Bonus episode: diversity in blockchain

Ryan Rugg & Madeline Bailey on Insureblocks

As a man of mixed origins and as a father of two little daughters I am concerned by the lack of diversity that we find in blockchain and in the insurance space. To help me tackle this important issue I had the great pleasure to have Ryan Rugg (previously on Ep. 6 - R3 - the blockchain banking consortium), Head of North America for R3, and Madeline Bailey, Head of Strategic Initiatives at MS Amlin.

At MS Amlin, Madeline is head of strategy and innovation, charged with leading the blockchain efforts on the Insurwave platform, whilst Ryan spearheads the insurance effort at R3, working alongside other B3i collaborators on the Corda platform.

 

Is there a diversity problem in blockchain?

Between Ryan and Madeline, both recognised that diversity is vital for collaboration amongst teams and across the industry within such radical innovations such as blockchain. By ensuring that all individuals are heard equally, all perspectives can be included making the sector stronger. The collaborative nature is at the heart of blockchain’s use in insurance, where its purposes are to break down the barriers associated with different individuals and allow effective communication across all groups, with Madeline expressing her pleasure in collaborating with all involved parties whilst working on Insurwave.

Efforts to ensure diversity exist, with various internships targeting minorities and women in the financial sector, however Ryan also states her focus on mentoring start-ups helping to provide women with opportunities to succeed in InsureTech. Madeline joins her in these beliefs, aiming to provide more gateways for women into technology, whilst showcasing current female movers-and-shakers, such as Hélèn Stanway and Charlotte Halkett, in attempt to improve the female outreach for the industry.

 

The gender pay gap

Following on from a social experiment in Norway (where young boys and girls were asked to undertake an identical task and then given different size rewards), both Madeline and Ryan expressed the need for equal pay, with rates of pay based on skill sets rather than gender or race.

Ryan supported this by mentioning the sales force CEO, who analysed the pay across his whole company, and then levelled off the gender pay differential, costing him 3 million dollars in the process. He was then shocked to discover merely a year later, that the differential had reopened, calling for increased awareness for equality in the process. Whilst Madeline and Ryan both agreed with this statement, they also recognised the need for women in senior management rolls and conference positions to ensure that the richness of views is captured at all levels of business.

Equal opportunities

Whilst increasing female presence in senior management positions is important, education and support are also crucial in providing equal opportunities for wom...