In a white male dominated industry, it can be hard for women and minority professionals to find footing in insurance.
Diversity and inclusion efforts are on the rise, however, and many institutions are taking larger strides than ever before to open their talent pool and bring on workers with unique, distinct backgrounds and ideas.
“We see that lack of diversity in our industry and know that we have to do our part to change it,” said Tracy Stopford, SVP, managing director and co-lead of RISC at NFP. “Diversity brings in new perspectives that make us better for our colleagues, clients and communities.”
NFP Management (Vermont) Corp. is a state-approved captive management company that provides services to captives licensed in Vermont through its Risk & Insurance Strategy Collective (RISC). NFP, through RISC, has made a concerted effort to drive diversity and inclusion throughout the industry.
This effort is a prime example of how the insurance industry can not only devote time to D&I initiatives but also find success in doing so.
The RISC D&I Story
In 2018, NFP, a captive management company in Vermont, formed a D&I advisory board to engage a mix of people from all business lines and levels to help shape its D&I program from within.
Part of the board’s efforts have resulted in several internal groups designed to bolster women and minority insurance professionals, including the Women’s Resource Group, Black Professionals Resource Group, LGBTQ Resource Group and Family Resource Group. These groups aim to serve members of different communities to provide a space to raise concerns, find career growth opportunities and foster an allyship throughout the company they serve.
NFP wanted to keep its D&I internal momentum going; when it launched its captive and alternative risk branch — the RISC team — leadership made it a point to place D&I at the forefront. NFP selected Stopford and Kara Tencellent, also SVP, managing director and co-lead of RISC, as the leaders of its global captive practice in October 2020.
Opening the Captives Door for All Businesses
As RISC has grown under Stopford and Tencellent’s guidance, so too has its mission to provide captive services to businesses with diverse leadership.
“RISC works with our vendors and partners to help bring a diverse perspective to clients, as well as help them along their own D&I journey,” Stopford explained.
These efforts include RISC fostering a way for women- and minority-owned businesses to form captives — a vital tool in the insurance and risk management toolbox for any company.
When Partners Share in Your Values
The partnership between RISC and Vermont captives has enhanced efforts to bring insurance solutions to women and minority business owners.
“We have a Vermont domiciled captive cell facility that will continue to be used as part of our strategic risk management solution for women and minority business clients,” Tencellent and Stopford said.download the full article