Female leadership in insurance – practical next steps

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In this series, I explore the position of women leaders in insurance from a qualitative and quantitative perspective. While the study paints a compelling picture of progress in some areas, women leaders in the insurance industry have also highlighted the changes that still need to happen in the industry. In this final article in the series, we look to the future and hear from women leaders on how to move the industry forward.

What do insurance companies do?

Many of the women we interviewed agreed that insurance should aim to create a level playing field for women to advance into leadership positions. It can be seen from the conversation that such initiatives already exist in the industry.

Nuria Fernandez, CEO of AXA Madrid International Hub, mentions: “We have seen that most of the major insurance companies have already established an equality and diversity fund and have implemented various initiatives to promote women at various levels of the organization, especially in leadership positions. We are seeing more and more insurance industry leaders visiting women’s forums and actively sharing their initiatives on social media, and it’s great to see this becoming more relevant for employers and employees.”

Marga Gabarro OlivetThe CFO and COO in Zurich, Spain also notes: “() The insurance industry is moving forward towards gender equality and I think there is room to play. However, the pace of change needs to be accelerated to close existing gaps. It requires an external commitment, a transition from awareness to action. In Spain, Zurich is a founding member of REDEWI, an industry initiative that brings together 70% of the country’s insurance companies, as well as some intermediaries and official organizations such as the insurance association Unespa and Consorcio. REDEWI has set a goal of 40% of leadership positions being held by women by 2023. This network has established various working groups among insurers to provide training, development, work-life balance and transparency programs.”

Maria José Alvarez. Grupo Catalana Occidente Director of Innovation, Marketing and Development adds: “We are firmly committed to effective equality of opportunity. As an insurance group, we believe that diversity, equality and inclusion are not only core rights, but also a competitive advantage for our business and a priority strategy in managing people and creating an inclusive culture that promotes professional and personal balance. life in all areas.

Allison Cone, Senior Marketing Manager Accenture, Insurance South (NA), agrees: “I think that although I have noticed positive changes in leadership with the new appointments, it is still far from what we could hope for at the moment.”

Thus, it becomes clear that more can be done to accelerate change in insurance. How can insurance companies nurture women in the workforce and pave the way for leadership?

Filling the pipeline with female talent

First, we need to start with an assembly line rich in female talent. Women leaders agree that there are many reasons for women to move up the career ladder in the insurance industry.

Marga Gabarro Olivet from Zurich highlights the diversity of career paths currently available in the industry for women at all levels of their careers: “The insurance sector is undergoing a major transformation that offers extremely exciting opportunities for professional development and to work in a community of highly talented people. with diverse personal and academic experiences. experience.”

Carrie Lons, Managing Director of Accenture P&C Insurance Consulting Practice, says, “Insurance is one of those industries that has an aspect of everything. Whether you want to be an underwriter, risk taker or actuary, there are many opportunities for you. If you are a relationship person, you may want to take a different path in the industry. With customer expectations at a height we have never seen before, there is room for people who want to unleash their creativity and offer comprehensive, personalized protection.”

“So many dynamics make the insurance industry challenging, fun and exciting. probably the most exciting part is looking for the changing nature of risk; figure out how to assess and evaluate UW risks that did not exist until a year ago. With customer expectations and technological change at heights we’ve never seen before, insurance is a great place for people who want to get creative and offer holistic, personalized protection,” she adds.

Nuria Fernandez, CEO of AXA Madrid International Hub, agrees: “There are so many opportunities for women to advance in the insurance industry as there are many different careers in which women can realize their potential. The industry is evolving and offering great opportunities for young professionals and new areas such as data scientists, marketers, digital technologies, etc., and there are even opportunities for cross-functional growth. “

Maria José Alvarez of Grupo Catalana Occidente also highlights competitive wages and flexibility as two factors that make insurance an interesting industry for women seeking a career: “Working in the insurance industry is very attractive for several reasons. In the case of Spain, insurance companies provide employment of the highest quality, which is reflected in the stability of contracts, remuneration, reconciliation measures, training plans, social benefits and commitment to equality and diversity. At the same time, 84% of insurance industry employees have a flexible work schedule, and 97% of them received a training plan during the year. This is data that demonstrates the industry’s commitment to promoting initiatives that result in increased well-being and satisfaction for its workers.”

Ultimately, women are needed in the labor market at all levels. Katherine Beis, Director of Strategy, Innovation and Sustainability at Grupo Ageas Portugal Lisboa, explains why: “The insurance industry offers many exciting career opportunities for all interests and skill levels. Ultimately, the insurance company must reflect the clients it serves, and women are needed in the workforce.”

The Path to Leadership for Women

The next step for companies is to create an inclusive environment of opportunity where women can move up the career ladder at the same pace as men.

Katherine Bayes comments: “As an industry, we must do more to provide fair and visible career opportunities for all, and women must not feel that their gender is a barrier to their career advancement. We need to create equal conditions and opportunities for advancement of everyone in the company. We can do this by providing clear and fair paths to success and by putting in place the right processes, initiatives and transparent infrastructure (formal and informal) to ensure that all employees, men and women, feel supported and involved in their career path. We really need to close the pay gap and establish partnerships and programs around learning topics.”

Allison Cone of Accenture recommends:Measures should combine coaching for top female performers with anti-bias training for executives. Financial incentives for leaders to increase the representation of women in their executive teams are also key to accelerating the reduction of the gender gap. It is also important to create women’s management flows that are specific and tailored to women in companies and take into account the unique needs of women professionals. For example, leaders must ensure that any life events do not exclude one of them and do not regress in their career.

Finally, of paramount importance is management training, which introduces some of the systemic patterns of past gender equality that have hindered progress in this area. Ultimately, companies must recognize that everyone can be part of the solution and build a foundation to support the women leaders around us. Leaders should be held accountable for setting indicators and targets for gender and diversity, with timelines for achieving them.

Finally

As the discussions in this series show, workforce diversity and equal opportunity will be key to the sustainability of an industry that is undergoing major transformation.

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