Advancing Supplier and Governing Board Diversity
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Deadline for submissions is the 15th of every month.
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July 2020 Newsletter Preview
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I. What’s New:
- Welcome from the Insurance Diversity Initiative
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In the Community:
- Community Organized Investment Network (COIN) Launches "Invest In Our Diverse Communities" Initiative
- 2020-21 Insurance Diversity Task Force Leadership
III. Spotlight on Diversity:
- Supplier Diversity: Why Minority Entrepreneurs Need Equitable Relief
- Governing Board Diversity: All Our Talent: Women on Boards & Commissions
IV. Announcements:
- Hospital Supplier Diversity Commission Seeking New Members
- New COVID-19 Resources
V. Diversity Events Calendar
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Dear Hello,,
Happy July! While it is very likely that the summer months are not taking shape as you had originally planned, we hope that you are finding ways to cultivate moments for self care. This month is dedicated to social wellness. What does that mean? Social wellness focuses on the giving and receiving of social support, identifying the network of friends and family an individual can turn to in times of crisis as well as times of celebration, and ways to keep relationships healthy. During these past months, our world has been wrought with issues that are weighing heavily on our hearts and minds. With so many things weighing on us, we need to be even more mindful of our mental health. The COVID-19 pandemic has us sheltering at home out of concern for public safety, but keeping a physical social distance can impact our emotional well-being. According to a recent article by the
Centers for Disease Control and Prevention
, "fear and anxiety about a new disease and what could happen can be overwhelming and cause strong emotions in adults and children. Public health actions, such as social distancing, can make people feel isolated and lonely and can increase stress and anxiety."
- Make connections
- Take care of yourself while caring for others
- Get active together
- Shape your family's health habits
- Build healthy relationships
- Bond with your kids [we'll include pets, too, on our list]
We encourage you to refer to the checklist, or perhaps create one of your own, and find ways to tune into your social wellness. We hope that the rest of your week is filled with plenty of mindful self care and (socially distant) fun.
Be well,
The Insurance Diversity Initiative Team
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California Department of Insurance: Community Organized Investment Network (COIN) Launches "Invest In Our Diverse Communities" Initiative
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Last week,
Commisioner Lara launched “Invest in Our Diverse Communities”, an initiative to identify diverse woman-, veteran-, LGBTQ+-, Latinx, Asian Pacific Islander, Black, and Native American-owned investment managers who can guide investments made by insurance companies into capital-ready socially responsible affordable housing and environmental projects across California. With the U.S. insurance industry commanding $7 trillion in investible assets, the new Invest in Our Diverse Communities Initiative will identify investments managed or owned by diverse investment leaders to fund targeted projects with social benefits in the state. The new initiative is part of the Department of Insurance’s
California Organized Investment Network (COIN), a nationally recognized model program created in 1996 to increase insurance industry capital in underserved, low-to-moderate, and rural communities throughout California.
Commissioner Lara’s initiative will add COIN-qualified investment opportunities owned and managed by diverse firms. COIN-qualified investment opportunities address areas requiring immediate attention, such as health care, homelessness, and environmental sustainability. Investment opportunities also assist small businesses in underserved communities which, during the COVID-19 pandemic, will be needed now more than ever before.
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2020-21 Insurance Diversity Task Force Leadership
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2020-21 Insurance Diversity Task Force Leadership
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Salvador Peinado, Jr. (Sal)
Chair - Insurance Diversity Task Force
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Mark Morales
Vice Chair - Insurance Diversity Task Force
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We are incredibly excited to announce that Chair Salvador Peinado, Jr. (who continues his second term) alongside Vice Chair Mark Morales will lead the Insurance Diversity Task Force (Task Force) for the 2020-21 term. Both members were elected by the Task Force during the 2
nd Quarterly Meeting held on June 24, 2020.
Chair Peinado, Jr. is currently the Senior Supplier Diversity Consultant at CSAA Insurance Group (IG). He is responsible for developing and implementing CSAA IG’s supplier diversity program. He currently serves as on the Board of Directors for the Western Regional Minority Supplier Development Council and Financial Services Roundtable for Supplier Diversity.
