Key female insurance figures consider how far women have come in the sector on International Women’s Day.
Emma Rawlinson, CEO, Atlanta Group
Do you believe insurance is a level playing field for women and men now?
There has always been a stereotype in the insurance industry and actually in the wider financial services industry of a ‘male dominated’ environment –especially for those in an executive position. However I certainly believe (and can see) that slowly but surely that stereotype is changing.
When I look around my Atlanta team, the executive function was 10% female just four years ago… today it sits at 40%. If I look past my immediate exec team towards our directors and heads of population, we have a really good and balanced mix of male and female colleagues. There is so muchopportunity in Atlanta, we are always executing a plan, we’re always changing something, we’re always buying something or integrating something, or building something. So no matter what your gender, if you perform well, are driven and have clear aspirations – Atlanta will help you grow.
I would like to think that this is similar for the rest of the industry. There is currently so much demand in the market for talented individuals, and both males and females should have equal opportunities of taking the challenge and driving business forwards.
There is of course more work to be done, but I really do believe that the lastfew years have seen some great improvements.
Did the pandemic and the change to working practices shift things sothey are better for women?
The pandemic forced businesses, even those who had been reluctant toembrace change, to re-assess the way they were operating – the spread of the virus and the serious nature of the consequences demanded action.Atlanta were very quick to mobilise, investing in both our colleagues and technology to get people safely set up in a home working environment.Some 90% of our staff now have home working capability. This change hascreated benefits and opportunities for both the business and our colleagues.
Our new ways of working have meant that our colleagues are able to workmore flexibly than before. We know it’s important for parents to be able totake their children to school, or to be on hand to collect children whereneeded, or go to a parents’ evening, or even attend their child’s assembly. The beauty is that this is now possible across most businesses.
The days of women lacking career opportunities and having to stay at hometo look after the children are dwindling (and this was even before thepandemic) but the way the world has reacted to Covid has certainly made iteasier for parents to adapt their work and home life to strike a betterbalance. Hopefully the new approach to working has provided many women with the encouragement and opportunity to come forward for roles they wouldn’t have normally applied for due to their family/home life commitments. This is certainly a positive thing.
Who do you think is the most impressive woman in insurance?
I am very lucky to say that I am surrounded by an array of female talent within insurance. One thing I have noticed, coming from a non-insurancebackground, is the number of females who hold senior and executive level positions who continue to be recognised by industry initiatives. Our very own chief administration officer Jenny Devaney was a nominee for the Women in Insurance last year.
I also have the pleasure of working closely with Diane Cougill, Ardonagh CFO, who I have watched achieve some clearly outstanding results over the past couple of years. She has a great approach to work, empowerment and mentoring that instils confidence and belief in other aspiring women.
What more can the insurance sector do to create a level playing fieldfor women?
The insurance sector can only do what all industries can and should do …continue to provide opportunity free from bias and drive a clear culture of diversity and inclusion.
I, like the majority of my exec team, am a parent who loves spending timewith my family, and I am also driven and ambitious. These two things don’tneed to be mutually exclusive. I am fortunate to have worked alongside IanDonaldson, who has been a prime example of investing in his team basedon capability rather than gender. Progressive and inclusive behaviour, together with a respect for ‘diversity of thought’ will help any industry to take a positive step forward.
Sarah Mallaby, distribution and trading director,commercial, Axa UK
Do you believe insurance is a level playing field for women and mennow?
Progress has been made, albeit slowly, and although we’re not quite of alevel playing field, I’m certain we are heading in the right direction. Within Axa UK&I, 39% of senior management are women, up from 29% in 2020, showing that the ratio is improving. It’s great to see that businesses are breaking down the barriers that once stood in women’s way.
Development programmes specifically designed to provide opportunities for skills growth are essential in diversifying talent. Similarly, Axa has signedthe Women in Finance Charter for six years running because we want to build out this diverse culture.
