Ethnic Diversity analysis for

Insurance in US

A concept document by Draup

Conceptualized and Developed: June -2020

The objective of this study is to provide comprehensive analysis on

Ethnic Diversity of Talent in Insurance Industry in United States and

showcasing reskilling strategies to boost diversity & inclusion

CLICK HERETo access the full report

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Insurance firms are aligning diversity and inclusion goals with their hiring strategies to boost productivity and bring multicultural values in the organization

Insurance firms are improving their diversity and inclusion goals and aligning their hiring strategies around it by considering the following:

Remote delivery model practices in last few months have made the firms location-agnostic

Demand for new roles with next generation skills have increased across the value chain

Next generation skills are trainable and hiring talent with specific experience/skills

is not imperative anymore

Diversity in the workplace is vital in building a multicultural working

environment with increasing productivity

Increased

CreativityBetter Consumer

UnderstandingRicher

BrainstormingBetter Decision

Making

To boost diversity and inclusion, firms are trying to analyse the following :

Location intelligenceUnderstanding the presence of required diverse

talent amongst peers, universities and adjacent

industries across hiring locations

1

ReskillingTraining minority workforce in a specific job

cluster to take up high demand job roles in order

to improve diversity in less diverse job clusters

2

3

Existing diversityUnderstanding the internal diversity in major job

clusters across value chain and evaluating the

need of inclusion at job cluster level

Source: Draup Analysis and primary interviews with Draup’s customers and internal stakeholders

Key benefits of diverse workforce:

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Thank You

DRAUP launched a systematic assessment to understand the ethnic diversity in Insurance across top U.S. locations, and analyze how Reskilling can help in attaining diversity and inclusion goals

➢ Role Taxonomy: 100+ Insurance roles were analyzed and further categorized into specific job clusters based on the workloads served

by them in Insurance value chain

➢ Ethnic Diversity in Hotspots: Draup analysed ethnic diversity across job clusters for overall U.S. and provided talent size and diversity

insights in critical job clusters for top Insurance location

➢ Location insights for emerging location: Charlotte, an emerging and favourable hiring location for Insurance firms was analysed for

talent availability, Ethnic diversity, understanding University ecosystem for fresh diverse talent in critical job clusters (Core + Tech)

➢ Reskilling framework: To avoid hiring competition for diverse talent, Draup suggested its proprietary reskilling framework to

train minority workforce across job clusters and boost diversity & inclusion in required job clusters

Scope of the report:

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AGENDA

1. Job roles Taxonomy

2. Ethnic diversity across U.S. in Insurance industry

3. Deep dive: Diversity in Charlotte

4. Reskilling strategies to boost diversity

This section talks about the Taxonomy of analysed core

Insurance jobs which is categorized into Core, Tech and Front

office job clusters

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Insurance Job Clusters Taxonomy (1/2): Draup conducted a comprehensive analysis of relevant job roles important for functioning of Insurance firms and synthesized them into specific job clusters

Job Clusters

1. Core jobs

Financial Analysis Claims Management Compliance Underwriting Policy Administration Auditing

Financial Planning Analyst Claims SpecialistCompliance

SpecialistUnderwriting Analyst Policy Management Analyst Associate Audit Director

Financial Budget Analyst Claims Data Analyst Compliance Analyst Risk Manager Policy Manager Audit Manager

Financial Service

RepresentativeClaims Operations Manager Compliance Director Compliance Manager Operational Policy Consultant Audit Associate

Financial Services

ConsultantInsurance Claims Officer Pricing Analyst Credit Underwriter Special Insurance Specialist Audit Executive

Financial Analyst Claims Advisor Compliance Manager Risk Analyst Policy Analyst Audit Manager - Insurance

Financial Risk Analyst Claim Assessor Compliance OfficerLending Operations

ManagerAppeals Examiner Audit Analyst

Credit AnalystCommercial Claims

ManagerLoan Processor

Financial Reporting Analyst Claims Associate

Financial Operations

AnalystClaims Adjudicator

Source : DRAUP’s proprietary talent module Note: The above taxonomy excludes seniority level prefixes (such as Director, V.P, CXOs and others) of the mentioned unique titles to showcase unique roles.

