Supplier Diversity, as seen in other industries, is 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. To the insurer, opening the door to diverse suppliers can result in more competition for bids and thus decreased costs to the company. Enhanced quality, creativity, and innovation within those bids are an added advantage - giving companies the competitive edge they need to keep up with changing demographics.
The Insurer Supplier Diversity (ISD) Survey requires all insurance companies with written premiums of $100 million or more in California to report their procurement efforts with diverse businesses. For the first time ever, information from insurance companies about their supplier diversity efforts is now being collected and made public. The survey is intended to facilitate supplier relationships between insurers and California's diverse businesses.