Insurance Industry Increases Spending With California Diverse Suppliers By $670M

California Insurance Commissioner Dave Jones announced at the 6th Annual Insurance Diversity Summit this week that California diverse businesses supplied $1.6 billion in goods and services to insurance companies last year.

That’s a $670 million increase since 2012, according to the California Department of Insurance.

It was announced that the 2017 Multistate Insurance Diversity Survey, launched last year as a national survey of the insurance industry around supplier and governing board diversity with insurance commissioners from four states – California, District of Columbia, Oregon, and Washington – found insurers spent $7.8 billion with diverse suppliers nationwide in 2016.

Jones hosted the summit convening more than 300 insurance company executives, business organizations, chamber representatives, diversity advocates, and leaders from minority, women, LGBT, veteran owned and disabled veteran owned businesses at California State University Sacramento.

“The California Insurance Diversity Initiative started a conversation among insurers, diverse suppliers, governing board members, advocates, and stakeholders that has translated into action,” Jones said in a statement.

CSAA Insurance Group received the commissioner’s Award for Excellence in Diversity for its diversity on both their governing board and supplier diversity efforts. Kaiser Permanente was presented the Supplier Diversity Champion Award for its commitment to supplier diversity, its approaches to diverse supplier development and for increased opportunities for diverse suppliers. Prudential Financial received the Governing Board Diversity Champion Award for its example of successful board diversity and for its approaches to diversifying its governing board. The Western Regional Minority Supplier Development Council was honored with the Insurance Diversity Trailblazer Award for being a champion of diversity and an advocate for diverse businesses for 40 years.

“CSAA Insurance Group, Kaiser Permanente, Prudential Financial, and the Western Regional Minority Supplier Development Council are leaders in the field of diversity within the insurance industry, and I commend them for furthering the goals of the initiative and partnering with us to ensure success,” Jones added.