Did the pandemic and the change to working practices shift things so they are better for women?
Our new ways of working have improved flexibility for everyone. There’s a greater emphasis on having a good work life balance and our new found flexibility has opened-up opportunities to better prioritise and balance work and home commitments. This is particularly significant for parents who havebeen better able to share tasks between them. The next step is total acceptance of flexible working patterns and learning to adapt to other people’s working patterns to ensure inclusivity in new hybrid working culture.
Do you think you are paid the same as a man on the same level?
Having recently changed employer, pay parity was an importantconsideration for me. Work has gone into improving gender pay equityacross the industry and I believe there is a much more balanced and fairlandscape for pay today. The most important aspect is respect and equalconsideration for what each individual brings to the table.
Who do you think is the most impressive woman in insurance?
All my female colleagues and peers inspire me on a daily basis! Each oneworks hard, strives for growth, and overcomes challenges. I have greatadmiration for anyone who, each day, excels in their job and then goeshome to continue their roles as parents or carers.
What more can the insurance sector do to create a level playing fieldfor women?
Women are essential to the industry; they bring different experiences andperspectives, and it is well documented that diverse companies are moresuccessful. Increased senior management sponsorship to increaseindividual’s empowerment is key. This would ensure that every woman isable to make change, supported to reach their full potential and valued fortheir commitment. The theme of this year’s IWD is \#BreakThe Bias.Conscious and unconscious bias require internal reflection and I see this asthe step in removing the remaining barriers for women in the industry. It’seasier said than done but with commitment from everyone, real progresscan be made.
Helen Bush, director, The Insurance Octopus
Do you believe insurance is a level playing field for women and mennow?
I think it’s slowly reaching that stage and I can see the change. Women areincreasingly taking up senior positions and it’s great to see the industryopening up more to women, it has come a long way in the last few yearsdefinitely.
Did the pandemic and the change to working practices shift things sothey are better for women?
Flexible work arrangements such as remote working and part-time roleshave expanded the scope of career choices for all. This type of working practice has encouraged people to stay in their job role and gives us flexibility to organise work which fits around our personal responsibilities and lifestyle.
Do you think you are paid the same as a man on the same level?
I would hope that my salary would be equal to a man of the same experience and level of seniority, but I can’t comment on what men in my position are being paid in other brokers of similar size because I don’t know!
Who do you think is the most impressive woman in insurance?
For me it’s Amanda Blanc, chief executive officer of Aviva. She is anincredible leader and was recognised in the Forbes list of 100 MostPowerful Women of 2021 – to see someone from the insurance industrymake it to the list is truly remarkable and inspirational. I would also like to mention my team at The Insurance Octopus, as I work with impressive women every day and have met some amazing people throughout my career.
What more can the insurance sector do to create a level playing fieldfor women?
The best way is to encourage women at a young age that careers within theinsurance sector are a great option. It’s important to create an environment where women can be empowered to lead and to make sure networking events are easily accessible for both men and women at every stage in their career. Networking is an important part of our industry. It’s not always the easiest thing to do, but that kind of exposure and learning from peers helps foster an individual’s belief in their own capabilities and gives them the confidence to step forward for management and senior positions.
Suzy Middleton, CEO, SEIB
Do you believe insurance is a level playing field for women and mennow?
Yes, I do believe it is, it does however depend on the environment andbusiness areas you are trading in.
Did the pandemic and the change to working practices shift things sothey are better for women?
If a business has become more flexible then it may have assisted women, it doesn’t take away the fact that a lot of women and men who may have dependents were juggling work and home schooling in the pandemic. I believe it gives any gender more flexibility to be able to have a life balance children or no children.
Do you think you are paid the same as a man on the same level? Yes
Who do you think is the most impressive woman in insurance?
There are a number of impressive women in the industry I wouldn’t like to name just one.
What more can the insurance sector do to create a level playing field for women?