As part of his candidacy statement, Chair Peinado, Jr. emphasized that “COVID-19 shed a light on diverse and small businesses’ impact on the U.S. economy. If there ever was a doubt that small business was the backbone of our economy, that doubt no longer exists. Supplier diversity is important now more than ever. We have an opportunity to bring supplier diversity to the forefront of the insurance industry. to partner with insurance companies to rebuild our economy through a robust supplier diversity initiative. As diverse and small businesses grow, so does our economy. We, the task force, must seize the moment to advance governing board and supplier diversity. We must serve as a conduit to bring together insurance companies and diverse suppliers with the purpose entering into contracts and creating jobs.”
Chair Peinado, Jr. is joined by Vice Chair Mark Morales. Vice Chair Morales is Vice President - SBA Loan Specialist at City National Bank and Co-owner of Charles Jacobsen, Inc., a certified LGBT business enterprise. He is the SBA Los Angeles District Office – 2016 Financial Services Champion of the Year and the recipient of the 2018 Insurance Diversity Trailblazer Award. He serves his community as the LGBTBE representative to: Community Advisory Panel of Southern California Edison, Leadership Council of the Los Angeles Business Council, President Emeritus of the Los Angeles LGBTQ Chamber of Commerce and the Board of Advisors of Equality California.
As part of Mark's candidacy statement, he outlined his extensive service to the Task Force beginning in 2015. Mark attended the 2014 Insurance Diversity Summit as a lender and quickly realized that he could bring a wealth of insight and experience to the Task Force. He joined the Task Force in 2015 and has continued to serve in many ways, including provide advice on increasing the LGBTBE representation and diverse spend in California and working on numerous committees to plan the Insurance Diversity Summit. Mark expressed that "the work we do on the Task Force has meaning to our business owners and provides an opportunity to grow wealth in historically disadvantaged communities."
Congratulations to Sal and Mark on their elections. We look forward to your leadership!
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SUPPLIER DIVERSITY SPOTLIGHT
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Why Minority Entrepreneurs Need Equitable Relief
By: Lee Henderson
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Minorities are being disproportionately affected by the coronavirus pandemic, with skyrocketing unemployment and rates of infection and death that exceed other groups. Unemployment for black Americans is now at 17% and at 19% for Latinos. Counties with higher black populations account for more than half of all COVID-19 cases and almost 60% of deaths, although black Americans account for just 13% of the U.S. population.
And that’s not all. Another impact of the pandemic on minorities is similarly disturbing — many minority-owned businesses are struggling to survive against very difficult odds. At this critical time, the importance of providing support to minority entrepreneurs can’t be overstated. Over the last 10 years, minority business enterprises accounted for more than 50% of the 2 million new businesses started in the United States, and they created 4.7 million jobs. These businesses are critical to their local communities and to the broader American economy.
The initial $349 billion fund for the Paycheck Protection Program (PPP) was criticized by some for favoring larger businesses with traditional banking relationships. If true, this trend can disadvantage many minority business owners, who often must work outside of the mainstream financial system and regularly lack access to capital available to others. The second round of funding added an additional $310 billion.
While we don’t have a final accounting of how those loans are being allocated, we must remain vigilant and adjust future relief programs as necessary. To ensure government aid reaches minority business owners, financial institutions and policymakers need to focus on access, cooperation and education..
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GOVERNING BOARD DIVERSITY SPOTLIGHT
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All Our Talent: Women On Boards & Commissions Initiative Introduced in San Diego
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According to the research conducted through the All Our Talent initiative, of the 88 public companies headquartered in San Diego, 23% of the board seats are held by women. And, of the 27 largest private companies headquartered in San Diego only two have female CEOs. This is compared to nonprofit boards where of the 51 largest nonprofit organizations, 34 have male board chairs, 14 have female board chairs, and 3 were unspecified. On City of San Diego-appointed boards and commissions, 53% of board seats are held by men and 47% by women. Sixty-five percent of county board and commission seats are held by men and 35% are held by women.
