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

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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

To boost diversity and inclusion, firms

Diversity in the workplace is vital in building a multicultural working are trying to analyse the following :
environment with increasing productivity

Key benefits of diverse workforce:

Existing diversity
Increased
Creativity
Better Consumer
Understanding
Richer
Brainstorming
Better Decision
Making
1 Understanding the internal diversity in major job
clusters across value chain and evaluating the
need of inclusion at job cluster level

Copyright © 2020 Draup. All rights reserved

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

Demand for new roles with next generation skills have increased across the value chain 2 Understanding the presence of required diverse
talent amongst peers, universities and adjacent
industries across hiring locations

Next generation skills are trainable and hiring talent with specific experience/skills
Reskilling
is not imperative anymore

Remote delivery model practices in last few months have made the firms location-agnostic
3 Training minority workforce in a specific job
cluster to take up high demand job roles in order
to improve diversity in less diverse job clusters

Source: Draup Analysis and primary interviews with Draup’s customers and internal stakeholders 2
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

Thank You
Scope of the report:

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

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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

3
AGENDA

This section talks about the Taxonomy of analysed core

1. Job roles Taxonomy Insurance jobs which is categorized into Core, Tech and Front

Thank You
office job clusters
2. Ethnic diversity across U.S. in Insurance
industry

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3. Deep dive: Diversity in Charlotte

4. Reskilling strategies to boost diversity

4
 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

Compliance
Financial Planning Analyst Claims Specialist Underwriting Analyst Policy Management Analyst Associate Audit Director
Specialist

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

Financial Service
Claims Operations Manager Compliance Director Compliance Manager Operational Policy Consultant Audit Associate
Representative

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Job roles

Financial Services
Insurance Claims Officer Pricing Analyst Credit Underwriter Special Insurance Specialist Audit Executive
Consultant

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

Lending Operations
Financial Risk Analyst Claim Assessor Compliance Officer Appeals Examiner Audit Analyst
Manager
Commercial Claims
Credit Analyst Loan Processor
Manager

Financial Reporting Analyst Claims Associate

Financial Operations
Claims Adjudicator
Analyst

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 5
 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

Software AI/Machine Customer

IT Cloud Cybersecurity Sales Marketing
Development Learning Service
Software
Machine Learning Customer Service
IT Incident Handler Cloud Administrator Development Cyber Security Analyst Sales Executive Marketing Advisor
Engineer Representative
Engineer
Software
Cyber Security Customer Support Marketing

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IT Consultant Cloud Consultant Development Data Scientist Field Sales Agent
Architect Executive Associate
Manager
Job roles

Software Design Incident Response Customer Service Sales Development Marketing

System Engineer Cloud Architect Fraud Data Analyst
Engineer Analyst Manager Manager Consultant

Cloud Database Cyber Security Customer Care Relationship Marketing

Systems Analyst Java Developer NLP Engineer
Engineer Engineer Executive Manager Executive

Cloud Devops Software Test Deep Learning Cyber Security Customer Care
Systems Administrator Area Sales Manager Marketing Analyst
Engineer Engineer Engineer Specialist Representative

Cloud Solution Technical Support Social Media

IT Admin Back end Engineer Actuarial Scientist Penetration Tester Territory Manager
Architect Executive Marketer

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 6
AGENDA

1. Job roles Taxonomy

2. Ethnic diversity across U.S. in Insurance

industry
Thank You
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

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ethnic diversity)

3. Deep dive: Diversity in Charlotte 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

4. Reskilling strategies to boost diversity

7
 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

Ethnic diversity across analysed job clusters in Insurance industry in

Ethnic diversity for overall job clusters
U.S.
1. Tech jobs 19K Underrepresented minorities
Total talent analysed in U.S. for all job clusters talent pool
(Core + Tech + Front office): Total talent size: 80,000
1%
49% 1,190,000
43% 33% 11% 8% 4%

2. Core jobs 142K Underrepresented minorities

talent pool
Underrepresented minorities
Total talent size: 510,000

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26% 1%
55% 17% 14% 9% 4%

11% 3. Front Office jobs

9% 150K Underrepresented minorities
talent pool
4% Total talent size: 600,000
1% 1%
white Asian Hispanic African 2 or more American 50% 25% 13% 8% 3%
American races Indian and
Alaska
Native
Ethnic diversity of critical job clusters ( Core jobs, Tech jobs) are
Note: Asian, even though falls under minority group, has not been considered in
underrepresented minorities due to relatively better presence across locations
analysed further

