Page 28 - Insurance Times September 2020

The construction industry is expected exclusively over 50s. The announce- of Working Mother Media, unveiled its
to register a decline in spending as ment that Saga will now protect poli- fourth annual Inclusion Index. The index
government will look to divert planned cyholders against trip cancelation helps organizations understand trends
capital expenditure on construction claims, should they have a positive and gaps in demographic representa-
activity towards healthcare and public COVID-19 test result within 14 days of tion, creates a road map to drive inter-
welfare activities. As a result, property travel or whilst abroad, will help set nal change, and identifies diversity, eq-
insurance is now expected to register the bar for the rest of the market. uity and inclusion (DE&I) solutions to
a CAGR of 6.0% during 2019-2024, Daniel Pearce, Senior Insurance Ana- close the gaps. Organizations provided
against pre-COVID forecast of 10.8%. lyst at GlobalData, comments: “Pro- data and were measured in three key
Insurers are capitalizing on the in- spective travelers will welcome the areas: best practices in the recruitment,
retention and advancement of people
creased demand for health insurance change to policies as the fear of being from under represented groups—
policies to compensate for the negative unable to go on a trip due to quaran- women, racial/ethnic minorities, people
impact from other business. Health tine rules will have been limiting the with disabilities, and LGBTQ people; in-
insurance premiums grew by 18% number of trips booked and stifling clusive corporate culture, including lead-
year-on-year in July 2020, as insurers growth in the travel insurance market. ership accountability; and demographic
revamped product portfolio to meet The change to the policy wording is of diversity for women and racial/ethnic
consumer demand. particular significance given the minorities.
greater impacts COVID-19 has on the
Ms Mekala concludes: “The spike in
older population. AXA XL was among the 98 organiza-
COVID-19 infections across the country tions that earned a score of at least 60
has dampened the prospects of quick “However, despite the policy going fur- percent (AXA XL’s score was 70%) and
recovery in general insurance business. ther than others currently available, it a place on the index. This year, 185 or-
While pick-up in health insurance busi- will still not be enough to spur growth ganizations participated in the Diversity
ness is an encouraging sign, the revival in the travel insurance market. Globally, Best Practices Inclusion Index, a 25 per-
in general insurance business activity is the spread of COVID-19 appears to be cent year-over-year increase. Twenty of
expected to be a protracted one.” on the resurgence, with local lockdown those listed on the 2020 DBP Inclusion
measures being implemented and
changing quarantine rules becoming Index are recognized for superior
Travel insurance policy increasingly common. Despite this, achievement by receiving an 81 percent
changes promising COVID- policy wording must continue to be or higher score and qualifying as a Top
10 Percent Inclusion Index Company.
adapted to provide some element of
19 cover will help the sec- cover against COVID-19 in order to al- Nine of those listed achieved at least 75
tor to recover low the travel insurance market to re- percent of the available points to qualify
as a Leading Inclusion Index Company.
The spread of COVID-19 forced many cover from its greatest ever shock. Completed applications were collected
providers in the travel insurance mar- “If interest in international travel re- online from December 2019 through
ket to pause the sale of new policies mains well below pre-COVID-19 levels March 2020. Results reveal opportuni-
and adapt their wording in order to for some years then the travel insur- ties for all organizations to target their
minimize losses. This is a significant ance market may have to look towards diversity and inclusion efforts for
move that will give consumers more marketing policies for staycations. The greater effectiveness.
confidence in traveling and allow the popularity of staycations has increased
travel insurance market to recover drastically this year and although such “Diversity, equity and inclusion contin-
from the effects of the pandemic, ac- policies need not cover the same per- ues to be a topic of critical impor-
tance, especially in these times of
cording to GlobalData, a leading data ils as they do for international travel, heightened racism and social injustice,”
and analytics company. this segment could be a hotbed for
future growth.” says Deborah Munster, vice president,
Saga is now the latest provider to in- Diversity Best Practices. “The good
clude some COVID-19 cover. Saga was news is that corporate America is pay-
the 16th most popular travel insurance AXA XL named to the di- ing closer attention to its D&I prac-
provider in 2019, according to versity best practices inclu- tices, and I am proud to recognize the
GlobalData’s UK Insurance Consumer sion index work our Inclusion Index companies are
Survey, which is a strong position given doing to elevate their efforts to drive
that the company’s policyholders are Diversity Best Practices (DBP), a division a more equitable future.” T

24 The Insurance Times, September 2020