Canadian Underwriter
News

The diversity and inclusion statement that hit home for Intact’s management team


December 9, 2020   by Jason Contant


Print this page Share

Intact Financial Corporation was holding focus groups on diversity and inclusion a few months ago, when a young manager of colour shared her experience with the insurer’s senior management.

“She gave an example to us, which struck most of the management team,” recalled Louis Marcotte, senior vice president and chief financial officer at Intact Financial Corporation. “She said, ‘Listen, there’s a difference between being invited to the dance and being invited to dance.”

The statement recalls a line from diversity advocate Vernā Myers, who is quoted as saying: “Diversity is being invited to the party. Inclusion is being asked to dance.

“It really struck me, this notion of, ‘Yes, you’re comfortable, we’re friendly people, and we accept everybody,’ but we need to take it a notch higher,” Marcotte said.

He shared his comments on diversity and inclusion during the Canadian Insurance Accountant Association’s CFO panel discussion Nov. 26. The panel, presented by PwC, touched on a number of topics including diversity and inclusion, industry trends, the impact of COVID-19 on the industry, IFRS 17, environmental, social and corporate governance, and cyber.

Clockwise from top left: Craig Pinnock, Northbridge CFO; Louis Marcotte, SVP and CFO at Intact Financial Corporation; Gareth Hill, VP and CFO at Munich Re Canada; moderator Kyle Snyder, partner at PwC.

Marcotte said the comment from the young, promising Black manager “really hit me. She explained how she lived it [diversity and inclusion] at Intact. We thought we’re a very accepting company, and we have diversity days, and I thought we did the right things.”

But management realized more needs to be done. Intact is reviewing its values and public comments “and putting the bar a bit higher in terms of what our commitment is,” Marcotte said.

“Systemic racism – I don’t think people understand it fully, and you’ve got to be able to understand what it means to be able to act against it,” Marcotte said, adding that initiatives like the BlackNorth Initiative will hopefully carry weight and change people’s mentality.

“I think we’re in the right direction, but we can’t stop,” Marcotte said. “We just need to keep going on this front. Companies have to take a leadership role. Society expects companies to do better and influence.”

The BlackNorth Initiative, which Intact joined, is led by the Canadian Council of Business Leaders Against Anti-Black Systemic Racism. The goal is to remove anti-Black systemic barriers negatively affecting the lives of Black Canadians, and uses a business-first mindset.

Prem Watsa, CEO of Fairfax Financial Holdings, was one of the founding directors of the BlackNorth Initiative. Craig Pinnock, CFO of Northbridge Financial Corporation, chairs a Fairfax action committee comprised of membership from six other companies covering Canada, the United States, and the United Kingdom (Fairfax is Northbridge’s parent company).

Related: The case for using data for diversity and inclusion in senior ranks

Pinnock said during the webinar that Watsa met with Black people in each of his seven largest insurance companies across the world and assembled some takeaways based on his discussions. The action committee provided a series of recommendations to Watsa, who in turn shared them with the CEOs of the seven companies for them to work on within a specified timeline.

“Things along the lines of those deliverables were: adding language to public documents and townhalls and the like, which stated plainly racism will not be tolerated,” Pinnock said. Other ideas included partnering with charity groups focused on addressing systemic racism, and looking at recruitment techniques.

To create a diverse workforce, “you really need a pool from which to select that is more diverse,” Pinnock stressed. “And that in no way, shape, or form should be seen as a cop-out: I do not believe you can use that as your only lever, but it is an important lever. So, what can you do differently – working with programs, universities, and charities – to help build out that pool through programs that are targeted at assisting those who are not as privileged?”

Rowena Chan, president of Sun Life Financial Distributors (Canada) Inc., and senior vice president of distribution, agreed there needs to be a deliberate inclusion effort – particularly within the Black and Indigenous communities.

“We need to plot that journey very early, even before campus recruiting,” she said last month at KPMG’s 2020 Insurance Conference webinar. “It’s a long-term commitment to bring full diversity into the mix.”

 

Feature image by iStock.com/PeopleImages


Print this page Share

Related


Keywords

5 Comments » for The diversity and inclusion statement that hit home for Intact’s management team
  1. Eric says:

    The problem with the current culture is perfectly illustrated in the 2nd paragraph with her analogy.

    ““She said, ‘Listen, there’s a difference between being invited to the dance and being invited to dance.””

    This is the definition of entitlement. Assuming she deserves everything. She’s not saying people are refusing to dance with her because she’s a “person of color”, (a real detail oriented person like me would ask, what the F does that mean anyway? I’m yellow skinned, is that a color? The white skinned girl next to me, is that a color?) she’s saying she’s not being asked to dance. Nobody is “including” me. And the assumption? Must be racism. Lady, maybe you’re new. Maybe you have a bad attitude, which is entirely possible reading this article. Maybe you smell. Maybe you have a “beech face”. Maybe you have a bad reputation. Maybe you’re just plain ugly (And by the way, there’s nothing wrong with that. Just harder to find guys to dance with you. Truth.) Did you ask 10 guys to dance and they all rejected you saying “sorry, don’t dance with black girls” THAT’S systematic racism. Instead. You stood in the corner moping and assuming, MUST BE RACISM. And the “racism advisors” all eat it up because it’s the “cool” thing to do in 2020.

    Wake up folks, especially the white ones. Nothing is given to a person. This is coming from a yellow skin with squinty eyes. *smh* at what Canada is becoming.

    • Lee says:

      Way to miss the point and rant on an analogy

      • Eric says:

        Way to support a culture of victimhood that leads to the destruction of a society. If a society could thrive with this way of thinking, I’d happily accept it, shut my mouth, and end my archaic way of thinking. The beauty is our disagreement is binary and mutually exclusive. One party is necessarily right and one party is necessarily wrong and there is no third answer. The truth lies in the failing fertility rates of all western cultures after adopting this suicidal way of thinking. A straight down path to biological irrelevance. One only simply needs to be objective to know who is right and who is wrong. Good luck to you, sincerely. I hope you find the truth.

    • Rafik says:

      I couldn’t agree more with you Eric.

      • Eric says:

        Some advice from a kindred spirit. The morality of dying society/culture is the definition of irrelevant to a person who means to have his family survive another 100,000 years. You can choose not to participate. All you need to confirm, is whether the society/culture is actually dying. As I mentioned above, the fertility rates tell all. Just look at Canada. 45 STRAIGHT years of sub-replacement fertility and STILL dropping, and the solution from our great leaders is to import 400,000 people every year to replace the dying people + teach the population not to care. Only the naïve won’t see the horrors of such a strategy. Good luck. Find truth and all will be revealed.

Have your say:

Your email address will not be published. Required fields are marked *

*