American Indian and

Source: Draup talent module, all data updated in May 2020 White Asian Hispanic African American 2 or more races 8
Alaska Native
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

Top talent (core + tech) hotspots for Insurance Industry

Greater Seattle Area Talent size analyzed: 590,000
Legend
Portland, Oregon Area Greater Minneapolis St. Paul Area
Hartford, Connecticut
Talent pool >12,000
Greater Detroit Area Greater Boston Area
Greater Milwaukee Rochester
Talent Pool 5,000-12,000
Greater Chicago Area Akron
Greater Salt Lake City
Greater Louisville Area Greater Pittsburgh Area
Sacramento, California Baltimore,
Greater New York Talent Pool <5,000
Indianapolis, Indiana Area City Area
Maryland

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Cincinnati, Ohio Washington DC Greater
Greater Denver Area
San Francisco Bay Area Metro Area Philadelphia High Diversity (under-
Louisville, Kentucky
Kansas City, Missouri Area represented minority >30%)
Las Vegas, Nevada Area Richmond, Virginia
Greater Los Angeles Area
Medium Diversity
Charlotte, North
Phoenix, Arizona Area Carolina
(under-represented
Greater Nashville
minority (20% - 30% )
Orange County
Greater St. Louis Area Dallas Fort Worth Area, TX Greater Atlanta Area Low Diversity (under-
Greater San Diego Area
represented minority <20%)
Austin, Texas

San Antonio, Texas

Houston, Texas Area Orlando, Florida Critical job clusters
Tampa/ St. Petersburg, Florida (Core jobs, Tech jobs) are
West Palm Beach, Florida
analysed further for top
Miami, FL locations

Note : DRAUP’s proprietary talent module was used to analyse jobs by locations; the hotspots were identified based on the relevant talent pool data
9
*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
 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

Total talent across Total talent across

analyzed core job analyzed Tech job
Major MSA’s Ethnicity Percentage of Core job roles Ethnicity Percentage of Tech job roles
clusters clusters
(in Insurance) (in Insurance)
Greater New York City 1% 1%
Area 36,000 60% 14% 11% 10% 3% 9,000 50% 27% 10% 9% 4%

Greater Los Angeles

Area

San Francisco Bay Area

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

Copyright © 2020 Draup. All rights reserved

Full Report
Greater Chicago Area
Send your requests to info@Draup.com to receive the Full Report
Washington D.C. Metro
Area

Dallas/Fort Worth Area

Greater Boston Area

Greater Seattle Area

Location with high availability of minority talent American Indian and

White Asian Hispanic African American 2 or more races 10
Source: Draup talent module, all data updated in May 2020 Alaska Native
 Ethnic Diversity Analysis in Emerging locations : Miami and San Diego are the top locations with best
ethnic diversity amongst analyzed emerging locations

Total talent across Total talent across

analyzed core job analyzed Tech job
Major MSA’s Ethnicity Percentage of Core job roles Ethnicity Percentage of Tech job roles
clusters clusters
(in Insurance) (in Insurance)
1% 1%
Greater Atlanta Area 11,000 67% 18% 6% 6%2% 2,900 60% 15% 14% 7% 3%

Miami/Fort
Lauderdale Area

Greater Minneapolis-

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St. Paul We have covered the Dashboard of Other major US hotspots in the
Full Report
Greater Detroit Area

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

Greater Denver Area

Charlotte, NC Area

Greater Philadelphia
Area

Greater San Diego

Area
American Indian and
Source: Draup talent module, all data updated in May 2020 White Asian Hispanic African American 2 or more races 11
Alaska Native
AGENDA
1. Job roles Taxonomy
Thank You
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
Copyright © 2020 Draup. All rights reserved
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
12
AGENDA

1. Job roles Taxonomy

2. Ethnic diversity across U.S. in Insurance

industry
Thank You

Copyright © 2020 Draup. All rights reserved

3. Deep dive: Diversity in Charlotte

This section talks about how Reskilling can be a great

4. Reskilling strategies to boost diversity
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

13
 Underrepresented minorities are highly concentrated in front office job clusters which are getting
disrupted due to advent of digitalization in Insurance firms

Most of the Front office job roles are getting disrupted due to Underrepresented minorities have higher presence in front
digitalization; more than are 50% of talent are likely to office job roles that are susceptible to disruption
become redundant

