Female management in insurance coverage – sensible next steps | Insurance Coverage Weblog
In this collection, I have been surveying the state of women’s leadership in insurance coverage from both a qualitative and a quantitative perspective. While the research paints a compelling picture of progress in some areas, female leaders in insurance coverage have also highlighted the change that needs to happen in the industry as well. In this latest article in the series, we take a look into the future and hear from female leaders on how to move the industry forward.
What are the insurance corporations doing?
Most of the girls we interviewed agreed that insurance coverage should focus on obtaining a degree in discipline for girls to advance to managerial positions. From the dialogue, it is clear that these types of initiatives are already underway within the trade.
nuria fernandez, Basic Supervisor at AXA Madrid Worldwide Hub, mentions “We have seen that most of the giant insurance corporations have already established a foundation regarding equality and gender, and have launched various initiatives to promote the growth of girls at different levels of the group, especially in positions governmental. We see more and more insurance coverage business leaders present on women’s boards and actively sharing their initiatives on social media, and it’s good to see her engaging more and more with employers and workers.”
Marga Gabarró OlivetCFO and COO of Zurich Spain also highlights “(the) The insurance cover trade has been making progress on gender equality and I think there is an idea of participating in the discipline. However, the rate of change must be accelerated to close the current gaps. This requires external commitments, moving from awareness to movement. In Spain, Zurich is undoubtedly one of the founders of REDEWI, which is a sectoral initiative that brings together 70% of the country’s insurance companies together with a part of the intermediaries and official organizations such as the Unespa insurance affiliation and the Consorcio . REDEWI has set itself the goal that 40% of leadership positions in 2023 will be held by girls. This community has established completely different work teams between insurers to offer training packages, growth, job and personal stability, and visibility.”
Maria Jose Alvarez. The Director of Innovation, Advertising and Marketing and Growth of Grupo Catalana Occidente assures that “we are firmly committed to the efficient equality of alternatives. As an insurance coverage group, we believe that variety, equality and inclusion are not only elementary rights, but also aggressive benefits for our businesses and a prior art in managing people and technology from an inclusive tradition that promotes stability between professionals and private life in all areas”.
Allison Cone, Accenture Senior Supervisor, Advertising and Marketing, Insurance Coverage South (NA), agrees: “I think while I’ve seen management make optimistic changes with new appointments, it’s nowhere near the edge that we would expect at this point.”
So it’s clear that more can be done to accelerate the change in insurance coverage. How can insurance companies nurture female workers within the workforce and create a pathway to leadership?
Feeding the experienced female pipe
First of all, we have to start with a pipeline rich in female experience. Women’s leaders agree that there are many reasons to promote a career in insurance coverage to women.
marga gabarro Olivet of Zurich highlights the various career paths available in the industry right now for women at all levels of their careers: “The insurance coverage industry is undergoing an excellent transformation process, offering enormously exciting opportunities to develop professionally and working in a neighborhood of extremely gifted individuals with diverse private and educational backgrounds.”
Carrie Lonze, Managing Director of Accenture P&C Insurance Coverage Consulting Observe says, “Insurance coverage is one type of industry that has one side of everything. If you want to do underwriting, risk or actuary, there are numerous alternatives. If you are a pair person, there may be another path during the trade that you can choose. With consumer expectations at heights we have never seen before, there is a place for people who want to train their creative mind and provide personalized, holistic security.”
“So many dynamics make the insurance industry a difficult, fun, and exciting place to be: if you love analytical problem solving, you’ll be spoiled for choice, or if you’re more of a couples person, there are key career alternatives like Well, and what is probably the most exciting part is fixing the evolutionary nature of the hazard; determining the path to UW value and dangers that didn’t even exist a year ago. With buyer expectations and changes in technology at heights we’ve never seen before, insurance coverage is a good place for people who want to train their artistic mind and provide holistic, personalized security,” he adds.
Nuria Fernández, basic supervisor of AXA Madrid Worldwide Hub, do you agree: “There is a lot of room for girls to grow in insurance coverage, as there are so many different jobs that girls can fulfill their potential in. The industry is evolving and offers good alternatives for young professionals and new fields like knowledge scientists, entrepreneurs, digital, etc., and there may even be a possibility of cross-functional development. “
María José Álvarez, from Grupo Catalana Occidente, also highlights competitive salaries and flexibility as the two factors that make insurance coverage an attractive profession for women to develop a career: “Working in the insurance industry is very attractive for several reasons. In the Spanish case, insurance companies offer top-quality employment, reflected in the stability of the contract, remuneration, reconciliation measures, training plans, social benefits and a vocation for equality and diversity. In addition, 84% of employees in the insurance industry have a flexible working day, and 97% of them have purchased a training plan during the year. This is knowledge that reveals the dedication of the union to the promotion of initiatives that result in the greater well-being and satisfaction of its employees”.
Finally, women are sought after in the workforce at all ranks. Katrien Buys, Director of Technique, Innovation and Sustainability at Grupo Ageas Portugal Lisboa explains why: “The insurance coverage sector offers many rewarding career alternatives, for all activities and ranges of talent. Ultimately, an insurance company must reflect the consumers it serves, and women are needed in the workforce.”
Forging the path to management for girls
The next step is for companies to foster an environment of inclusive alternatives, where women can progress in their careers to the same position as men.
Katrien Buys comments “As a trade, we need to do more to make sure real, visual career opportunities for all and women don’t feel that their gender is hindering their career progress. We have to create equity and alternatives for everyone to progress across the company. We will do this by offering clear and equitable paths to success and establishing the precise processes, initiatives and a clear infrastructure (formal and informal) to ensure that all workers, women and men, truly feel supported and included in their career journey. . We have to close the payment hole and set up partnerships and packages that deal with training issues.”
Accenture’s Allison Cone recommends “The measures want to combine teaching for top female performers with anti-bias training for executives. To accelerate the reduction of the gender gap, financial incentives for leaders who improve the female image of their government groups are also key. It is also important to build female management pathways that are specific and tailored to women within companies and that respond to the specific needs of a female expert. For example, leaders want to ensure that no event in life leaves someone out or sets them back in their careers.
Lastly, administrative advice that raises awareness of previous systemic patterns of gender equity that hindered progress in this space is essential. Ultimately, companies need to recognize that everyone can be part of the answer and build a foundation that supports the female leaders around us. Leaders are held accountable by setting gender and variety metrics and targets with a timeline for achievement.
As the discussions in this series demonstrate, variety within the workforce and level options can be key to the resilience of a business undergoing significant transformation.
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