The Number of People with Disabilities in the Workforce Is Growing. But Will They Find Careers in Insurance?

In an enormous industry that touches nearly every facet of daily life, insurance and risk management experts say, there’s ample space for people of diverse abilities to thrive.

By: Raquel Moreno | November 18, 2023

The term “disability” encompasses a vast spectrum. Overall, more people who identify as “disabled” are actively engaged in the workforce today than in recent years.

According to the Bureau of Labor and Statistics, in 2022, 21% of persons with a disability were employed, up from 19.1% in 2021. Whether this increase is directly tied to greater availability of hybrid work options or a function of more people becoming disabled, some experts expect to see the trend continue.

“Within the next 10 years, I think, the number of people with disabilities working is going to increase quite a bit,” said Gilmara Vila Nova-Mitchell, director of diversity, equity and inclusion at IMT Insurance.

But is the risk management and insurance industry ready to make space for more people with disabilities?

Finding the Right Fit

In risk management, it’s important to consider the work that has to be done and how to then accommodate people’s specific needs, said Grant Reichert, director of risk management at real estate investment trust Camden.

Site safety, an integral facet of risk management in real estate development, is one function that he said could present challenges.

Visiting real estate developments can involve fatiguing travel, not to mention that, in the early stages, many sites are not yet equipped with elevators and other accessibility features, Reichert said.

But such physicality is not always required, Reichert acknowledged. “I could be in my office for the next three months and be just fine. So depending on what you’re doing within corporate risk management, there’s a way forward for you,” he said.

Given that much risk management comes down to problem-solving, Vila Nova-Mitchell said, disabled people have a lot to offer the industry.

“People with disabilities can bring a very unique perspective and value to the field of risk management,” she said. “They are very skilled at problem-solving; they have to problem-solve [constantly] because our society is not designed for them.”

Reichert agreed and views keen problem-solving as a necessary skill for risk identification: “Essentially, you’re using your imagination to figure out all the potential risks the company faces. So having a different perspective definitely [can] help identify and treat uncommon risks.”

The Ability to Lead

Vila Nova-Mitchell anticipates that more risk and insurance-related organizations will welcome the perspectives of people with disabilities in the years ahead. Much of the advocacy needed to open more doors could come from top leaders who are disabled.

Francis Hyatt, chief sustainability officer, Liberty Mutual Insurance

Francis Hyatt, chief sustainability officer, Liberty Mutual Insurance, is one of the industry leaders currently driving such change.

“When I became vision impaired in 2011, I didn’t want to be seen as having a diminished capacity,” he said. “My manager created a safe space for me to talk about my needs and determine the accommodation that would ensure I could continue to be successful.”

For more than 30 years prior to becoming CSO in 2019, Hyatt helped shape a wide range of leadership and workforce strategies at Liberty Mutual — most recently leading the enterprise talent practices group.

“This breadth of experience provided a unique view into the needs of our employees, the challenges they face every day and the opportunities we have to best support them,” he said.

In 2021, Liberty also launched a multiyear accessibility action plan focused on evolving policies, benefits, infrastructure and programing.

“Part of the plan included the launch of a seventh employee resource group (ERG), Able@Liberty + Allies, dedicated to fostering awareness, understanding and support for people with disabilities, caregivers and family members,” Hyatt shared.

As the co-executive sponsor of this ERG, Hyatt said, “I’ve always felt supported in my disability journey and want to help others across the company feel the same.”

There’s a Place for You Here

Vila Nova-Mitchell recommends that insurance leadership make deliberate efforts to recruit people with disabilities.

One place a growing number of organizations are seeking out talent from an often-overlooked community is Gallaudet University, a global leader in postsecondary education for deaf and hard of hearing people.

In 2015, a risk management and insurance (RMI) program launched at Gallaudet with funding from the Maguire Foundation.

Mirroring the experiences of other RMI program directors, James Bruner, executive director of Gallaudet University’s risk management and insurance program, has worked diligently to build a pipeline from Gallaudet to the industry.

“I’m proud of all the doors that have been open for a lot of these students,” Bruner said, reflecting on the approximately 50 deaf and hard of hearing people who have graduated from Gallaudet’s RMI program.

“And keep in mind, when they came to Gallaudet, the last thing they thought about was majoring in insurance,” he said.

With unwavering support from both the university leadership and Maguire, Bruner has been able to help students see that “there’s a place for you in the insurance industry,” he said. “It’s an enormous business and the tentacles go everywhere.”

Interning Gallaudet students have excelled in a variety of workplaces, from the DC Department of Insurance, Securities & Banking to major brokerage firms. From those initial opportunities, Bruner’s former students have gone on to build careers as analysts, brokers and underwriters.

And now that a recent alumnus has passed his first actuary exam, Bruner sees actuarial careers on the horizon for future graduates as well.

Though the playing field is not equal for his students, Bruner said, many of Gallaudet’s internship program partners patiently work together with his team to resolve any accessibility challenges that arise despite diligent planning and preparation.

But thanks to technological advancements, Bruner said, facilitating communication (which tends to be the most significant hurdle his students must overcome among hearing colleagues) is much easier than it’s ever been.

Visibility Matters

Between his three decades of insurance industry experience and the expertise offered by Gallaudet’s three adjunct RMI professors, Bruner takes great pride in the quality of the education and industry preparation the students receive.

