Insurance industry initiative to encourage companies to do more for working dads looks to be working as a swathe of new firms sign up
Insurance companies have responded positively to a call for more firms to publish their paternity policies.
The Association of British Insurers revealed that the number of companies in the sector increasing transparency around parental policies has increased by more than half.
And three quarters of the industry now offers enhanced paternity pay and leave.
Campaigners want to see all big companies forced to publish their policies for mums and dads. They believe that competition will encourage more firms to boost their paternity offer. That in turn will make life easier and better for both dads and mums.
The insurance industry seems to be bearing that out.
Aviva notably introduced a groundbreaking policy offering dads six months of paid paternity leave. That bagged them the ‘Best for Dads’ title at our most recent awards ceremony. Last month they released their latest stats that showed uptake among dads continues to grow.
And on the face of it seems the rest of the insurance industry has taken steps to catch up.
The most recent announcement came from French brand Covea insurance. They are giving men six weeks of paid leave when they become a father. Covea People Director Lisa Meigh said, “We know that many dads want to take time off to be involved with caring for their new-born babies, but that family finances can put pressure on the length of time they take. By increasing paternity leave to six weeks’ full pay, new dads working at Covéa Insurance will be able to focus fully on their new baby and partner during the crucial first stage of their child’s life.”
Other companies among the new wave signing up to the ABI initiative include Lloyds Banking Group, Bupa and professional body the Chartered Insurance Institute.
The voluntary transparency initiative is focused on persuading companies to publish their policies, to look at their Shared Parental Leave offer and to consider rules around eligibility,
Yvonne Braun, Director of Policy, Long-Term Savings and Protection and Executive Sponsor for Diversity & Inclusion at the ABI, said: “Evidence shows that diverse teams deliver more. Insurers and long-term savings companies recognise the need to attract talent from all walks of life to maintain their world-leading status.
Making parental leave and pay policies transparent and accessible can be transformational for prospective employees in our sector. That’s why I am delighted to see so many ABI members joining this sector-first initiative. It is vital that, as an industry, we are taking targeted action to create inclusive workplaces that are attractive to all, including would-be parents.”