Ensuring Inclusivity: Embracing Neurodiversity in Insurance
With Ian Newman, Head of SME Strategy & Development, Covéa Insurance
Running a small business is no small feat. It requires resilience, creativity, and a unique set of skills. There is a growing awareness that many small business owners are more likely to be neurodivergent.
In a recent study undertaken by Covéa Insurance, we found that small business owners are 30% more likely to be neurodivergent.
Neurodiverse people think, process thoughts and experiences, and interact with the world around us in a unique way. Neurodivergence is a difference in how the brain works. It means the person has different strengths and struggles from people whose brains develop or work more typically.
This can make reading or understanding insurance documents more challenging. We’ve created a guide for our brokers to ensure we have the right support in place. It also made me think about how neurodiversity can be a superpower when starting your own business.
1. Innovative Thinking
Small business owners need to think outside of the box, and often need to have the ability to innovatively problem solve, a trait often associated with those who have ADHD or autism. This ability to approach challenges from different angles can be a huge asset in the business world.
2. Passion Driven Pursuits
Neurodivergent individuals are often driven by their passions and interests and often in the business world this passion and determination can be a powerful force meaning they can overcome obstacles and have the resilience needed to keep going, maintaining that drive throughout the most challenging times.
3. Hyper Focus and Attention to Detail
Neurodivergent traits like hyperfocus and intense attention to detail can be increasingly valuable. Small business owners can benefit from the ability to focus intensely on specific tasks, ensuring better quality of the output of their product.
4. Adaptability and Resilience
Being an entrepreneur requires the ability to adapt and often those who are neurodivergent are resilient as a result of coping with the challenges associated with their condition. This can be a huge benefit in setting up a business.
5. Building Inclusive Workplaces
A huge focus in Covéa is building a positive and inclusive experience for all. We’ve recently won the Insurance Times Award for our approach to diversity and inclusion for our people and customers. We aren’t there yet but our hope is to be more accessible to everyone.
In conclusion, the intersection of neurodivergence and entrepreneurship is fascinating and absolutely shows the unique strengths those who are neurodivergent bring to small businesses. With two in five business owners stating they need more support its imperative we work together as an industry to improve education about insurance.
As my role of head of SME strategy and development at Covéa it’s critical that our entire proposition is accessible for everyone. We are working at reducing jargon and explaining more about the different terms we use. Here is our guide to supporting customers who are neurodivergent.
Here is our guide to supporting customers who are neurodivergent.