Empowering voices and elevating careers through inclusion & innovation:
Inclusion and diversity are essential in today’s financial landscape. The insurance industry, which has historically faced challenges in these areas, is undergoing a significant transformation led by pioneers like Omari Arons Martin. As the Chief Operating Officer and Executive Director of the National African American Insurance Association (NAAIA), Omari has been instrumental in sharing NAAIA’s inspiring journey to empower people of color within the insurance sector.
In a recent series of conversations titled ‘Coffee Share: A Lot More Can Happen Over Coffee,’ initiated by Babu Nair, Managing Director & Founder of Financial Technology Frontiers, Omari discussed the organization’s efforts and the positive impact they’ve made.
The Foundation of NAAIA
Established in 1997 by a visionary independent insurance agent, NAAIA was created to address the lack of diversity in the insurance industry. As Omari explains, the founding agent noticed a glaring absence of people of color at industry conferences and forums, prompting him to take action. “He realized there had to be more than just him in this industry,” Omari recalls.
Today, NAAIA boasts 2700+ members and has established 24 chapters across the United States, with plans for further expansion. At its core, NAAIA focuses on professional development and breaking down barriers for black and African American professionals in insurance. Through webinars, regional forums, and conferences, it provides members a platform to remain updated on industry trends and acquire valuable skills.
Addressing Systemic Barriers
A key issue facing people of color in the insurance industry is the systemic barriers that hinder upward mobility. Omari highlights the lack of access to higher-level management training and executive coaching as one of the primary bottlenecks. “Where we tend to get stuck is in entry-level or first- or second-level manager roles,” he says. Without opportunities for leadership development, many black professionals find it challenging to advance into senior management or executive positions.
NAAIA is actively working to address these challenges. By partnering with 81 insurance companies and organizations, they assist with talent management, recruitment, and succession planning. The organization also ensures that diverse voices are present in rooms where important decisions are made. “It’s crucial for the industry to have the perspective of its entire customer base,” Omari asserts.
Technology Driving the Change
Technology, particularly in the form of insurtech and fintech, is transforming the insurance industry. Omari acknowledges that while there is often fear surrounding advancements like artificial intelligence (AI), there is also immense potential. “We don’t need to fear technology; we need to learn what is happening and embrace it,” he advises. NAAIA encourages its members to stay ahead of technological trends and leverage tools like AI to enhance their careers.
Through case competitions and webinars, NAAIA is helping its members understand the implications of AI and other emerging technologies. They are educating not just current professionals but also students, ensuring that the next generation of insurance leaders is well-equipped to navigate a tech-driven industry.
Global Aspirations
While NAAIA’s primary focus is the U.S., its vision extends beyond national borders. The organization has established relationships with global partners like the Canadian Association of Black Insurance Professionals (CABIP) and the Afro-Caribbean Insurance Network (now Equity) in the UK. Omari shares that these partnerships allow for cross-membership benefits, fostering a global network of insurance professionals of color.
Furthermore, NAAIA is exploring opportunities in Africa and the Caribbean, with early connections established in Ghana, Nigeria, and South Africa. Omari envisions building a global ecosystem where organizations dedicated to diversity in insurance can collaborate and share best practices. “There is a shared conversation around Blackness in the insurance industry globally, and we want to be part of that dialogue,” he affirms.
The Future
Looking ahead, NAAIA’s future seems bright. The organization has been growing at an unprecedented rate, with a 23-25% yoy growth since 2019. NAAIA’s focus now is on scaling its infrastructure to accommodate this expansion and launching new initiatives like a mentorship program. As Omari explains, the goal is not just to create activity but to drive real progress. “We are really after that movement, that elevation, that acceleration in people’s careers,” concludes Omari.
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