1. As society makes strides to embrace diversity, how are financial services organizations making progress in bridging divides?
Many companies are changing how they deliver services to diverse audiences, and we can take a page from their playbooks. Consider Citibank, the first major bank to facilitate customers' ability to choose the name listed on their credit card. This feature can reduce the discrimination against trans and non-binary community members when they make credit card purchases. Citi's notable customer experience diversity improvement likely entailed equally significant operational changes. To ensure that individuals whose identities have changed are integrated seamlessly, changes in elements and workstreams must have been made across every digital platform for bank statements, apps, service centers, etc.
2. What are you doing to support cultural shifts for your organization to be more inclusive?
Workplaces that celebrate and cultivate diverse talent pools and different viewpoints empower employees to contribute new ideas that support the organization's overall success. Selective always has embraced this view, and we have made tremendous strides in enhancing diversity, equity, and inclusion (DE&I) initiatives – as our new ESG Report summarizes. I'm thrilled to channel my support for the LGBTQ+ community at Selective as the executive sponsor of new employee resource group (ERG), the Pride Alliance@Selective. Selective has other ERGs, including a Black ERG and a Working Caregivers ERG. While ERGs have been in the corporate world for a while, they can serve as "little think tanks" that spur new ideas and approaches to better support diversity and other employee concerns. Have members of your Marketing team sitting in ERGs and other employee special interest groups. That will make partnership on Marketing awareness initiatives, like Pride Month, a seamless, joint effort.
3. How can your marketing dollars be allocated to understand your diverse customers?
Customer centricity is a hot topic for many property and casualty (P&C) insurers. And it can transform organizations. By understanding and knowing customers a bit more intimately, companies can build products and services around customers' changing needs. I recommend taking customer-centricity a couple of steps further: Understand how products or services could inadvertently exclude any customer. Ensure your persona-building exercises span diverse audiences and populations. Try to understand any barriers to entry. Then make an action plan to address these gaps with organizational buy-in and the right technology components.
As June and Pride Month 2021 are ending, I encourage you to think beyond the celebration. Build upon the Pride-related brand momentum you have created by taking small, daily steps and continue opening minds to different perspectives and solutions. Address any vacancies your brand has in reaching specific audiences. Remember, it's about grace and celebrating diversity in all forms.