LV= has a proud heritage dating back to 1843. With a mission centred on helping members and customers build financially secure futures, whether safeguarding income during their working lives or optimising it in retirement, the organisation has long prioritised values-led service.
One value, inclusion, has become a defining pillar of LV=’s culture. In 2022, the company undertook a renewed focus on DEIW, recognising the importance of embedding these principles into everyday organisational life. This transformation was catalysed by a new CEO with a clear vision: fostering an environment where every individual could bring their authentic self to work.
To guide this journey, LV= adopted a DEI maturity curve. At the time, the business found itself in a programmatic phase, centred on improving representation and building a data-driven understanding of the workforce. The ambition, however, was to move towards a fully sustainable culture of inclusion where diversity is interwoven into every employee experience.
A comprehensive DEIW strategy was developed and formally launched in 2024, underpinned by three core pillars:
- Transparency: Transparency lies at the heart of LV=’s approach. The organisation shares its DEIW strategy publicly and reports progress openly. Internally, colleagues are encouraged to confidentially share their diversity data, with the disclosure rate currently at 84%, a significant increase from just 30% in 2022. This data provides vital insights, helping shape policies and practices that create a more inclusive workplace for all.
- Accountability: Ensuring fairness at every organisational level is essential. LV= maintains a zero-tolerance stance on discrimination and has introduced behavioural training in diversity and wellbeing for all managers and employees. New recruitment systems incorporating blind CVs help remove unconscious bias from hiring processes, ensuring equal opportunity for all applicants.
- Engagement: Engagement is about listening, learning, and acting. Through education and the removal of barriers, LV= strives to ensure everyone has the same opportunity for success. Colleague-led networks are central to this effort. These networks focus on key areas: Wellbeing, Respect (encompassing race, ethnicity, and socio-economic background), Diversability, Balance (supporting life milestones), and Pride (supporting LGBTQ+ inclusion). These groups, each supported by a senior executive sponsor, a network lead, and a dedicated budget, play an active role in shaping inclusive initiatives. Their visibility is strengthened by regular updates during company-wide meetings and strategic planning at the start of each year.
Tangible impact and recognition
LV=’s network-led initiatives have yielded substantial results. Mental health training has been provided to all line managers, and the number of trained mental health first aiders has grown to 30. The company is now a signatory of the Race at Work Charter and has achieved Disability Confident Level 2 status, progressing towards Level 3.
Efforts to eliminate gendered language in recruitment processes have helped build a majority female data team, an uncommon achievement in a male-dominated field. The organisation also reached its Women in Finance Charter goal of 43% senior female representation a year ahead of schedule.
Participation in external events, such as sponsoring the Born Free Pride March, and inclusive language reviews for member communications further demonstrate the organisation’s commitment. These initiatives are supported by employee storytelling on the company intranet, covering topics like disability, LGBTQ+ experiences, and gender equality. These personal accounts have become some of the most read content, fostering empathy and awareness across the workforce.
Overcoming challenges
Despite strong leadership support, implementing cultural change has not been without obstacles. Encouraging genuine engagement, navigating communication challenges, and overcoming resistance to change require continuous effort. LV= acknowledges it will not always get things right, but remains committed to learning and adapting based on employee feedback.
Measurable Results
The focus on inclusion has produced measurable business benefits. Retention rates have improved, with a 3% drop in attrition. Engagement scores have risen significantly, with LV= now ranking in the top 25% of insurers. The company’s diversity and inclusion eNPS score has climbed to a positive 59, among the top 10–15% in the industry.
Looking ahead to 2025, LV= will turn its focus to social mobility. Studies have shown that socio-economic background can be a significant barrier to progression within financial services, often more so than gender or ethnicity. By addressing this, the company aims to simultaneously improve outcomes across other diversity metrics.
LV= has already committed to this cause, becoming a patron of The King’s Trust and a member of Progress Together, an industry body promoting socioeconomic inclusion.
