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Study: Low Numbers of African-Americans in Insurance

Fewer than 10% of insurance industry professionals are African-American, according to a study released by Marsh LLC.
October 10, 2018

Fewer than 10% of insurance industry professionals are African-American, according to a study released by Marsh LLC. The study found that lack of industry exposure, networks, and experience were the main reasons why more African-Americans are not in the industry. Researchers also discovered that, because there is low representation of African-Americans in senior roles and a lack of mentors, there are fewer opportunities for workers to prove themselves. A majority of survey respondents agreed that “mentoring or coaching programs can provide exposure and access for African-American insurance professionals to senior level executives and greater opportunities for promotion or career advancement.”

“Rarely do I encounter overt racism,” said one participant, according to the study. “Most of the time it’s people’s implied biases that hold African-Americans, females, and people of color back. Usually, the top of the house (senior management) says all the right things, but it doesn’t get practiced at the middle management level.”

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