That’s why it’s important to expand your networking and encourage hiring managers to look beyond their usual circles.”

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One of the biggest challenges is overcoming resistance to change. “In a successful company, it’s easy to think, ‘If it ain’t broke, don’t fix it,’” according to Cartmill. “But to stay relevant, you have to be open to new ideas.” She believes leadership support is crucial in overcoming this resistance. “When senior leaders are all-in on DEI, it sets the tone for the whole company.” 

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Cartmill also stresses the importance of empowering employees to take ownership of DEI initiatives, such as through Employee Resource Groups (ERGs), which give people a space to share ideas and collaborate.

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Creating a culture where people feel safe to ask questions and challenge ideas is also key. “Good leaders foster an environment where it’s okay to make mistakes and learn from them,” Herrera says. “That’s the kind of environment where both DEI and innovation can really thrive.”

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Advice for using DEI to stay competitive

Both Cartmill and Herrera have practical advice for companies that want to use DEI to drive innovation and stay ahead in the industry. 

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Here are a few things Cartmill recommends:

• Look beyond the trends. Focus on what DEI means for your company, rather than just following what’s popular in the moment. “Identify the gaps in perspectives and bring in diverse talent to fill those gaps,” she says.
• Plan for the future. “With 50 percent of the current insurance workforce set to retire over the next 15 years, there is an incredible opportunity to recruit individuals from diverse backgrounds to bring fresh perspectives and innovative ideas,” she says.
• Provide culturally sensitive services. The world is becoming more diverse, and understanding different client needs will help you stay competitive. “We have plans to train client-facing employees on cultural competency, and not to assume everyone in the room shares core values and beliefs,” she says. “This helps clients from diverse backgrounds feel valued, respected and understood.”

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Herrera adds:

• Identify DEI champions. “These are the people who understand your company’s DEI commitments and can help push them forward,” he says. 
• Make DEI a priority. “Make sure leadership is on board and committed to the efforts,” he says. “It’s not just about talking the talk—it’s about walking the walk.”
• Commit 100 percent. “You must be dedicated to this work to move forward,” he says. “This means dedicated staff must be working on DEI.” 

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Both agree that DEI isn’t just a nice-to-have—it’s essential for staying competitive and driving innovation in the long term.

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Overall, DEI is not just a moral choice. It’s a smart business move. Companies that prioritize diversity, equity, and inclusion will stay ahead of the curve, attract top talent, and foster innovation. By making DEI a core part of the company culture, insurance companies can not only better serve their clients but also build a stronger, more sustainable future.

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