Although, the senior level analysts, associates, specialists, manager have been included in the further analysis

Job

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Insurance Job Clusters Taxonomy (2/2): Job roles from recent job openings and existing talent pool across Insurance value chain were analysed to study Ethnic diversity

Job Clusters

2. Tech jobs 3. Front office jobs

IT CloudSoftware

Development

AI/Machine

LearningCybersecurity

Customer

ServiceSales Marketing

IT Incident Handler Cloud Administrator

Software

Development

Engineer

Machine Learning

EngineerCyber Security Analyst

Customer Service

RepresentativeSales Executive Marketing Advisor

IT Consultant Cloud Consultant

Software

Development

Manager

Data ScientistCyber Security

Architect

Customer Support

ExecutiveField Sales Agent

Marketing

Associate

System Engineer Cloud ArchitectSoftware Design

EngineerFraud Data Analyst

Incident Response

Analyst

Customer Service

Manager

Sales Development

Manager

Marketing

Consultant

Systems AnalystCloud Database

EngineerJava Developer NLP Engineer

Cyber Security

Engineer

Customer Care

Executive

Relationship

Manager

Marketing

Executive

Systems AdministratorCloud Devops

Engineer

Software Test

Engineer

Deep Learning

Engineer

Cyber Security

Specialist

Customer Care

RepresentativeArea Sales Manager Marketing Analyst

IT AdminCloud Solution

ArchitectBack end Engineer Actuarial Scientist Penetration Tester

Technical Support

ExecutiveTerritory Manager

Social Media

Marketer

Job

ro

les

Source : DRAUP’s proprietary talent module Note: The above taxonomy excludes seniority level prefixes (such as Director, V.P, CXOs and others) of the mentioned unique titles to showcase unique roles.

Although, the senior level analysts, associates, specialists, manager have been included in the further analysis

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AGENDA

1. Job roles Taxonomy

2. Ethnic diversity across U.S. in Insurance industry

3. Deep dive: Diversity in Charlotte

4. Reskilling strategies to boost diversity

I. This section gives an overview of ethnic diversity in analysed

Insurance job clusters for overall U.S. and Metropolitan Statistical

Areas (MSA) (Tier 1 and emerging locations are analyzed for

ethnic diversity)

II. This section will help HR leaders evaluate top locations with

availability of desired minority talent, Ethnic Diversity of 16

locations is analyzed with existing talent size of each ethnic group

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Ethnic diversity in U.S.: Out of 1.1+ Million analyzed talent pool in Insurance, the presence of Underrepresented minorities in fast growing tech jobs is low compared to core and front office jobs

49%

26%

11%9%

4%1%

white Asian Hispanic AfricanAmerican

2 or moreraces

AmericanIndian and

AlaskaNative

Ethnic diversity for overall job clustersEthnic diversity across analysed job clusters in Insurance industry in

U.S.

1. Tech jobs

3. Front Office jobs

43% 33% 11% 8% 4%

1%

50% 25% 13% 8% 3%

1%

Total talent size: 80,000

Total talent size: 600,000

Total talent analysed in U.S. for all job clusters

(Core + Tech + Front office):

1,190,000

Source: Draup talent module, all data updated in May 2020

Ethnic diversity of critical job clusters ( Core jobs, Tech jobs) are

analysed further

Underrepresented minorities

55% 17% 14% 9% 4%

1%Total talent size: 510,000

2. Core jobs

Note: Asian, even though falls under minority group, has not been considered in underrepresented minorities due to relatively better presence across locations

19K Underrepresented minorities

talent pool

White Asian Hispanic African American 2 or more racesAmerican Indian and Alaska Native

