Diversity and inclusion is a precedence throughout all industries, and insurance coverage isn’t any totally different. In this collection, we now have examined the state of range amongst insurers working in Europe by the lens of gender equality, notably in fostering management within the trade. In earlier posts within the collection, we recognized key analysis findings on the optimistic impression of gender equality in trade management. We additionally famous some key instances wherein European insurers are championing equality by energetic targets and in-house mentorship packages. I used to be privileged to talk to a number of feminine leaders within the trade and listen to their views on the insurance coverage trade’s progress from their perspective. In this text and the subsequent, I’ll share a few of their key insights on how far we now have are available in selling gender equality, and what we have to deal with sooner or later.
The insurance coverage trade has improved, however nonetheless must work on illustration
Most girls interviewed acknowledged that gender equality within the insurance coverage trade has improved lately, primarily by focused in-house packages. Allison Cone, Accenture Senior Manager, Marketing, Insurance South (NA) believes that this intentional motion is steering the trade in the correct course, “I think the industry is certainly a laggard compared to other categories. However, there has been positive momentum over the last 5 years that has accelerated a correction in the industry that was much needed.”
In sure European international locations, the info seems to be optimistic. María José Álvarez. Innovation, Marketing and Development Director at 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. Female employment in the Spanish insurance sector, according to UNESPA, has increased fivefold over the last three decades, and women currently represent more than 50% of the workforce in insurance companies in Spain. Furthermore, their presence is increasing in all areas and professional categories. However, we still have a long way to go, and we must continue promoting measures that encourage greater representation of women in leadership positions through the setting of objectives, as well as giving them greater visibility.”
Leaders from Zurich and AXA confirmed their corporations’ dedication to nurturing feminine leaders. Nuria Fernández, AXA says, “We have made explicit efforts to increase the number of women in top functions. AXA has progressed from 9% in 2009 to 36% women in our Global Leadership Network (GLN) by end 2021. Women holding 37% of CEO roles in that GLN group. Nonetheless, our ambition is to reach gender parity, this means going to 50% of top leadership positions held by women in 2023.”
Marga Gabarró Olivet, Zurich confirmed the trade’s dedication to gender equality, however famous that the share of feminine leaders within the trade stays low, “We are seeing most of the international and domestic insurance companies, global and regional brokers and many other stakeholders in the industry publicly committing to sustainability programs, which usually include actions related to diversity and inclusion as well as gender equality. Having said this, it is also clear that as in most of the industries there is still a big gap to close in terms of women in leadership roles, equal pay or transparency in D&I among other things. In Spain for example we have seen the number of women in executive roles growing significantly, but female CEOs are still only the 13% of these positions in the industry.”
While feminine management has been our focus for the collection, Katrien Buys Director of Strategy, Innovation & Sustainability at Grupo Ageas Portugal made the legitimate level that Diversity and Inclusion (D&I) is a far-reaching precedence that must be prolonged to have most impression, “D&I strategies, commitments and practices with focuses on gender equality and disability employment tend to be the most common due to compliance focus. Most D&I strategies have an internal focus and pursue diversity and inclusion among their employees. Few companies go beyond this scope and address other stakeholders such as example, their clients. D&I strategies, commitments and practices focused on race, ethnicity or sexual orientation and gender identity are rare.”
Cara Morton, Group CEO of Cover-More, agreed, saying, “As a whole, the industry is improving but has a long way to go. Not just around gender, but with regard to diversity in all forms.”
Diversity advantages the insurance coverage trade throughout the board
At a product and repair degree, insurers want to make sure that the groups constructing their choices symbolize those who they’re serving. Cara Morton mentioned, “Diversity brings different perspectives. If the same people use the same lens you get the same output. In insurance, like many products, 50% of the customers are women.”
From a business perspective, Nuria Fernández additionally notes, “Increasing women’s participation in the labour force will also increase women’s willingness to invest in security and protection for their families, which is especially relevant for the insurance industry. Thus, having an egalitarian society boosts economic growth and generates additional insurance premiums.”
As we mentioned within the earlier blogs, quite a few analysis research have additionally proven that creating a various office atmosphere could make organizations extra revolutionary and better performing.
Carmen del Campo Elvira of Mutua Madrileña echoes the analysis, saying, “As more diverse is a company, more complex will be the evaluation and analysis capabilities with impacts in terms of profitability and long-term sustainability. In fact, many studies correlate positively gender-diverse senior leadership with better performance.”
Katrien Buys emphasises the impression of range within the office, saying, “More inclusive teams experience better teamwork and an increase in employees’ feelings of inclusion translates into an increase in perceived team performance (17%), decision making quality (20%) and team collaboration (29%)”
“People who work in an inclusive environment feel empowered to be themselves, are more engaged, more efficient and happier. They are not afraid of sharing new ideas and perspectives, resulting in more creative and innovative collective problem-solving. Therefore, equality is just fundamental for the future success of our industry as it is for our society. And equality refers not only to gender but also to generational diversity, cultural diversity and sexual orientation or gender identity or expression,” Marga Gabarró Olivet concludes.
As we now have found throughout this collection, range and inclusion and gender equality in management is a precedence that requires focus and intentional motion. In the ultimate article on this collection, I’ll share the insights from feminine insurance coverage leaders on why insurance coverage is a satisfying profession for girls, and what sensible steps they imagine must be taken to drive an equitable trade.
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Disclaimer: This content material is supplied for common data functions and isn’t meant for use instead of session with our skilled advisors.