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 the insurer, increasing procurement 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. Additionally, since the passage and implementation of Assembly Bill 53 - which created the biennial Insurer Supplier Diversity Survey, it has been the goal of the Department to provide insurance companies with the resources needed to easily and successfully comply with the new requirements. The 2013 Insurer Supplier Diversity Survey Reports are now available online and the Department will continue to work with insurance companies to supply the tools and information necessary to track and maintain supplier diversity data.
And to California's minority, women, and disabled-veteran owned enterprises (MWDVBEs or "diverse businesses"), the Insurance Diversity Initiative represents an open door to a once seemingly impenetrable market and thus increased business opportunities.