142K Underrepresented minorities

talent pool

150K Underrepresented minorities

talent pool

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United States – Talent Hotspots: Bay Area, Dallas FW Area, San Diego Area and Miami Area have the best diversity with high availability of Insurance talent pool in core and tech job clusters

Greater Los Angeles Area

Top talent (core + tech) hotspots for Insurance Industry

Orange County

Note : DRAUP’s proprietary talent module was used to analyse jobs by locations; the hotspots were identified based on the relevant talent pool data

*Metropolitan Statistical Area has been considered for analysis. 1All MSA definitions are based on U.S Census Bureau Metropolitan and Metropolitan Statistical Area Delineation Files, 2019

Talent pool >12,000

Talent Pool 5,000-12,000

Talent Pool <5,000

Legend

Critical job clusters

(Core jobs, Tech jobs) are

analysed further for top

locations

Greater New York

City Area

Greater Chicago Area

San Francisco Bay AreaWashington DC

Metro Area

Dallas Fort Worth Area, TX

Houston, Texas Area

Greater Boston Area

Greater Atlanta Area

Greater

Philadelphia

Area

Greater Minneapolis St. Paul Area

Greater Seattle Area

Greater Detroit Area

Greater Denver Area

Charlotte, North

Carolina

Greater San Diego Area

Phoenix, Arizona Area

Greater St. Louis Area

Kansas City, Missouri

Tampa/ St. Petersburg, Florida

Greater Pittsburgh Area

Portland, Oregon Area

Indianapolis, Indiana Area

Austin, Texas

Greater Milwaukee

Orlando, Florida

San Antonio, Texas

Greater Salt Lake City

Sacramento, California

Hartford, Connecticut

Richmond, VirginiaLas Vegas, Nevada Area

Rochester

Akron

Baltimore,

Maryland Cincinnati, Ohio

Louisville, Kentucky

Greater Nashville

Greater Louisville Area

West Palm Beach, Florida

High Diversity (under-

represented minority >30%)

Medium Diversity

(under-represented

minority (20% - 30% )

Low Diversity (under-

represented minority <20%)

Miami, FL

Talent size analyzed: 590,000

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Ethnic Diversity Analysis in Tier 1 locations: Greater Los Angeles Area has the best ethnic diversity amongst the Tier 1 locations employed across core and tech job clusters

Major MSA’s

Total talent across

analyzed core job

clusters

(in Insurance)

Ethnicity Percentage of Core job roles

Total talent across

analyzed Tech job

clusters

(in Insurance)

Ethnicity Percentage of Tech job roles

Greater New York City

Area36,000 9,000

Greater Los Angeles

Area

San Francisco Bay Area

Greater Chicago Area

Washington D.C. Metro

Area

Dallas/Fort Worth Area

Greater Boston Area

Greater Seattle Area

60% 14% 11% 10% 3%1%

50% 27% 10% 9% 4%

1%

Source: Draup talent module, all data updated in May 2020

Location with high availability of minority talentWhite Asian Hispanic African American 2 or more races

American Indian and Alaska Native

We have covered the Dashboard of Other major US hotspots in the Full Report

Send your requests to info@Draup.com to receive the Full Report

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Ethnic Diversity Analysis in Emerging locations : Miami and San Diego are the top locations with best ethnic diversity amongst analyzed emerging locations

Major MSA’s

Total talent across

analyzed core job

clusters

(in Insurance)

Ethnicity Percentage of Core job roles

Total talent across

analyzed Tech job

clusters

(in Insurance)

Ethnicity Percentage of Tech job roles

Greater Atlanta Area 11,000 2,900

Miami/Fort

Lauderdale Area

Greater Minneapolis-

St. Paul

Greater Detroit Area

Greater Denver Area

Charlotte, NC Area

Greater Philadelphia

Area

Greater San Diego

Area

Source: Draup talent module, all data updated in May 2020

67% 18% 6% 6%2%

1%

60% 15% 14% 7% 3%

1%

White Asian Hispanic African American 2 or more racesAmerican Indian and Alaska Native

