It feels like every time we turn around, there’s another headline about the economy. Inflation, supply chain nightmares, a volatile market… it’s a lot to keep up with. And in the middle of all that, we’re also having some really important conversations in our industry about what it means to be diverse, equitable, and inclusive.
It’s easy to see these as two separate things. On one hand, you have the hard numbers and economic realities. On the other, you have the people, the culture, and the future of our workforce.
But what if they’re deeply connected? I recently got to hear from Kayla Works, an underwriter who’s right in the middle of it all, and her perspective was so refreshing. She connects the dots in a way that just makes sense. She sees the big picture—how the economy is hammering us and how building a more inclusive industry isn’t just a "nice to have," but a critical part of how we'll successfully navigate the storm.
Let’s get into what she had to say.
So, What's Really Going on with the Economy?
You don't need me to tell you that things are tough out there. But Kayla really broke down how these big, abstract economic issues are hitting the insurance world on a practical, day-to-day level. It’s not just numbers on a screen; it’s affecting real claims and real people.
Think about it like this: a few years ago, if a policyholder had a car accident, getting parts and a rental car was pretty straightforward. Today? It’s a completely different story.
Kayla pointed out that the supply chain is still a mess. A simple fender-bender can turn into a massive headache because a specific part might be on backorder for months. That means the car sits in the shop longer, the rental car costs pile up, and the total cost of the claim skyrockets. It’s a ripple effect that starts with a backed-up port halfway across the world and ends with a bigger bill for everyone.
And then there’s inflation. We all feel it at the grocery store, but in insurance, it's hitting us from all angles. The cost of lumber to rebuild a home after a fire, the price of medical equipment for an injury claim, the wages for skilled labor—everything is more expensive.
As an underwriter, Kayla has to look at all this and ask, "Is the coverage we sold last year still enough to make someone whole today?" Often, the answer is a complicated "maybe." It’s a constant challenge to price risk accurately when the goalposts are moving every single day. It’s not about being difficult; it’s about making sure the company can actually pay out those future claims when they happen.
Why Diversity and Inclusion Aren't Just "HR Topics" Anymore
Now, you might be thinking, "Okay, the economy is a mess. What does that have to do with Diversity, Equity, and Inclusion (DE&I)?"
This is where Kayla’s perspective gets really interesting. She argues that in a challenging market, having a diverse team isn't a distraction—it's a competitive advantage. The old way of doing things isn't going to cut it anymore. We need new ideas, different perspectives, and creative problem-solving to tackle these massive challenges.
Attracting the Next Generation of Talent
Let’s be honest, insurance doesn’t always have the reputation of being the most exciting industry. For a long time, it’s been seen as a bit… traditional. To attract the best and brightest young talent today, we have to show them that this is a place where they can belong and make a real impact.
Kayla put it perfectly. The next generation of professionals isn't just looking for a paycheck. They want to work for companies that share their values. They want to see people who look like them in leadership roles. They want to know that their unique voice will be heard and respected.
If our industry looks and feels the same as it did 30 years ago, we’re going to lose out on incredible talent who will take their skills to tech, finance, or other fields that seem more forward-thinking. Building an inclusive culture is basically a survival strategy for the future of our workforce.
Understanding the People We Serve
Our customer base is changing, too. It’s more diverse than ever before, with different needs, expectations, and cultural backgrounds. How can we effectively serve a diverse market if everyone on our team comes from the same background and thinks the same way?
A team with a variety of life experiences is better equipped to understand the nuances of different customer segments. They might spot a product gap that no one else saw or figure out a better way to communicate with a community we’ve previously struggled to reach.
It’s about more than just marketing. It’s about building genuine trust and creating products that actually work for the people buying them. When your internal team reflects the diversity of your customers, you’re just going to make better, smarter decisions.
Tying It All Together
So, here's the bottom line. The economic pressures we're facing are immense. They require us to be more innovative, agile, and resilient than ever before. At the same time, the push for DE&I is about bringing new voices and perspectives to the table.
See the connection?
You can't solve new, complex problems with old, monolithic thinking. By building teams that are truly diverse, we’re stocking our problem-solving toolkit with a wider range of ideas and experiences. That’s how we’ll figure out how to handle the fallout from inflation. That’s how we’ll create new products for an evolving world.
Hearing Kayla talk about it all, it’s clear that this isn't about choosing between focusing on the economy or focusing on DE&I. The two are intertwined. A strong, inclusive culture is the engine that will power us through these tough economic times. It's how we stay relevant, attract the best people, and ultimately, serve our customers better. And really, isn't that what it's all about?
