In this sequence, I’ve been analyzing the state of feminine management in insurance coverage from a qualitative and quantitative perspective. While the analysis paints a compelling image of progress in some areas, feminine leaders inside insurance coverage have additionally highlighted the change that also must happen within the business. In this last article within the sequence, we glance to the long run, and listen to from feminine leaders about methods to transfer the business ahead.
What are insurance coverage corporations doing?
Many of the ladies we interviewed agreed that insurance coverage must give attention to making a stage taking part in subject for girls to advance into management positions. From the dialog, it’s clear that such initiatives are already underway within the business.
Nuria Fernández, General Manager at AXA Madrid International Hub, mentions “We have seen that most large insurance companies have already established a foundation with regards to equality and diversity, and put in place various initiatives to promote the advancement of women at various levels of the organization, especially in executive positions. We see more and more insurance industry leaders present at women’s forums and actively sharing their initiatives on social media, and it’s great to see it becoming increasingly relevant to employers and employees.”
Marga Gabarró Olivet, CFO and COO at Zurich Spain additionally factors out “(the) insurance industry has been advancing in gender equality and I think the basis for a playing field exists. However, speed of change to close the existing gaps needs to be accelerated. This needs external commitments, moving from awareness into action. In Spain, Zurich is one of the founders of REDEWI, which is a sectorial initiative comprising 70% of the insurance companies in the country together with part of the intermediaries and official organizations such as the insurance association Unespa and the Consorcio. REDEWI has set as an objective that 40% of the executive positions in 2023 should be occupied by women. This network has put into place different working groups among insurers to provide programs around training, development, work-life balance and visibility.”
María José Álvarez. Innovation, Marketing and Development Director at Grupo Catalana Occidente provides, “we are firmly committed to effective equality of opportunity. As an insurance group, we believe that diversity, equality, and inclusion are not only fundamental rights, but are also competitive advantages for our businesses and a priority strategy in people management and the generation of an inclusive culture that promotes a balance between professional and personal life in all areas”.
Allison Cone, Accenture Senior Manager, Marketing, Insurance South (NA), agrees: “I think while I’ve seen leadership make positive changes with new appointments, it not near the threshold we might hope at this point.”
So it’s clear that extra might be completed to speed up change in insurance coverage. How can insurance coverage corporations nurture feminine workers within the workforce and create a path to management?
Fuelling the pipeline with feminine expertise
First, we have to begin from a pipeline wealthy with feminine expertise. Female leaders agree there are various causes to advertise a profession in insurance coverage amongst girls.
Marga Gabarró Olivet of Zurich emphasises the various profession paths out there within the business at this second in time for girls in any respect ranges of their careers, “The insurance sector is going through a great transformation journey, which offers hugely interesting opportunities to grow professionally and to work in a community of highly talented people with diverse personal and academic backgrounds.”
Carrie Lonze, Managing Director in Accenture’s P&C Insurance Consulting Practice says, “Insurance is one of those industries that has an aspect of everything. If you want to do underwriting, risk, or actuary, there are many opportunities. If you’re a relationship person, there is another path within the industry you can choose. With customer expectations at heights we’ve never seen before, there is a place for people who want to exercise their creative brain and offer holistic, personalised protection.”
“So many dynamics make the Insurance Industry a challenging, fun and exciting place to be – if you love analytical problem solving, you have countless options, or if you’re more of a relationship person there are key career opportunities as well – and what’s probably the most exciting part is solving for the evolving nature of risk; figuring out how to price & UW risks that didn’t even exist a year ago. With customer expectations and technology changes at heights we’ve never seen before, Insurance is a great place for people who want to exercise their creative brain and offer holistic, personalised protection,” she provides.
Nuria Fernández, General Manager at AXA Madrid International Hub, agrees: “There is a lot room for girls development in insurance coverage as there are such a lot of totally different jobs the place girls can drive their potential. The business is evolving and gives nice alternatives for youthful professionals and new fields similar to knowledge scientists, entrepreneurs, digital, and many others., and there’s even a chance for cross-functional progress. “
María José Álvarez of Grupo Catalana Occidente additionally highlights aggressive salaries and suppleness as the 2 elements that make insurance coverage an attention-grabbing business for girls to make a profession in: “Working in the insurance industry is highly attractive for several reasons. In the Spanish case, insurance companies provide employment of the highest quality, reflected in contract stability, remuneration, conciliation measures, training plans, social benefits and the commitment to equality and diversity. Moreover, 84% of workers in the insurance industry have a flexible working day, and 97% of them have received a training plan during the year. These are data that demonstrate the commitment of the industry to the promotion of initiatives that result in the greater well-being and satisfaction of its workers.”
Ultimately, girls are wanted on the workforce in any respect ranges. Katrien Buys, Director of Strategy, Innovation & Sustainability at Grupo Ageas Portugal Lisboa explains why, “The insurance industry offers many rewarding career opportunities, for all interests and skill levels. Ultimately, an insurance company should reflect the customers it serves, and women are needed in the workforce.”
Forging the trail to management for girls
The subsequent step is for corporations to foster an atmosphere of inclusive alternatives, the place girls are in a position to progress their careers on the identical charge as males.
Katrien Buys feedback “as an industry, we need to do more to ensure fair and visible career opportunities for all and women should not feel their gender hinders their career progress. We need to create equity and opportunities for everyone to progress within the company. We can do this by providing clear and equitable pathways to success and putting the right processes, initiatives and a transparent infrastructure (formal and informal) in place to ensure that all employees, men and women, feel supported and included on their career journey. We do have to close the pay gap and install partnerships and programs that address training topics.”
Allison Cone of Accenture recommends “measures want to mix teaching for high feminine performers with anti-bias coaching for executives. To speed up the narrowing of the gender hole, monetary incentives for leaders who enhance feminine illustration of their government groups are additionally key. It can also be necessary to construct feminine administration tracks which can be particular and tailor-made to girls inside corporations and account for the distinctive wants of a feminine skilled. For instance, leaders want to make sure that any life occasions don’t depend somebody out or regress their careers.
Finally, administration coaching that brings consciousness to a number of the systemic patterns of previous gender fairness that hindered the progress on this space is paramount. Ultimately, corporations ought to acknowledge that everybody might be part of the answer and construct a basis that’s supportive of feminine leaders round us. Leaders ought to be held accountable by setting gender and variety metrics and targets with a timeline for achievement.
In conclusion
As the discussions on this sequence demonstrates, range within the workforce and leveled alternatives can be key for the resilience of an business that’s present process a serious transformation.
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