Authors: Rodney Johnson, Larry Phillips
Each February, we celebrate Black History Month. It is a time for us to collectively reflect upon the significant impact that African Americans have had on the fabric of the United States—past, present, and future.
This year, things are a bit different. Our nation is still working through difficult conversations of racial injustice, which were amplified by nationwide protests last year. This focus on racial justice and equity came with a new set of expectations for business leaders; not only should diversity be celebrated—there must be concrete actions taken to ensure a more diverse tomorrow.
As clients, customers and employees demand action. Leaders are taking a critical look at how they can demonstrate their commitment to diversity—not just as a celebration during the month of February, but as a foundational element of their organizations' DNA.
One action that leaders can take is evaluating their supplier diversity spend and, specifically, how their insurance spend may fit into that.
4 Areas of Opportunity When Working with Diverse-Certified Firms
Higher targets on supplier diversity spend have left many companies seeking ways to meet their diversity goals, but they are challenged to meet these goals through traditional suppliers. That’s where their insurance spend presents a huge opportunity.
Insurance is a traditionally underutilized industry when it comes to diversity spend; yet, working with a network of diverse-certified brokers presents a number of opportunities:
- Reaffirm Corporate Values: Partnering with diverse insurance agencies is an opportunity to reaffirm your commitment to your own diversity and inclusion goals and values.
- Community/Local Involvement: By working with diverse insurance brokers, you can build a supplier base that better mirrors and is reflective of your community population. It also expands opportunity for local job creation and localized supply chain sourcing.
- Improve Diverse Spend: By working with diverse insurance agencies, you can increase your supplier diversity spend. This boosts your ability to meet government and grant contracting requirements regarding supplier diversity.
- Expanded Thought Leadership and Services: When working with a network of diverse brokers, you have expanded access to thought leadership, intellectual capital and innovative business solutions, better contract terms and conditions, and tailored service.
Gallagher’s Network of Diverse Insurance Brokers
Gallagher Connect Partners
Providing our clients with risk management and nontraditional solutions to increase their diverse spend with a diverse group of suppliers.
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Gallagher Connect Partners cultivates relationships with certified diverse insurance firms, combining our partners’ thought leadership and expertise with Gallagher’s global resources. The outcome is twofold: our diverse insurance suppliers are empowered to tackle a larger scope of business, while our clients improve their insurance and risk management program and create a new vertical to increase their supplier diversity spend.
As a team, we support the growth of minority-owned businesses in insurance, attract more diverse talent to the industry, and promote diversity as business imperative all year round.
Connect with our team to learn how you can partner with a local, diverse-certified insurance and risk management firm.
- A growing network of 40+ diverse-certified partners in 40+ states.
- Providing tailored risk management programs to clients through partners’ local expertise and Gallagher’s global reach.
- Empowering clients to meet or exceed their supplier diversity goals through their risk management spend.
