In June, the Insurance Industry Charitable Foundation—a charity with which National Underwriter has a great relationship and that raises millions of dollars for charities serving families and children in need—hosted the Women in Insurance Conference Series of forums in four major cities, aimed at furthering the conversation around gender diversity.
The IICF deserves serious credit for taking a leadership role in addressing one of the insurance industry's elephants in the room: Why aren't there more intelligent, highly skilled women employed in it, and why are many of those who are employed serving in supporting or administrative roles?
The fact that a respected organization like the IICF even has to stick its neck out and raise the level of this conversation speaks to a serious disconnect among some of its most powerful players and an institutional mindset that needs to be bred out. If racism can be considered “so 20th century,” as I like to say, then so is the absurd notion that women have to be relegated to second-tier status. Anywhere.
Last year, data from the Academy of Risk Management and Insurance at Saint Joseph's University revealed that—surprise—women are underrepresented in leadership positions within the insurance industry. Just 12.6% of women in the industry hold board of director positions, only 8% are inside officers and a mere 6% hold C-suite positions. Those statistics are cast in an even darker light when you consider that 60% of new insurance employees are female.
Certainly, there are some high-profile examples of women making strides in the industry: Last December, Lloyd's of London named Inga Beale as its chief executive, making her the first female CEO in the market's 325-year history. But the fact that we even have to invoke phrases like “first woman to…” in news reports subtly implies that such gains are an anomaly. And that has to change.
We live in 21st century America, folks—a place and a time in which we can no longer afford to assume our success is guaranteed, that our place in the world is assured. It isn't. Operating your business at peak efficiency these days is paramount. Doing that requires asking some hard questions about who you want working beside you, even if the boys on the golf course or back at the clubhouse might have their own antiquated ideas about what the “boy's club” is and why you should shut your mouth, drink your gin & tonic and perpetuate the problem by ignoring some of the very intelligent, driven women who deserve to be working in a higher capacity.
Let me be clear about something: I am by no means an advocate for affirmative action, whether it's gender or race that's at stake—nor should we hire or promote anyone for the sake of meeting quotas. I am, however, a strong advocate for talent, and it seems to me that some very talented women have been getting short shrift in the insurance industry for quite some time.
You don't deserve special consideration just because you're a woman. But you absolutely deserve a place at the table if you have the skills. And that's the paradigm shift that needs to occur.
Here's hoping that the last remnants of the “glass ceiling” in the insurance industry will rain a shower of old-school thinking that will soon be smartly swept away.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Shawn Moynihan
Shawn Moynihan is Editor-in-Chief of National Underwriter Property & Casualty. A St. John’s University alum, Moynihan has earned 11 Jesse H. Neal Awards, the Pulitzers of the business press; seven Azbee Awards, from the American Society of Business Press Editors; two Folio Awards; and a SABEW award, from the Society of American Business Editors & Writers. Prior to joining ALM, he served as Managing Editor/Online Editor of journalism institution Editor & Publisher, the trade bible of the newspaper industry. Moynihan also has held editorial positions with AOL, Metro New York, and Newhouse Newspapers. He can be reached at [email protected].