The initiative outlines five gaps and recommended solutions:
Awareness-building & data collection
Recommendation: integrate research about the benefits of gender-diversity into educational
and training efforts, and encourage the tracking of demographic data of leadership teams.
Network access and expansion
Recommendation: broaden access for women to the networks that actually make decisions about who is considered for board or commission seats with a focus on making the bridge between diverse networks of talent and decision makers.
Regional coalition building
Recommendation: develop a resource hub and coordinate regional efforts to advance women on boards and commissions, and identify gaps in training and support networks.
Identifying and connecting talent
Recommendation: build a database of women interested in serving on boards and commissions and assist companies and organizations with access to the database, with particular attention paid to women of color.
Building women’s confidence
Recommendation: Encourage business, nonprofit, and government leaders to advocate for women in their organizations to serve on boards and commissions, and connect interested women with training and support networks.
Utilizing the information gathered from this research, the initiative will develop a database of women who are interested and available to serve on boards and commissions. Additionally, the initiative will create training to prepare women for board service, as well as training for businesses and organizations to ensure their boards are ready to receive these new members and work effectively.
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Hospital Supplier Diversity Commission Seeking New Members
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Hospitals are uniquely positioned to build relationships within the communities they serve through the development, inclusion, and utilization of certified minority, women, lesbian, gay, bisexual, transgender (LGBT), and disabled veteran business enterprises whenever possible, and through this program OSHPD can support expanding opportunities for diverse communities.
OSHPD is responsible for convening a hospital diversity commission comprised of the public and health care, diversity, and procurement stakeholders to advise OSHPD and the hospital industry on best methods to increase procurement with diverse suppliers within the hospital industry and to promote and provide outreach to hospitals that are actively engaged in supplier diversity issues.
Section 1339.88 specifically outlines the requirements for developing and administering the hospital diversity commission. OSHPD is currently seeking applicants for the newly formed commission. The commission will include:
- One commissioner who is a member of the public and shall serve as the chair of the commission.
- Two commissioners who are representatives of the hospital industry who, at the time of appointment, serve as practitioners in the field of supplier diversity.
- Two commissioners who are representatives of a minority business enterprise.
- Two commissioners who are representatives of a women business enterprise.
- One commissioner who is a representative of a disabled veteran business enterprise.
- One commissioner who is a representative of an LGBT business enterprise.
- Two commissioners with expertise in the field of supplier diversity.
If you are interested in applying for a position on the commission, visit the
OSHPD site for more information. OSHPD will continue reviewing applications through
August 21, 2020.
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COVID-19 Resources: Newest Updates
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In our ongoing effort to add to our repository of resources related to COVID-19, we have identified new links to be added to our existing
COVID-19 Resources page on the
Diversity
site. We hope that you will find these resources valuable in your search for trustworthy and thoughtful information during this continually changing time.
California Department of Insurance Resources
National Chambers of Commerce
Local Chambers of Commerce
Local Resources – San Francisco
Additional Business Resources
If you have additional related resources that you believe should be included in our COVID-19 Resources page, please contact us at
diversity@insurance.ca.gov.
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DIVERSITY EVENTS CALENDAR
JULY/AUGUST
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JULY
July 14, 2020
This event is being held virtually
July 29, 2020
This event is being held virtually
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AUGUST
There are no events currently scheduled
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To submit a request to add your Supplier Diversity or Governing Board Diversity-related event, please contact us at:
diversity@insurance.ca.gov
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The Insurance Diversity Initiative was established in 2011 to address diversity issues within California's $310 billion insurance industry. Specifically, these efforts are meant to increase procurement from California’s diverse suppliers, as well as to increase diversity amongst insurer governing boards. To accomplish these goals, the Department conducts outreach, creates partnerships, hosts events, and most importantly, administers surveys to collect and publicly disseminate information about the state of diversity in the insurance industry.
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INSURANCE DIVERSITY INITIATIVE
Office of Insurance Commissioner Ricardo Lara
California Department of Insurance
(916) 492-3317
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