While women make up more than 60% of the insurance industry workforce, there are far fewer of them in insurance leadership positions, according to "Women in Insurance: Leading to Action," a 2018 report produced by the STEMconnector® team with assistance from several carriers and industry vendors. (Photo: Shutterstock)
Reflective of corporate America, women have made major strides within the insurance industry. According to a 2018 white paper by Million Women Mentors, women make up more than 60% of the insurance workforce.
When you look at the percentage of women in leadership positions, however, this number significantly drops.
What does it take for women to reach the pinnacle of the insurance industry? To answer this question, three top female producers from Beecher Carlson, a Brown & Brown company, shared their insights.
|"Align with a mentor."
Erin Lynch is president of the Energy Practice at Beecher Carlson.
At my first insurance job 15 years ago, I was the only female producer in the office, and there were no women in senior leadership positions. I surrounded myself with other professionals in the field, making meaningful connections by joining female professional organizations and industry organizations such the Risk Management Society (RIMS). I also joined industry-specific organizations as I looked to specialize. I encourage women coming up in the industry to join these networks. The people you meet, including a future mentor, can provide advice and introduce paths you might have never known you wanted to pursue.
When searching for a mentor, align with someone you trust, regardless of gender. I had a fantastic male mentor who recruited me into the business because he believed I could be a successful producer. He provided me with a path to learn and excel in the insurance industry and encouraged me to focus on large, complex risk management accounts, while choosing an industry specialization. At a time when there weren't many female producers for me to look up to, he gave me the confidence to break the mold.
Mentorship is not just beneficial for the mentee, but also the mentor. One of my greatest joys is helping the next generation of women in insurance. Having a leadership team of great mentors also can help retain top talent of all genders. According to the 2016 Deloitte Millennial Survey, millennials intending to stay with their organization for more than five years are twice as likely to have a mentor (68%) than not (32%).
— Erin Lynch ([email protected]) is president of the Energy Practice for Beecher Carlson.
|"Become a specialist."
Mary Pipino is executive vice president at Beecher Carlson.
Creating demand for your expertise and leadership breaks the glass ceiling and leads to prominent leadership roles. In the 1980s, I joined my father's firm with the goal of being an executive at a time when there were very few women, if any, in leadership roles. My father was an example of amazing success and mentored me to focus on education, a strong work ethic, problem-solving and being the best. I focused on those elements and became a successful, sought-after executive.
So how do you become a specialist? First, explore niches that capture your interest. Then, focus on the business models within the insurance industry that inspire you. This could range from insurer, marketing professional, actuary, producer, analyst or some combination of these. Invest time in educating yourself in insurance and your niches — through formal schooling, continuing education, mentors, networking, and reading prominent publications. Finally, find a company with a culture you believe in — one that empowers you to think outside the box, solve problems and go above and beyond.
Most importantly, bring immense value to your clients by creating and providing the best products and services always with the clients' best interest as your primary focus. Clients recognizing your passion and requesting your talent and expertise will be the catalyst to your success.
— Mary Pipino ([email protected]) is executive vice president for Beecher Carlson.
|"Focus on customers."
Annie Fleming is senior vice president at Beecher Carlson.
By setting short-term and long-term goals, even if you amend them through the process, you establish a direction for yourself and ensure you maintain focus.
In my career on both the brokerage or production side, I have always approached each customer with one goal: align my firm's services with customers' values and objectives to deliver the best insurance program possible. My team and I keep our eyes fixed on this goal. It drives everything we do — the rest is just noise.
Focusing on what is best for your customers sets straightforward priorities and makes clear what you need to do to provide top notch renewal results and superior service. And superior service pays. According to the American Express 2017 Customer Service Barometer, U.S. consumers are willing to spend 17% more to do business with companies that deliver excellent service.
My advice to women starting their career in insurance is to lean into your mentors and work hard. Listen to your prospects' and customers' needs, and always act in their best interest. The rest will follow.
As women continue to join the insurance industry, outpacing men in the number of workers in the field, it is critical that they are given the proper recognition and tools needed to achieve success. Aligning with a mentor, becoming a specialist, and focusing on customers' needs are just a few ways women can advance their positions at their firms and in their careers. But it is also up to those already at the top to make room for the next generation of leaders and ensure their executive team is free of gender bias.
— Annie Fleming ([email protected]) is senior vice president for Beecher Carlson.
Beecher Carlson, a Brown & Brown company, is a large account risk management broker, delivering expertise with industry focus and product specialization.
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