“I was able to hire three amazing adjunct professors that have been in the field for years,” he said, which has “offered students an opportunity to hear directly from the professors that understand the business. It’s not just all theory … It’s real-world, real-life [experience].”

The most valuable learning moments, however, are when former students return to give presentations to current students.

“Think about how powerful that is, having one of your own give that presentation and say, ‘You can do it too,’ ” he noted. “It’s one thing for me to tell them; it’s a whole different ball game for former students to tell them that too.” &

Raquel Moreno is a staff writer with Risk & Insurance. She can be reached at [email protected].

Consistency and Stability

Sandy Bigglestone, Deputy Commissioner for the State of Vermont’s Captive Insurance Division

With the commercial insurance market so unstable, companies are turning to captives to house their exposures. Vermont, a long-time domicile, is getting increased attention because of their strong reputation and their leadership as the top domicile worldwide.

“All stakeholders enjoy the stable political and regulatory environment Vermont has to offer to operate in,” Bigglestone said.

Of course, a lot of consideration goes into deciding whether or not a captive is the right choice for a particular company. Businesses need to assess their exposures and their books to make sure they can adequately operate a captive.

There are significant advantages, however. “For low frequency, high severity risks, captives can access the reinsurance markets directly, so it’s very attractive for businesses to put a captive in place,” Bigglestone said.

And carriers are more accepting of captives as part of a broader insurance program.

“Captives are changing the relationship businesses have with commercial carriers,” Bigglestone said. “Commercial carriers are wanting to see companies with skin in the game; therefore, the relationships have evolved to be less transactional and more strategic.”

Balancing Bureaucracy

With 76 global domiciles, companies have a lot of options when it comes to selecting a captive partner. “Captive insurance domiciles compete globally for the business,” Bigglestone said. “If you were to put all 7,000-plus captive insurance companies around the world, all in New York, it wouldn’t have the same economic impact as 700 captives in Vermont does. The captive insurance industry is very important to our state and we will continue to support it in any way we can.”

Businesses should look for domiciles that balance a need for quality regulations with a process that isn’t overly bureaucratic and is seamless for business owners to navigate.

“Companies are attracted to an environment with quality regulatory standards and a stable regulatory environment,” Bigglestone said. “Vermont sets the regulatory standard in terms of financial analysis and examinations.”

In addition to quality regulations, firms will want to seek out a domicile that is agile enough to license captive insurance companies that fit their unique needs. It is important that a domicile have firm but fair regulation and the experience to consider new ideas and implement them. Companies must consider a variety of factors when choosing a domicile and not everyone will be the right fit for every company.

“You have to consider the captive owner and the industry sector that that owner operates in, as well as the insurance risks that are going into the captive program,” Bigglestone said. “Captive laws and regulations have to have a reasonable degree of flexibility to accommodate all the varying needs of owners and then impose rules based on the merits of each captive program.”

She added that creativity is a critical part of the process: “The ability to vet concepts and ideas with trusted individuals is key to having quality standards,” Bigglestone said. “And it can make captives appealing to insureds who are tired of commercial carriers not meeting the needs of the business, and who desire more control over their insurance programs.”

“When you think about the commercial marketplace, commercial insurers are supposed to operate in each jurisdiction in a competitive manner. Commercial carriers often look the same. They sell auto coverage to anyone with a driver’s license. The rules and regulations imposed upon commercial insurance companies are designed to be more formulaic for that reason,” Bigglestone said.

“Uniform regulatory standards apply to commercial carriers for the protection of the policyholders. These are standards all insurance regulators focus on, and standards captive insurance regulators need to understand, but with a specialized focus.”

A Quality Domicile Built for the Future

A combination of experience, regulatory standards and talent make Vermont a top domicile for companies looking to form a captive. The longevity of licensing captive insurance companies for over forty years is a testament to the quality work they’ve provided in the past and will continue to provide for many years to come.

Vermont’s reputation has helped the state attract and retain top captive talent, ensuring the businesses it serves are in good hands. The state has 32 employees dedicated to captives, and their average employee retention is 15 years. The Vermont Captive Insurance Association, the largest captive insurance trade organization, also helps companies connect with professional services needed to make their captive successful.

“There’s a whole host of service providers with proven expertise right here in Vermont,” Bigglestone said.

Taken together, Vermont’s resources, expertise and talent make it a prime domicile. They’ve been on a growth trajectory over the last few years and that’s unlikely to change anytime soon. Companies can trust their captive will be in good hands when they choose Vermont.

“Vermont has always competed on quality,” Bigglestone said. “We do have a mission and that hasn’t changed in over 40 years. It’s to maintain a system, or domicile that attracts quality business to Vermont, to promote our reputation in the industry, and to uphold a regulatory framework to protect the solvency of the companies that choose to place their business here.”

To learn more, visit: www.vermontcaptive.com

This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with State of Vermont. The editorial staff of Risk & Insurance had no role in its preparation.

The State of Vermont, known as the “Gold Standard” of captive domiciles, is the leading onshore captive insurance domicile, with over 1,200 licensed captive insurance companies, including 48 of the Fortune 100 and 18 of the companies that make up the Dow 30.