The gender agenda
A global survey of financial services executives suggests that the insurance industry has a way to go to achieve gender parity The survey, Placing gender on the financial services agenda, was undertaken by professional services firm EY and took in responses from senior insurance and banking executives from 23 countries. Discouragingly, only six per cent of insurance respondents predict that there will be a significant increase in female leaders over the next five years (27 per cent of banking respondents thought this), with 72 per cent expecting only a ‘slight’ increase. In terms of the gender split of respondents, 51 per cent of men believed that the problem was down to a shortage of female candidates, but only eight per cent of women thought this, which presents an interesting (although not necessarily surprising) disconnect in perception.
A global survey of financial services executives suggests that the insurance industry has a way to go to achieve gender parity
The survey, Placing gender on the financial services agenda, was undertaken by professional services firm EY and took in responses from senior insurance and banking executives from 23 countries. Discouragingly, only six per cent of insurance respondents predict that there will be a significant increase in female leaders over the next five years (27 per cent of banking respondents thought this), with 72 per cent expecting only a ‘slight’ increase. In terms of the gender split of respondents, 51 per cent of men believed that the problem was down to a shortage of female candidates, but only eight per cent of women thought this, which presents an interesting (although not necessarily surprising) disconnect in perception.
Additionally, while those surveyed did acknowledge that diverse leadership can have positive effects on the performance of a business – both financially and otherwise – only 38 per cent of insurance companies formally measure the progress that they are making towards gender equality.
“Getting more women to the top requires identifying, developing and then promoting potential leaders,” said Tara Alex, global insurance diversity and inclusion leader at EY. “Yet only 33 per cent of female and 58 per cent of male financial services leaders believe they are effective at promoting women into leadership positions. How can we be certain the leaders of tomorrow won’t leave their financial institutions today? Eliminating this disconnect in the talent pipeline is crucial to making progress towards gender parity.”
So does this issue extend to the travel insurance sector? Kate Huet, managing director of International Travel and Healthcare Limited, gave her view: “In the world of UK travel insurance, I know some dynamic and very successful women at the top of their field. There are, however, I accept, far fewer than their male counterparts in similar positions. Are women overlooked? Quite possibly, yes. Juggling a family and a career is a tough job, and only the most determined will achieve this. Of course not all women will want a family, or may have achieved this early in their life before really starting on their career – there are always situations that prevent broad generalisation.”
The gender pay gap, Huet went on to say, ‘is apparently alive and well, so motivation to do the same job as a man for less money has to be something that takes the wind out of most women’s sails to some extent and on this point unfairness has its consequences’.
“Gender parity in the talent pipeline is also an issue,” she added. “Spotting women who have the ability to be successful is not a problem, as there are just as many candidates out there who are female as there are male, but selecting young women is where the first hurdle lies, and investing in their career development is where it falls down. The glass ceiling is lower for a woman than a man and the exceptions do not set, make or mould the rules in many organisations.”
Linda Norman of CYTI UK, a specialist travel insurance aggregator, meanwhile, said: “Insurance isn’t a particularly riveting subject to young women deciding what to do for a career, so they tend to fall into the industry, rather than choose it. They’re more likely to opt for a career in leisure or travel, which as an industry sees many more female board members and CEOs. I believe the best way to encourage diversity in the travel insurance industry is to encourage more women to study finance and technology and to try and dispel the myth of ‘men in grey suits’ that applies to insurance.
“My advice to women seeking a career in the travel insurance sector,” Linda concluded, “is to network. It’s critical, I’ve done it all my life and while it’s commonly seen as a male trait, I believe getting involved is key to moving forward. In addition, I’d suggest seeking out a mentor – someone willing to guide you. Also, most importantly, make sure you work with the right people – those that will be of benefit and won’t hold you back.”