America’s life insurers believe strongly that everyone deserves the opportunity to achieve financial certainty for themselves and their families. That means everyone, no matter where they live or work and regardless of their life stage or economic status.
Our products can play a vital role in creating financial security and building intergenerational wealth. But ACLI and its member companies recognize that more can be done to provide opportunities to financially underserved communities across the country. It’s up to us to ensure that more Americans are able to access the information and tools they need to ensure their family’s long-term financial certainty.
A proven key to improving financial inclusion is to expand and improve outreach efforts to underserved communities. A study of the Employee Benefit Research Institute found many Black and Hispanic Americans prefer to work with an adviser who has a similar racial or ethnic background and/or who has a similar upbringing or life experiences to them. ACLI is leading an industry initiative to expand the talent pool for diverse, well-qualified producer applicants. By eliminating unnecessary and archaic obstacles to the producer licensing process, we can attract more candidates from undeserved communities.
ACLI is also actively engaging in outreach activities, including through our partnership with the Financial Alliance for Racial Equity (FARE). FARE is a coalition of financial services firms, industry organizations, and historically Black colleges and universities (HBCUs) committed to reducing disparities within the financial services industry.
Last month ACLI participated at FARE’s HBCU Live at Howard University in Washington D.C. The event connected HBCU students and alumni with financial services professionals where we focused on industry education, career advancement and networking opportunities.
Life insurers are determined to develop a diverse and inclusive workforce that reflects the broad variety of communities we serve. We strongly support efforts like HBCU Live where we can reach and attract talented employment candidates from underrepresented communities. Through smart partnerships with FARE and others, we are engaging in concrete steps to achieve greater economic empowerment of financially underserved communities across the country.
Michelle Carroll Foster is Chief Inclusion Officer at the American Council of Life Insurers (ACLI). She joined ACLI in 2019.
