The Insurance Diversity Initiative was established by Insurance Commissioner Dave Jones in an effort to focus on diversity issues within California's $123 billion insurance industry. Specifically, these efforts - both by the Initiative and Commissioner-appointed Insurance Diversity Task Force - are meant to encourage diversity amongst insurer governing boards and increased procurement from diverse suppliers. As seen in other industries, this relationship has been a win - win for the diverse business and the insurer.
To California's minority, women, and disabled-veteran owned enterprises (MWDVBEs or "diverse businesses"), this Initiative represents an open door to a once seemingly impenetrable market and thus increased business opportunities. Most importantly, the passage and implementation of Assembly Bill 53 - which created the biennial Insurer Supplier Diversity Survey - will now provide vital information to diverse businesses on where and how to search for new opportunities within the insurance industry. The 2013 Insurer Supplier Diversity Survey Reports are now posted online and the Department has and will continue to provide resources to help diverse businesses understand and use the information to help create new partnerships.
And to the insurer, increasing procurements from diverse suppliers can result in more competition for bids and thus decreased costs to the company, as well as enhanced quality, creativity and innovation within those bids.