We have covered the Dashboard of Other major US hotspots in the Full Report

Send your requests to info@Draup.com to receive the Full Report

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AGENDA

1. Job roles Taxonomy

2. Ethnic diversity across U.S in Insurance industry

3. Deep dive: Diversity in Charlotte

4. Reskilling strategies to boost diversity

I. Charlotte, North Carolina Area is one of the emerging and

fastest growing Insurance and financial Services location

due to presence of Insurance giants in the region .

II. Charlotte has been taken as a sample location for

extensive analysis

III. This section gives the brief analysis of Ethnic diversity in

critical job clusters of Charlotte’s Insurance industry along with an overview of diversity of fresh talent pool from its

University ecosystem

We have covered the Charlotte Location Deep-

dive in the Full Report

Send your requests to info@Draup.com to

receive the Full Report

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AGENDA

1. Job roles Taxonomy

2. Ethnic diversity across U.S. in Insurance industry

3. Deep dive: Diversity in Charlotte

4. Reskilling strategies to boost diversityThis section talks about how Reskilling can be a great

alternative for Insurance firms to train underrepresented

minorities in front office jobs (higher presence but vulnerable

to disruption) to high demand job roles (lowest presence of

minority) and improving the diversity distribution across

desired critical job clusters

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Underrepresented minorities are highly concentrated in front office job clusters which are getting disrupted due to advent of digitalization in Insurance firms

Source: Draup talent module and primary interviews with Draup’s customers and internal stakeholders

Most of the Front office job roles are getting disrupted due to

digitalization; more than are 50% of talent are likely to

become redundant

Job roles prone

to disruption

High Minority

presence

Medium Minority

presence

Low Minority

presence

C

Digital Assistance

Digital Sales

Digital Marketing

Automation

themesAutomation use cases

Disrupted job

clusters

• Customer Support Chatbot

• Voice-based Robo Advisors

• Automatic Feedback Handling

• Automatic Ticket Creation

• Automatic Ticket Prioritization

Customer

Service

• Client Onboarding Automation

• Automated Lead Generation

• Predictive Lead Scoring

• Sales Conversation Analytics

• Demand Forecasting

• Front desk robots

Sales

• Email Marketing Automation

• Targeted Advertisements

• Search Engine Optimization

• Social Media Targeting

• Predictive Analytics for Promotions

Marketing

Diversity analysis for Front office job roles

Customer Service Sales Marketing

Customer Service

RepresentativeSales Associate Marketing Advisor

Customer Support

ExecutiveInsurance Agent Marketing Associate

Customer Service ManagerSales Development

Manager

Marketing

Consultant

Customer Care Executive Relationship Manager Marketing Executive

Customer Care

RepresentativeArea Sales Manager Marketing Analyst

Technical Support Executive Territory ManagerSocial Media

Marketer

Underrepresented minorities have higher presence in front

office job roles that are susceptible to disruption

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Contrarily, Minorities have lowest presence in digital job roles and digitally-enabled core jobs that are in high demand for Insurance firms

Critical job roles in InsuranceJob role demand

increase in last 2 years

Data Scientist 22%

Data Analyst – Fraud detection 28%

Cloud Administrator 18%

Web Developer 18%

Claims Analyst 22%

Fraud Analyst 18%

Policy Administrator 17%

Underwriter 12%

Source: Draup talent module and primary interviews with Draup’s customers and internal stakeholders

High Minority

presence

Medium Minority

presence

Low Minority

presence

Under represented minority talent have very low presence in

high demand job roles

Mobile Solutions(mobile based solutions

enabling customers in digital

Insurance processes)

In-branch Digitization(AI-based cognitive solution

to digitalize and optimize core

back office processes )