I do believe it’s down to the individual’s ability, hunger and drive to succeedto create the level playing field, opportunities need to be sort and they areout there if you are hungry for them, whatever gender you may be.
Klaudia Gorczyca, director of international business at PremFina
Do you believe insurance is a level playing field for women and men now?
We have made significant progress in the last decade in terms of increased awareness of the potential, and value, that women bring to all organisations.This has translated into the insurance industry seeing to remedy the gap (a third of insurance companies still have no women in their C-suite.)
What is most powerful is how much has changed in a very short space oftime, how the narrative around women in leadership has been givenattention, and corresponding investment. The trend is without a doubt apositive one, and while we would like to see immediate improvement,meaningful change takes time.
Did the pandemic and the change to working practices shift things sothey are better for women?
The pandemic had a powerful impact in terms of allowing organisations torethink the way they work. The Covid-19 home working revolution has led to greater flexibility, but also a greater need for balance, as many women struggle with setting clear boundaries around their routines.
Do you think you are paid the same as a man on the same level?
It depends on the organisation, as many have introduced measures toensure that women and men are paid equally.
What I’ve seen over the years in my work as a mentor working with womenin the industry, is how proactive they have become advocating for themselves also, so we really see the change coming from every direction.
Who do you think is the most impressive woman in insurance?
Sharon Bishop, the CEO of PremFina UK and Ireland.
What more can the insurance sector do to create a level playing fieldfor women?
Organisations need to designate the advancement of women as a formal business priority, viewing gender inclusivity as a driver of financial performance – shifting the conversation to the value-added diversity of women in leadership.
We need solutions with a measurable path to value, instead of pursuing inclusivity and diversity using programs that don’t address underlying mindsets.
Sharon Brown, managing director, Harbour Underwriting
Do you believe insurance is a level playing field for women and mennow?
I’m uncomfortable simply talking about men versus women. I think we needto be talking about a level playing field for everyone regardless of theirsocial identity – race, ethnicity, sexual orientation, gender identity, ability,religion/spirituality, nationality, and socioeconomic status. Clearly, there’sisn’t currently a level playing field for every group on this list, and we needto strive towards creating the right environment for everyone.
Did the pandemic and the change to working practices shift things sothey are better for women?
That probably depends on what stage of their career they are at. Youngerwomen new to the profession may have suffered from not being able tolearn from working next to more experienced colleagues and also missedout on the social side of work. Women with children may have found iteasier or harder depending on their childcare arrangements and thedemands of home schooling. Women are more likely to have an additionalcare burden and be responsible for most household chores. Speakingpersonally, a more flexible attitude to home working has enabled me to carefor my mother, who has dementia but conversely, I miss the buzz of theoffice and the daily interaction with my team. We are striving for somethingin between.
Do you think you are paid the same as a man on the same level?
Only companies that employ over 250 people are required to report theirgender pay gap. Given that a significant proportion of insurance firms fallunder that reporting criteria, I have nothing to compare against. It’s certainlynot a topic of conversation likely to be broached either. Will I ever know? Asan MD, the responsibilities of this role can change drastically from firm tofirm, so it’s like comparing apples and pears. Am I likely to be paid less thanmy male counterparts? Yes.
Who do you think is the most impressive woman in insurance?
Janthana Kaenprakhamroy from Tapoly. Wow, what a lady! She has anamazing story, a rapidly growing business, a fantastic market presence andis very likeable. I am very proud of our industry when I see women likeJanthana smashing it!
What more can the insurance sector do to create a level playing fieldfor women?
One key area is making sure women are encouraged to join the industryfrom school and university. It must be seen to be a positive career choice forwomen. Perhaps the development of a ‘Future Female LeadersProgramme’? Another is ensuring women are treated properly post-maternity. This is when I see a lot of women’s careers stall. To avoid a drainon talent and losing leaders of the future, we need to be flexible during theyears women have young children.
I think it is up to everyone in the industry, both men and women, to treatwomen fairly.