From values to strategy: Embedding DEI for real results

Business leaders would be hard-pressed to find someone who disagrees that promoting respect and fairness in the workplace is “the right thing to do.” But for brokerages responding to changing client expectations and workforce shifts, diversity, equity, and inclusion (DEI) goes beyond a moral imperative. It’s a business strategy that strengthens their foundation for long-term success.

Brokers taking this approach are already seeing real advantages. In Canadian Underwriter’s 2025 DEI Survey, sponsored by Sovereign Insurance, 71% of brokers say DEI initiatives bring economic benefits, especially in employee retention (51%) and productivity (41%). That’s followed by increased customer satisfaction (39%) and increased profits and revenue (21%). 

Overall, 80% of brokers agree organizations must address diversity to be a successful business. Over half (58%) view DEI as either a fundamental value or strategic imperative within their organization. Meanwhile, very few brokers reject (4%) or disapprove (7%) of DEI, and 31% remain neutral. 

Here’s a closer look at three key ways embedding DEI as a business strategy can strengthen your brokerage. 

Driving better decision making: Insurance is all about managing risk. Making DEI a part of your business strategy enhances risk readiness by encouraging broader thinking and uncovering gaps. When different perspectives are brought to the table, organizations gain a better understanding of their clients and make more well-rounded decisions. As a result, there are fewer blind spots in their recommendations or approach – ultimately reducing risk.¹ 

Matthew Syed, an author and speaker in the field of high performance, believes diverse thinking drives better team outcomes, such as greater creativity, stronger problem solving, and overall performance. “The key is that organisations harness diverse perspectives that are both relevant and synergistic,” he writes. “Organisations that do this well understand the fundamental link between diverse thinking and performance, and they engineer diverse thinking through their hiring practices, how they run meetings, and by connecting people with diverse ideas and perspectives.” ²

Supporting talent retention: Inclusive leadership that fosters a strong DEI culture is essential to retaining talent, especially as organizations face generational workforce shifts. In a recent study by Catalyst, more than three out of four employees (76%) said they’re more likely to stay with their employer long term if the organization continues to support DEI. In contrast, 43% said they will quit if those efforts wane. These figures were even higher among specific sub-groups, such as women, Gen Z and millennial employees.³

This focus on retention is especially critical in the insurance industry, which faces a wave of retirements. In the property and casualty sector alone, roughly 8.5% of the workforce is expected to retire within the next few years. That makes investing in the next generation of talent today more important than ever.⁴

Beyond retention, inclusive leadership also drives stronger team performance. Research from BetterUp found that employees who are part of inclusive teams outperform their peers in less inclusive cultures by 27%. And when managers are inclusive, employees report higher commitment and higher job satisfaction.⁵

Strengthening client relationships: Clients today expect more than stellar products and services – they want partners that align with their values. Embedding DEI into your business strategy helps boost your brokerage’s credibility and strengthens your relationships with clients. This is especially true in sectors that prioritize social responsibility, as DEI initiatives have become central to fostering trust and loyalty among socially conscious customers.⁶ 

Products and services themselves can be approached with a DEI lens, helping to strengthen market relevance. As Sacha Thompson, founder of The Equity Equation writes, “DEI drives innovation, particularly when it comes to meeting the needs of diverse customer bases. Products and services that are created by diverse teams tend to be more accessible, culturally relevant, and innovative.” ⁷

Questions to ask

Taking time to reflect on your approach to DEI is essential. Consider these key questions to assess where your brokerage stands and how you can effectively embed DEI as a business strategy. 

#1. How diverse and inclusive is your team when making important business decisions?

Broader perspectives help reduce blind spots and improve risk management. Review how your company makes key decisions and invite more diverse voices to the discussion. 

#2. Does your leadership and culture support inclusive practices that retain talent?

Inclusive workplaces drive higher employee satisfaction and reduce turnover. Encourage leaders to practise active listening and seek diverse perspectives in a safe environment. 

#3. How are you incorporating DEI into client relationships and service delivery? 

Aligning with partners’ and clients’ values builds trust and ensures your firm meets the needs of a diverse market. Identify ways you can communicate your values and deepen client engagement. 

While embedding DEI into your business strategy takes time and resources, the benefits – smarter decisions, stronger teams, and better client relationships – are well worth the investment.

 

Sources

1 Aquent, “Why diversity is crucial for decision making, creativity and the success of your teams,” Aquent, Feb. 25, 2025
2 Matthew Syed Consulting, “Driving diversity is vital to turbocharge innovation and drive better decisions,” June 29, 2021
3 Catalyst, “Risks of retreat: The enduring inclusion imperative,” June 11, 2025 
4 Canadian Underwriter, “Addressing a shortage of qualified commercial underwriters,” Nov. 28, 2023, updated Oct. 30, 2024
5 BetterUp, “What is employee experience and why does it matter?” Sept. 29, 2023
6 ScienceDirect, “DEI rollbacks: Consequences and considerations for brand managers,” Feb. 13, 2025 
7 Medium, “The Global Relevance of DEI: How Companies Are Missing Key Opportunities by Defunding Their Efforts,” Sept. 24, 2024