It has been well documented that the insurance industry has a significant deficient in Black Americans in upper management and at the agency force levels.  Representation matters.  With less than 5% of C-suite executives and less than 15%* of the entire risk and insurance workforce being Black, the economic benefits of this industry have not been garnered in Black communities.  From opportunities for livable wage career options to the generational impact of its products and services, the Black community has yet to benefit from the transformative impact of the insurance industry.

The B Fund started with a conversation among a group of Black insurance professionals at dinner during the National African American Insurance Association’s 2023 Annual Conference in Columbus, Ohio.  From that discussion it was discovered that many had been writing checks individually to support various initiatives targeted at increasing the representation of Blacks in the insurance industry. Those initiatives included funding travel expenses for HBCU students and Black professionals attending key industry conferences, financing the training, exam and application costs and fees for HBCU students seeking their producer licenses before graduation, sponsoring the membership fees for Black professionals for various trade organizations, and facilitating guest speaking engagements at HBCU’s across the country.  Thus, a decision was made and The B Fund was created to be a more sustainable vehicle that could facilitate these types of initiatives more productively. 

The B Fund, in which B stands for Black, was established by a group of Black insurance professionals committed to opening doors, removing barriers, and shattering glass ceilings.  Its objective is to support career awareness for future industry leaders, advance the professional development of today’s diverse corporate and agency workforce and amplify to the Black community the wealth generation and asset protection created by the use of insurance tools and products.   The B Fund will support organizations who have effectively exhibited success in achieving the above objectives and, with the B Fund’s financial assistance, will broaden the organization’s reach and impact.