How female leaders in insurance rank equality in the industry

[ad_1]

Diversity and inclusion are a priority in all industries, and insurance is no exception. In this series, we looked at the state of diversity among insurers operating in Europe through the lens of gender equality, especially in leadership in the construction industry. In previous posts in this series, we identified key research findings on the positive impact of gender equality on industry leadership. We also noted several key cases where European insurers are fighting for fairness through proactive goals and internal mentoring programs. I have been fortunate to speak with several female leaders in the industry and hear their views on the progress of the insurance industry from their point of view. In this article and the next, I will share some of their key takeaways on how far we have come in advancing gender equality and where we need to focus to move forward.

The insurance industry has improved, but there is still work to be done on representation

Most of the women interviewed acknowledged that gender equality in the insurance industry has improved in recent years, primarily due to targeted domestic programs. Allison Cone, senior marketing manager for Accenture, Insurance South (NA), believes this deliberate action points the industry in the right direction: “I think the industry is definitely lagging behind in comparison to other categories. However, the last 5 years have seen positive momentum that has accelerated a much-needed correction in the industry.”

In some European countries, the data look positive. Maria José Alvarez. Director of Innovation, Marketing and Development of Grupo Catalana Occidente says: “The data provided by UNESPA (Unión Española de Entidades Aseguradoras y Reaseguradoras) shows that insurance companies have made great strides in this matter. According to UNESPA, women’s employment in the Spanish insurance sector has increased five-fold over the past three decades, and women now make up over 50% of the workforce in Spain’s insurance companies. In addition, their presence is increasing in all fields and professional categories. However, we still have a long way to go and we must continue to promote measures that encourage greater representation of women in leadership positions through goal setting as well as increased visibility.”

The leaders of Zurich and AXA reaffirmed their companies’ commitment to the development of women leaders. Nuria Fernandez, AXA reports: “We have made a clear effort to increase the number of women in leadership positions. By the end of 2021, AXA has increased the share of women from 9% in 2009 to 36% in our Global Leadership Network (GLN). Women hold 37% of CEO positions in this GLN group. However, our goal is to achieve gender parity, which means that by 2023, 50% of leadership positions will be held by women.”

Marga Gabarro Olivet, Zurich reaffirmed the industry’s commitment to gender equality, but noted that the percentage of women leaders in the industry remains low: “We see most international and local insurance companies, global and regional brokers and many other stakeholders in the industry making public commitments. to sustainable development programs, which usually include actions related to diversity and inclusion, as well as gender equality. Having said that, it’s also clear that, as with most industries, there’s still a big gap in terms of women in leadership positions, equal pay, or transparency in D&I, among other things. In Spain, for example, we are seeing a significant increase in the number of women in leadership positions, but women leaders still make up only 13% of these positions in the industry.”

While women leaders have been our focus in this article series, Katrien Bays, Director of Strategy, Innovation and Sustainability at Grupo Ageas Portugal, made an informed conclusion that Diversity and Inclusion (D&I) is a far-reaching priority , which needs to be expanded to maximize impact, “D&I policies, commitments, and practices with a focus on gender equality and employment with disabilities tend to be the most common due to their focus on compliance. Most D&I strategies are internally oriented and aim for diversity and inclusion in their workforce. Few companies go beyond this scope and reach out to other stakeholders such as their customers. D&I policies, commitments, and practices that focus on race, ethnicity, or sexual orientation and gender identity are rare.”

Kara Morton, Group CEO of Cover-More, agreed, saying, “Overall, the industry is improving, but it still has a long way to go. Not just in terms of gender, but in terms of diversity in all forms.”

Diversity benefits the insurance industry across the board

At the product and service level, insurers must ensure that the teams that develop their offerings represent those they serve. Kara Morton said: “Diversity brings different points of view. If the same people use the same lens, you will get the same result. In insurance, as in many other products, 50% of customers are women.”

From a commercial point of view, Nuria Fernandez also notes: “Increasing female labor force participation will also increase women’s willingness to invest in the safety of their families, which is especially true in the insurance industry. Thus, having an egalitarian society promotes economic growth and generates additional insurance premiums.”

As we have discussed in previous blogs, numerous studies have also shown that creating a diverse work environment can make organizations more innovative and more efficient.

Carmen del Campo Elvira of Mutua Madrileña supported the study, stating: “The more diverse a company is, the more difficult it will be to evaluate and analyze, which will affect profitability and long-term sustainability. In fact, many studies are positively correlated with senior management gender diversity and higher performance.”

Katherine Bice highlights the impact of diversity in the workplace, saying, “More inclusive teams work better as a team, and an increased sense of employee engagement leads to improved perceived team performance (17%), quality of decision making (20%). and team collaboration (29%)”

“People who work in an inclusive environment feel empowered to be themselves, more engaged, more effective and happier. They are not afraid to share new ideas and perspectives, which leads to more creative and innovative collective problem solving. Thus, equality is essential for the future success of our industry, as well as for our society. And equality is not only about gender, but also about generational diversity, cultural diversity and sexual orientation or gender identity or expression.” Marga Gabarro Olivet concludes.

As we found out in this series, diversity and inclusion and gender equality in leadership are a priority that requires focus and thoughtful action. In the final article of this series, I will share the opinions of female insurance executives on why insurance is a successful career for women and what practical steps they think should be taken to develop a fair industry.

Get the latest insurance industry insights, news and research straight to your inbox.