June 25, 2024

ICICI Prudential Life Insurance has introduced “ABCD” framework of initiatives to foster Diversity & Inclusion

Mumbai 11th March 2023: ICICI Prudential Life Insurance, an equal opportunities employer, has put in place a comprehensive framework of initiatives, to build an equitable workplace and provide a definitive direction to Diversity and Inclusion (D&I) in the Company. Built on the “ABCD” framework, the Company’s D&I interventions include Attracting diverse talent and enhancing Belongingness and inclusion at the workplace through enabling policies, and creating awareness and sensitisation programmes. Besides, it also includes building Connect with employees from diverse groups, by providing supportive policies and platforms. This includes internal and external forums of women leaders to learn through role modelling. The framework also focuses on tracking progress on gender diversity by publishing Diversity dashboards. With these initiatives, the Company aims to improve overall diversity, including the representation of women and integration of Persons with Disabilities and LGBTQs in the workforce. Recently, the Company also instituted a Diversity Council as part of its D&I agenda. Comprising both senior women and men leaders, the Diversity Council steers the D&I agenda, including strategic accountability for results, governance and oversight on diversity efforts and promotes company-wide communication on its progress. The Company’s efforts to strengthen gender diversity and foster an inclusive culture has resulted in the overall composition of women increasing to 27%. Significantly, women’s participation in the Company’s process and support functions is now 40%. The Company has also initiated a drive to recruit from women-only graduate universities, to enhance the participation of women in frontline roles. Moreover, recruitment partners have also been educated to proactively provide a balanced mix of candidates for filling job openings at the Company. The Company has in place, various enabling and supportive policies catering to the varied life stage needs of employees. With these policies, it aims to encourage greater participation of women in the Company’s workforce and support them to stay invested in their careers for the long term. Furthermore, to enhance belongingness and inclusion, the Company has made employee policies gender-agnostic, removing the gender binaries from the policy language.  Additionally, the Company has expanded the definition of family, which previously referred to the spouse to include same-sex partners. Adoption and surrogacy-related leaves have also been extended to all primary caregivers, including male employees. Understanding that flexibility is a key issue for many working women as well as for men colleagues with specific lifestage needs, the Company provides its employees an option to avail a sabbatical or flexible