‘I did not tick lots of packing containers’ – EY international head on the leap to insurance coverage

Climbing the ranks in insurance coverage management will be difficult sufficient for skilled ladies professionals. But what about ladies crossing over from different industries?

That was the situation Isabelle Santenac (pictured) discovered herself in a number of years in the past. Now EY’s international insurance coverage chief, she spent a long time within the banking sector earlier than making the shift.

But it wasn’t a easy touchdown for her in insurance coverage, as she instructed Insurance Business.

“Thirty-five (35) years ago, when I started my career, it was even less frequent to have female leaders in any organization,” Santenac mentioned.

Moving from one male-dominated discipline to a different, she admitted feeling judged on two fronts: being a lady and never having an insurance coverage background.

“I remember the reactions of people I was proposed to lead. One of our biggest insurance accounts said, ‘How is she going to do that? She’s not a pure insurance specialist,’” she recalled.

“I think it was a combination of me being not a great expert in this business, but maybe also being a woman. I didn’t tick a lot of boxes.”

Need for ‘deep expertise’ fostering gender imbalance?

Santenac initially specialised in monetary providers, working with massive organizations beneath EY, one of many world’s largest consulting corporations.

Today, she leads greater than 23,000 professionals offering auditing, consulting, tax, and assurance providers to insurers worldwide.

Reflecting on her experiences, the EY head mentioned there’s nonetheless a protracted method to go to shift gender imbalances and biases in insurance coverage.

“I think insurance is even less inclusive than other businesses in a way,” she mentioned. “It’s a bit like the banking industry, in particular investment banking, where you need deep expertise.”

Insurance, like different monetary industries, are fields with extremely technical professions that historically don’t appeal to lots of ladies, Santenac mentioned.

Gender imbalances on the recruitment stage make it much more troublesome for organizations to attain parity on the high ranges. Global analysis by Swiss Re Institute has discovered that girls represented roughly one-fifth of insurance coverage and reinsurance executives in 2019, and solely 10% of CEOs.

But Santenac believes the insurance coverage business has come a great distance since her personal beginnings.

“It takes time to change. The good thing is that are more and more women taking leadership roles in the insurance industry. Many traditional insurance roles are now taken also by women,” she mentioned. “That shows things are progressing. But for any company, there is still a lot to do.”

Barriers stay for girls leaders

A proud mom of three, Santenac acknowledged there are nonetheless many structural obstacles for girls within the insurance coverage business. Balancing work and residential life remains to be one of many key themes in range and inclusion conversations.

“Combining your personal life, potentially with children, and your work life is challenging anyway. It becomes even more challenging in countries where there’s less support for [caring for] young children,” she mentioned.

Thanks to her supportive accomplice and household, Santenac was in a position to hurdle a few of the hardest elements of being a working mom. But she admitted that different ladies won’t be as fortunate.

“I’m surprised and sometimes shocked when women whom I mentor or work with, say ‘I’m wondering when the right time to have a child is. Maybe I should wait until I’m at a certain point in my career,’” she mentioned.

“It’s difficult to hear but I understand why some women are hesitating. We still have a lot to do within our organizations to support women who want to have children, so they don’t feel like they will be put aside for promotions or lose time in their careers.”

Taking a danger on ladies

What’s one concrete motion insurance coverage executives can take to advertise gender equality in management roles?

Challenge gender biases and take a danger on ladies, mentioned Santenac.

She mentioned: “[Male leaders think] ‘Why should I pick the female for the role rather than the male who looks like me?’ I feel there’s nonetheless an unconscious bias relating to choosing leaders.
“Maybe she is ticking much less packing containers as a result of she’s not behaving like a male. But that’s good as a result of that is what we want if we wish various groups.

“I think you need to force yourself as a leader to make some choices and say, ‘OK, I’m going to appoint this female,” Santenac mentioned.

“Maybe right now, I’m not totally sure she’s ready, but I’m sure she can demonstrate she will be a good leader. Sometimes you have to force yourself to take a risk.”

Do you agree with Santenac’s sentiments about gender inclusivity in insurance coverage? Sound off within the feedback under.