As budgets get tight, brokers say this policy offers economic advantage

Whether or not brokers ideologically believe in diversity, equity, and inclusion (DEI), one fact remains — it’s a massive economic opportunity. 

So say 71% of brokers who can cite at least one economic benefit to workplace DEI initiatives at their brokerage, according to Canadian Underwriter’s 2025 Brokerage DEI Survey. The research, supported by Sovereign Insurance, garnered 227 responses from brokers across Canada. 

The top-cited economic benefits brokers noticed from DEI policies, which seek to promote the fair treatment of historically underrepresented groups, were: 

• Employee retention (51%) 

• Employee productivity (41%) 

• Increased customer satisfaction (39%) 

Just over one-fifth (21%) of brokers could also cite increased profits and revenue stemming from their workplace DEI initiatives. Another 17% cited better supplier partnerships and relationships. 

Brokers at organizations whose senior leadership is highly diverse could best recognize (76%) the economic benefits of DEI policies. And fully 64% of brokers at firms with no diversity in senior leadership could name at least one benefit. 

As for personal sentiment, even 19% of those who personally disapprove or reject DEI could name at least one economic benefit of DEI policies. 

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Verbatim survey responses also show brokers pointing to improved customer experiences.  

One broker specified diversity within a brokerage could help firms connect with customers that would otherwise be disengaged from the industry if their firm lacked the diverse or inclusive wherewithal to acquire them. 

“We cannot understand the needs of our diverse clientele if we don’t have diversity ourselves. Especially nowadays, women are making many of the financial household decisions, and when a brokerage is mainly men, they don’t have insight into how to sell to women (as one example).

“And what [are] the insurance needs of immigrants, both commercially and personally?” they ask. “There are huge opportunities out there, but without diversity we will be blind to them, and we will not be able to provide excellent service.” 

Many brokers echoed a similar sense of increased customer interest or retention. 

“Being representative of the communities that we operate and live in,” says one broker in rural Manitoba.

And, an Alberta broker says, “If you focus on no diversity, you lose business by those who want to deal with people who are like them.”

Budget cuts 

Despite agreeing that DEI policies create economic opportunity, brokers concede economics is directly causing some brokerages to move away from formal initiatives. 

Focus shifts to other priorities (37%) and budget cuts due to challenging times (24%) are the second and third top reasons brokers feel some organizations may be pivoting strategies. 

Brokers at organizations leading in diversity at the senior leadership level were most likely (41%) to quote budget cuts as a reason for departing from DEI, while those at firms with no diversity at the senior leadership level were the least likely to quote this as a reason.  

Some brokers cite the importance of having a reactive business strategy when it comes to DEI.  

“The noise and conversation regarding DEI is increasingly noticeable. If a firm ignores the trend it can adversely affect your business,” says one broker from Ontario. 

Alyssa DiSabatino

Alyssa Di Sabatino has been a reporter for Canadian Underwriter since 2021, covering industry trends, market developments, and emerging risks.