Brokerage firm calls for industry action as it condemns US police brutality

In response to protests against police brutality in the US, brokerage firm Protecdiv has called on the insurance industry to use its skills to bring about positive change and lead the way in the struggle against racism.

In a statement, the majority black-owned and operated firm said: “Without caveat or hesitation, we condemn over-aggressive policing, police brutality, and the killing by police of the unarmed. Our condemnation is not enough. We must do more. Let’s use our industry’s inherent skills to make broad positive change.”

The statement said: “Our company, Protecdiv, is somewhat unique in the insurance industry. We’re a broker that focuses  exclusively on large commercial insurance and reinsurance risks. We’re also a majority black-owned and operated business.

“Our position as diverse executives running an insurance entity allows us a somewhat unique perspective on current events.”

Pointing to the COVID-19 pandemic and the US protests against police brutality, it said: “These will be significant industry loss events and will cause long-term changes to work life and underwriting. But for black and brown people, there is often an additional burden from our current national challenges.”

It emphasised that industry employees and colleagues are struggling emotionally as the unprecedented situation unfolds and went on to highlight the personal connections many have to the people in communities hit hardest by COVID-19 and the protests.

“We’ve been connected to these communities that have poor access to healthcare, poor access to education, and poor access to emergency funding.

“We worry about these same communities that have had to suffer through the institutionalized view of many police that black people are inherently more dangerous than white people and that this threat must be aggressively neutralized.”

Protecdiv urged the insurance industry to mobilise three key skills that can bring about change: empathy, creativity and long-term planning.

The brokerage deemed empathy to be “the basis of underwriting”, adding: “Let’s deploy this empathy process to our employees, colleagues, and industry friends. Ask thoughtful questions about people’s feelings. Communicate that you care. Lean on examples from elsewhere in your experience to offer help, where possible. Be comfortable in your discomfort. It takes open hearts, minds, and conversations to help.”

Pointing to the industry’s creativity and dynamism, Protecdiv challenged insurers to use them “to solve the protection gap in urban communities. Deliver new insurance products that allow community members to recover quickly from setbacks. Support community and commercial initiatives that help individuals from poorer communities build businesses and secure long-term quality housing. Support black and brown owned businesses that already exist. Efforts like these will ultimately generate new revenues for our industry, reduce risk for communities, and be showcases for the dynamism of insurance”.

Insurers are renowned for their long-term planning and focus, which Protecdiv said can be used to “increase your investment in recruiting and developing diverse talent”.

The statement continued: “Our industry has made some significant strides in bringing in talent that wouldn’t have otherwise been exposed to our great industry. Our industry benefits from the diverse perspectives that come with diverse backgrounds and our communities benefit by having more role models that look like all of us.

“We all work in a leading industry. Let’s lead.”

This call to action comes in response to the most recent example of police brutality in the USA where George Floyd died while being restrained by police on Monday May 25.

All four officers were dismissed by the Minneapolis police department. Derek Chauvin, the officer witnessed kneeling on Floyd's neck for nearly nine minutes, has been charged with second-degree murder, and his initial charges of third-degree murder and second-degree manslaughter will remain on the charge sheet.

Charges of aiding and abetting second-degree murder, and aiding and abetting second-degree manslaughter have been made against the three other former officers involved Thomas Lane, J Alexander Kueng and Tou Thao.