Automation Disrupted job Diversity analysis for Front office job roles
Automation use cases
themes clusters
Customer Service Sales Marketing
• Customer Support Chatbot
• Voice-based Robo Advisors
C • Automatic Feedback Handling
Customer Customer Service
Sales Associate Marketing Advisor
Representative
• Automatic Ticket Creation Service
Digital Assistance • Automatic Ticket Prioritization Customer Support

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Insurance Agent Marketing Associate
Executive
• Client Onboarding Automation
Sales Development Marketing
• Automated Lead Generation Customer Service Manager
Manager Consultant
• Predictive Lead Scoring
• Sales Conversation Analytics Sales
• Demand Forecasting Customer Care Executive Relationship Manager Marketing Executive
Digital Sales • Front desk robots

Customer Care
Area Sales Manager Marketing Analyst
• Email Marketing Automation Representative
• Targeted Advertisements
• Search Engine Optimization Marketing Social Media
Technical Support Executive Territory Manager
• Social Media Targeting Marketer
Digital Marketing • Predictive Analytics for Promotions

Job roles prone High Minority Medium Minority Low Minority

to disruption presence presence presence
Source: Draup talent module and primary interviews with Draup’s customers and internal stakeholders 14
 Contrarily, Minorities have lowest presence in digital job roles and digitally-enabled core jobs that
are in high demand for Insurance firms

Under represented minority talent have very low presence in Digitalization use cases enabled by Tech and digital roles
high demand job roles

Digitalization themes Digitalization use cases

Job role demand
Critical job roles in Insurance
increase in last 2 years

Data Scientist 22%

• Real-time Alerts & Reminders
Tech roles Data Analyst – Fraud detection 28% • Automated Payments
enabling Mobile Solutions

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digitalization • Contactless Payments
Cloud Administrator 18% (mobile based solutions
• Digital Wallets
enabling customers in digital
Insurance processes) • Unified Payment Platforms
Web Developer 18%
• RPA-based Account
Management
Claims Analyst 22%
• AI-based Compliance
Fraud Analyst 18% Adherence
Disruption- • AI/ML-based underwriting
proof Core
Policy Administrator 17% • AI based fraud detection
job roles with
digital skills • Risk Alerts/Notification
In-branch Digitization
Underwriter 12% • Automated claims settlement
(AI-based cognitive solution
to digitalize and optimize core
back office processes )
High Minority Medium Minority Low Minority
presence presence presence

15
Source: Draup talent module and primary interviews with Draup’s customers and internal stakeholders
 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
Reskilling Methodology
Skill gap analysis for training front office roles

1 Skill identification of high demand job roles Tech job roles

Core job roles Data Scientist

Experience
Risk Analyst Cloud Administrator

Experience
2
Skill gap identification between the starting
Claims Analyst Data Analyst
and desired role

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Policy Administrator

Skill gap
Higher skill gap
scenario 2:
Analysis of feasible transitions basedon 8-12 months

Lower skill gap

3 training
relevant Reskilling parameters scenario 1:
6-8 months required
training
required

4 Suitable learning module selection to bridge

the skill gaps Front office roles
Experience
Customer Service Manager Relationship Manager

Customer Service Associate Insurance Agent

16
Source: Draup talent module and primary interviews with Draup’s customers and internal stakeholders
 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

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

Sample Parameters1 to analyse different skill gaps and career transition trends

Front office job roles RPI2 End Role

Specific Technical Technical Functional Specific Soft Observed Career
Skills Overlap Proficiency Proficiency Skills Overlap Transitions

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Insurance Agent 6.1

Sales Associate 5.5 Claims Analyst

Customer Service Executive 5.3

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

1. Several other Reskilling parameters are considered in actual analysis

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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
 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

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

Existing role1 CourseUndertaken Required role 2

EDI Accredited Claims Adjuster Data Analysis: A Practical Introduction

Designation (ACA) Online for Absolute Beginners (edX)
Insurance Agent Claims Analyst

Copyright © 2020 Draup. All rights reserved

(Above sample course by: EDI & edX)
Existing skills Required skills

•CRM handling Skills acquired with courses •Data Analysis

•Policy Advisory •Accounting
•Client handling Data analysis & •Claims
•Basic excel Claims Management Accounting
Visualization Management
•Advanced excel,
Reskilling transition time (6-8 months) SQL and Reporting

1. Insurance Agent considered here should have 4+ years experience with high overlapping skill sets of Claims Analyst
2. 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
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 18
 About Draup

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Source: Draup

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Source: Draup