Flexibility and equal pay are the keys for insurance to ‘crack the code’ on gender equality

As a profession, insurance in Australia outperforms many other sectors when it comes to women in chair positions. At the last count, 23.7 per cent of chair positions in the profession were held by women, compared to the national average of 17.6 per cent.  

And that comes as no surprise to Dianne Phelan, Group Operations Manager at BJS Insurance, and NIBA Board Director.  

“I believe the potential for female insurance professionals to thrive has never been stronger,” she says.  

“Increased presence of women around board tables is becoming the norm and the natural diversity of thinking can only improve outcomes for all.  

“I have been lucky that I have never felt that my gender has had a bearing on any position that I have held, but I do understand that is not the case for all women. Many have had to work much harder to achieve the same recognition as their male counterparts or have been left with a feeling that they received an opportunity for career advancement not because of their ability, but to achieve a set ‘quota’.” 

It’s a change that’s also been witnessed by Rebecca Wilson, Managing Director of Austbrokers ABS and NIBA Board Director.  

“The profession has certainly evolved over the years. Certainly, when I started, there were a lot more men than women. But as the years have gone on, there have been more women entering the profession, having more senior roles and a bigger say – and I’d like to see that continue.” 

Stella Pruscino, Account Director at Edgewise and NIBA Board Director, agrees – and believes the flexibility that can easily be incorporated into many roles will be key to growing the number of women in the sector in the future. 

“Over the years, the industry has made significant strides in promoting gender diversity and inclusivity, creating more opportunities for women to excel in all aspects of the industry,” she says.     

“Many employers have embraced remote work and flexible working arrangements, which can be especially beneficial for women who may need to balance work and family responsibilities.” 

 A focus on diversity and flexibility has certainly helped shape the sector today, says Gary Okely, President of NIBA. “Companies have a real focus on increasing areas such as diversity, broader career advancement, pay equity initiatives and established pathways for women in leadership,” he says. “Also, after we have emerged from COVID-19, increased flexibility and remote working opportunities have also provided greater opportunities for females to make insurance their chosen profession.”    

 Philip Kewin, NIBA Chief Executive Officer, has seen first-hand the progress the profession has made. “We’ve come a long way in society and as a profession. It was an absolute privilege to come to NIBA and work closely with NIBA’s first female Chair, Dianne Phelan, and what can only be described as a transformative period for NIBA.  

“And if you look at the talent we have on the NIBA Board and the various Committees – particularly our young professionals – you can see that women are far more comfortable and feel respected working in what has been historically a male-dominated profession.” 

 However, there is still a long way to go, both in terms of pay as well as perception – and shifting that perception will be critically important to attract new people to the sector.  

 Lynette Walsh, National Account Director, Aon and NIBA Board Director, says, “If you were to ask a person on the street to picture an insurance broker, I think most will suggest an older gentleman. The unfortunate reality is when I started my career 20 years ago, during the first five to ten years, I was an outlier at industry events, in meetings and on leadership teams – as all were populated principally by men.  

“However, when I now look at the people I work with within the sector, the reality is much different – we come from all walks of life. It is truly a much more diverse industry. There really is a great representation of females within our industry across all role levels.” 

 The theme for this year’s UN Australia International Women’s Day is ‘Cracking the Code’ and achieving gender equity in remuneration is still a challenge. A study by the Bankwest Curtin Economics Centre showed the gender pay gap to be worst in finance and insurance, at almost 28 per cent, compared to a national average of 20 per cent.  

“We still have a way to go to achieve equal pay. In this day and age, that should not even be a topic that needs to be discussed,” says Phelan.  

“Historically, it has been women who have put their careers on hold while they start or add to their family, and the loss/gap of knowledge during that time can have an impact on career progression.  

“There is a way to go to provide equal opportunities for equal parental leave entitlements making it easier for couples to make decisions about newborn care, but the proposed changes to legislation this year, if passed, will go a long way to addressing this problem.” 

Walsh agrees that solving this problem is critically important. 

“Flexibility and innovation of parental leave and carers leave are two must-haves. For a female, there should not need to be a choice between starting/raising a family and having a career, but unfortunately, we are not quite there yet. ‘You want to have it all’ is a phrase often thrown around, but I would like this to be rephrased to ‘you should have it all’.” 

Kewin, meanwhile, says, “I believe cracking the code means we exist in a universe where gender equality is not a goal, but the norm. The insurance industry, and broking as a profession, continues to evolve and recognise the diverse range of talent, which comes with a diversity of needs, capabilities and ideas. By nurturing and supporting those capabilities, we deliver a better outcome for all while providing a rewarding career for all participants.” 

As a profession, insurance does indeed have a wide variety of roles, stability, and flexibility – and with that variety of roles comes the ability to change career direction, too. All of which makes it a very attractive sector for people to join.  

“It’s great to see insurance being perceived as a career that will support women, no matter the stage of life,” says Nick Cook, NIBA Vice President and Executive General Manager – Partner, Broker Services & Agencies, Steadfast.  

“I would like to see more networks being developed for women across insurance, initiatives such as the Aspire program have been so powerful at bringing together the next generation of female leaders, to see the strength of this network from the Aspire program initiative provides so much promise for the future.” 

Rebecca Wilson has some simple advice for anyone who wants to explore the possibilities the profession holds.  

“Get interested,” she says. “If you see the insurance ads on TV – that’s not the insurance profession. Knowing your clients, knowing risks, knowing how to negotiate – that’s what it’s about, and you’re constantly learning. There’s not a day that goes by when I don’t learn something new.”