needs of newly wed LGBT couples can
increase sales. “This industry is evolving
rapidly,” says Julie Davis, insurance executive and member of the San Jose–based
California Women’s Network.
• Recession resistant. Despite the
economic crisis, individuals and businesses must still insure their homes,
cars and health, so insurers need
employees. In fact, job opportunities
within certain industry sectors are
booming. Between 1997 and 2007,
for instance, employment within the
AVERAGE ANNUAL EXPENDITURES OF
PERSONAL INSURANCE/PENSIONS BY RACE
2003 2005
(% of total expenses)
DIFFERENCE
(percentage points)
BLACK
8.7%
10.1%
1. 4
ASIAN 10.6%
12.6%
2.0
LATINO
8.2%
9.9%
1. 7
Source: Selig Center for Economic Growth, based on data obtained
from the U.S. Department of Labor
STATE FARM:
STRENGTHENING COMMUNITY
TIES, SERVING ALL CUSTOMERS
Despite the current economic crisis, State Farm remains committed to recruiting Blacks, Latinos, Asians and other underrepresented groups as well as giving
back to the communities where it does business. “The insurance industry is less
impacted by the economy than other industries,” says
Carolyn Lee, a vice president of agent recruiting in
the Pacific Northwest. “That’s why it’s important that
we continue to build our presence in all the communities where we do business.”
That commitment is long-standing. “I’ve been with
State Farm for 17 years,” says Lee. “Throughout that
time, we’ve hired agents who reflect the customers we serve, so they are comfortable with their State Farm agent.”
To attract the best and brightest, State Farm hires nearly 200 students, many
from historically Black colleges and universities, for a premier 11-week intern program at its corporate headquarters in Bloomington, Ill., as well as zone offices across
the country. “Our interns work in each of our different departments, so they understand all that an insurance company does,” explains Lee. “What’s more, they serve
as ambassadors for State Farm when they return to school.”
State Farm is also committed to improving the lives of its customers. The
insurer is the founding sponsor of one of the largest Black-health initiatives nationwide, The 50 Million Pound Challenge. In addition, State Farm created an
interactive web site ( www.sfredportfolio.com) to help women calculate their
finances and build personal wealth.
To foster trust and form alliances within the communities where it does business,
State Farm has partnered with national organizations such as the Urban League, the
National Hispanic Corporate Council and the Asian American Justice Center.
“With our focus on diversity, this is a great time to have a conversation with a
State Farm agency recruiter,” says Lee.“We are a company that cares and delivers on
its promises to our employees and our customers. There is an incredible opportunity here that will pay off in the long run.”
WORK-FORCE DEMOGRAPHICS
IN THE INSURANCE INDUSTRY AT
THE MANAGEMENT LEVEL
WHITE MEN
46.3%
WHITE WOMEN
40.8%
BLACK, LATINO,
ASIAN, AMERICAN
INDIAN WOMEN
7.5%
BLACK, LATINO,
ASIAN, AMERICAN
INDIAN MEN
5.4%
Source: U.S. Government Accountability Office
analysis of EEOC data, 2004
health-insurance industry grew 52 percent,
versus 12 percent for all non-farm-related
industries, reports the Washington, D.C.,
think-tank Economic Policy Institute.
Creating Inviting Cultures
The CPCU Society, a 28,000-plus member
organization for Chartered Property Casualty
Underwriters, is at the forefront of leveling
the professional playing field. The organization
recently formed a diversity committee from its
board members with a goal of luring college
undergrads into the profession. One way the
group is accomplishing this is by partnering
