A worldwide survey of 2,800 insurance professionals reveals almost three-quarters believe their firms culture needs to change to in order to attract and retain top talent.
In the UK, openness around mental health ranked as the top area where companies need to improve, followed by being more inclusive towards disabled people and those in the LGBT community.
This highlights the importance the industry is placing on talent attraction and retention as it faces more complex global challenges, according to festival organisers Dive In, which carried out the research.
"The insurance sector is working hard to address its culture," Lloyd's CEO, Inga Beale, said.
"We have made a lot of progress and, although we have more work to do, we are uniting across the insurance world to attract and retain a diverse workforce."
The top areas where insurance workers believe their firms need to focus more effort to become fully inclusive are shown below:
The findings come just one day before the third annual Dive In Festival, which will focus on the business benefits of a diverse workforce and inclusive culture, including improved productivity and innovation.
This year's festival will be held across 17 countries and six continents, after originating in the UK two years ago, and growing to ten countries last year.
Survey data from the 2016 festival revealed that 98% of insurance workers felt diversity and inclusion was good for business, and 74% said the event had given them ideas for practical engagement.
London Market Group chair, Nicolas Aubert, said: "I am delighted that the Dive In Festival continues to grow around the globe, but there is still a lot of work to be done.
"It is only by acknowledging the importance of an inclusive and diverse workforce that we can ensure we drive change in our industry."
The 2017 festival will take place from 26 to 28 September, with events in London, New York, Zurich, Sydney, Bermuda, Beijing, Glasgow, Johannesburg, Madrid, Miami, San Francisco, Perth, and Sao Paolo.
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