• Real-time Alerts & Reminders

• Automated Payments

• Contactless Payments

• Digital Wallets

• Unified Payment Platforms

• RPA-based Account

Management

• AI-based Compliance

Adherence

• AI/ML-based underwriting

• AI based fraud detection

• Risk Alerts/Notification

• Automated claims settlement

Disruption-

proof Corejob roles with

digital skills

Tech roles

enabling

digitalization

Digitalization use cases enabled by Tech and digital roles

Digitalization themes Digitalization use cases

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Disrupted minority talent from front office jobs can be trained with advanced new age skills to fill the high skill demand of critical job roles

Minorities in Front office jobs can be trained with high demand skills to

step into critical job roles

Hig

he

r skill

ga

p

Lo

we

r skill g

ap

Skill

gap

Exp

erie

nce

Exp

erie

nce

Exp

erie

nce

Cloud Administrator

Data Analyst

Data Scientist

Claims Analyst

Policy Administrator

Risk Analyst

Customer Service Manager

Customer Service Associate

Relationship Manager

Insurance Agent

scenario 1:

6-8 months

training

required

scenario 2:

8-12 months

training

required

Core job roles

Tech job roles

Front office roles

Source: Draup talent module and primary interviews with Draup’s customers and internal stakeholders

Skill gap analysis for training front office roles

ReskillingMethodology

1

2

3

4

Skill identification of high demand jobroles

Analysis of feasible transitions basedon

relevant Reskilling parameters

Suitable learning module selection to bridge

the skill gaps

Skill gap identification between the starting

and desired role

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Front office job roles can be reskilled to high demand job roles like Claims Analyst by training with relevant learning modules to bridge the required skill gap

Front office job roles RPI2

Sample Parameters1 to analyse different skill gaps and career transition trends

End RoleSpecific Technical

Skills Overlap

Technical

Proficiency

Functional

Proficiency

Specific Soft

Skills Overlap

Observed Career

Transitions

Insurance Agent 6.1

Claims AnalystSales Associate 5.5

Customer Service Executive 5.3

Sample Reskilling Propensity analysis of front office talent existing in the firms who can transform into Core job roles

Score in Individual Parameter High Medium Low>6.5 - Upskilling >5 - ReskillingRPI Range

1. Several other Reskilling parameters are considered in actual analysis

2. RPI or Reskilling Propensity Index is the Draup’s Proprietary scoring index methodology for Reskilling which is based on detailed analysis of relevant parameters

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Sample Reskilling case study: Based on skill gap analysis, a relevant learning module/course was selected to showcase how an ‘Insurance

Agent' can be reskilled to evolve into high demand ‘Claims Analyst’ role

CourseUndertaken

Skills acquiredwith courses

Existing role1 Required role2

Insurance Agent Claims Analyst

Claims Management AccountingData analysis &

Visualization

(Abovesample course by: EDI & edX)

Reskilling transition time (6-8 months)

Existing skills

•CRM handling

•Policy Advisory

•Client handling

•Basic excel

Required skills

•Data Analysis

•Accounting

•Claims

Management

•Advanced excel,

SQL and Reporting

Note: Draup performs complex assessment around various other critical Reskilling parameters between existing and desired roles to understand skill gap and match it with relevant learning modules

EDI Accredited Claims Adjuster

Designation (ACA) Online

1. Insurance Agent considered here should have 4+ years experience with high overlapping skill sets of Claims Analyst2. During transition time (6-8 months), Reskilled Insurance Agent can be utilised to cater basic level Claims Analyst workloads and can be trained simultaneously inhouse to gain advanced expertise

Reskilling is a key alternative to boost diversity and inclusion across important job clusters as well as provide minorities a viable and sustainable career path

Data Analysis: A Practical Introduction

for Absolute Beginners (edX)

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About Draup

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Source: Draup

Source: Draup

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