International Women’s Day 2023 – insurance spotlight
NIBA asked some members about how gender equality has changed in the profession over recent years – and what still needs to happen.
How has gender equality evolved over the past few years in insurance?
Saurabh Adhiya, Head of Payment Operations, Asia Pacific, says: “I see things moving in the right direction around gender equality but not without some resistance and challenges. We are certainly not where we want to be, but do acknowledge there have been some positive strides made in many companies within the industry to drive this. The focus needs to be on making gender equality something we don’t need to talk about, just something we do and operate from.
Nikita Willis, Client Manager, BMS Risk Solutions Ptd Ltd, says: “Although I’ve seen improvements in recent years – more women appointed to senior positions, more flexibility for women with families, etc. – it is difficult to appreciate these steps when we have so much further to go. The Workplace Gender Equality Agency (WGEA) tells us that the gender pay gap in the Financial and Insurance Services sector in 2021-22 was 28.5%. The culture and attitude around gender equality has absolutely improved in recent years, however I think it is yet to translate into real, significant change.”
Cameron Sheild, Strategic Risk Advisor – Power and Energy, Lockton Companies Australia, says: “I’ve been in the insurance profession for over 30 years, and it’s really pleasing to see how far we have come, particularly in the broking profession. Undoubtedly, we still have a lot of work to do, but I would like to celebrate IWD for opening our eyes, educating and changing our thinking process and, for me personally, to be grateful for the talented and hard-working women I work with and for. As we continue to evolve and work towards the ultimate goal of a fair and just society for gender equality, it feels as though we are gaining great momentum.
Prudence Chang, Executive Manager – Business Development and Partners, NCI, says:
“As gender equality develops, more women are stepping into leadership roles – so too have the number of women being employed in the profession. There is also more of an emphasis on supporting women coming back to work while having a young child, and going through the pandemic has also allowed the confidence to work flexible school hours and work from home, making it more enticing for women to have a family and a career.”
Heather Blanco, Chief Executive Officer, SUREWiSE, says: “I have seen a positive shift in attitude towards women in leadership roles, however, despite some progress, I still see discrimination against women in the workplace. Women, who are generally seen as the weaker gender, are less likely to promote their skills and past experience to managers when applying for a promotion and are more likely to accept a lower salary just to secure the role – inadvertently supporting the pay gap. There is still that glass ceiling when we consider career prospects for female employees.”
Nese Akay, Executive Manager, Strategy & Culture, CBN, says: “Gender equality in the insurance industry in Australia has shown some progress over the past few years/decade – there has been an increased representation of women in senior leadership positions however, women are still underrepresented in key decision-making roles across almost all industries in the Australian workforce, including insurance. While women make up half of the employees in the 2020-21 WGEA dataset (51%), women comprise only 19.4% of CEOs, 32.5% of key management positions, 33% of board members and 18% of board chairs.”
Gary Okely, President of NIBA, says: From my personal experience, I have been a significant evolution of gender equality right across the insurance sector. There are numerous examples right across the sector where women are represented at executive levels within insurers, brokers and across industry bodies. Using NIBA as just one example, the NIBA Board includes five women directors, whereas there were no representatives 10 years ago, and in 2021 Dianne Phelan was appointed as the first female President of NIBA.
“However, while a lot has changed, we do need to continue the journey of creating opportunities for women to advance their careers in insurance.”
The UN Women Australia’s theme for this year’s IWD is ‘Cracking the Code – Innovation for a gender-equal future’. What’s the key to cracking the code in insurance over the coming years?
Saurabh Adhiya, Head of Payment Operations, Asia Pacific, says: “The key is understanding all the obstacles/roadblocks that currently exist, putting actions against the ones that will help to drive the right behaviours and ensuring that all levels of the industry have full transparency of these and the role we individually need to play. We also need to look at the definition of equality vs equity and accessibility to allow a true gender-equal future. There are systemic issues that exist that simply need to change, and that comes with behaviour change from individuals, policies, processes and overall societal influence.”
Nikita Willis, Client Manager, BMS Risk Solutions Ptd Ltd, says: “There is no easy way to crack the code, but if organisations take a strategic and deliberate approach, progress will naturally result. Businesses should look inward, analyse the status of gender equality in their own workplace, consult employees, offer flexibility and support, and encourage leaders to empower the next generation of young women in the industry. The importance of male allies can also not be understated. Men play a vital role in acknowledging gender inequality, as well as creating a culture where it is safe (and encouraged) to call it out.”
Cameron Sheild, Strategic Risk Advisor – Power and Energy, Lockton Companies Australia, says, “‘Confidence’ – especially for younger women. As a profession, insurance still needs to have more representation at both ends of the spectrum, both top and bottom. While the entry-level of insurance is healthy in that regard, we need to ensure those at that level are on a fair playing field to be able to succeed higher within their preference and ability without bias. We need to create environments that instil a strong sense of confidence at a young age to ensure when an individual has something to say, when they want to be heard and contribute, then they have the confidence and ability to do so without any gender barriers.”
Prudence Chang, Executive Manager – Business Development and Partners, NCI, says: “We must continue to speak about how equality not only helps a business to be successful but is achievable. It needs to be spoken about as normal and something that all businesses should strive to have. Having gender equality is not only wholesome but allows the business to innovate different ideas to businesses that don’t have equality. It’s now normal to have world leaders of all genders, therefore, the normality of this in the workplace should be seen as nothing different.”
Heather Blanco, Chief Executive Officer, SUREWiSE, says: “Employers need to focus on seriously advocating for women when recruiting for leadership roles, and provide them with equal pay and educational opportunities. These three things are vital for empowering women and supporting societal change. Collectively, if we all want real change, women need to advocate for other women rather than compete for the limited seats at the table.”
Nese Akay, Executive Manager, Strategy & Culture, CBN, says: “The key to cracking the code is being conscious about the diversity of our community and committing to strategies that ensure this is reflected in our industry. Organisations need to commit to diversity by setting clear aspirations, benchmarking themselves, setting an action plan and being accountable in achieving real results.”
Gary Okely, President of NIBA, says: “I was interested to recently read the latest Bain & Co report on the ‘Insurance Identity Crisis’. Bain sets out that changes in consumer expectations have ‘thrust insurance companies into an identity crisis that calls on them to redefine their role’. A key focus on meeting consumer expectations will require us all to create opportunities and different approaches to the way that we communicate with our clients. This will require different technical, financial, communication and sales skills. It will be essential to have a diverse workforce and appropriately skilled women across all roles to meet these challenges.”