Leading Latinxs in the insurance industry
Brown & Brown's Veronica Jimenez shares her perspective as a Latina leading a team of diverse talent.
The projected growth of the overall Hispanic demographic in the U.S. is expected to change the very landscape of the workforce and alter the economy within the next few decades, says a research report from the Society for Human Resource Management and the Congressional Hispanic Caucus Institute.
As a result, U.S. businesses across all industries are altering to meet society’s changing demographics — and insurance is no different. Today, there are more women than men in the insurance workforce, with Latinas comprising more than 25% of all female insurance professionals. But when looking at the top level of organizations, Latinas only represent 4% of executive positions across all sectors, says data from the Hispanic Association on Corporate Responsibility.
From Veronica Jimenez’s perspective, the insurance industry, like much of the U.S. workforce, has changed significantly in the past decade. But, it continues to lack the right people at the top who will support and encourage women and minorities and provide them the mentorship that will help create future opportunities for success.
“When I first began my career at my uncle’s insurance company, there were very few women or minorities,” says Jimenez, who serves as senior vice president and Southeast private client leader at Brown & Brown Insurance. “However, over time, this has shifted with women, members of the Latinx community and people of color not only entering the industry but ascending to leadership positions. My team at Brown & Brown is now largely composed of women and minorities, and I am proud to lead them as a Latina.”
Need for representation
Although the industry has evolved to one that’s more diverse and inclusive, Jimenez sees room for improvement, starting with representation. “The number of women and minorities in leadership positions is still far from matching the demographics of those in the field overall,” she says.
Citing research from McKinsey, she explains how companies in the top quartile for gender or racial and ethnic diversity are 15% more likely to have financial returns above their industry medians. Success as a result of diversity is something Jimenez has experienced first-hand.
Her team of diverse individuals has been the leading team across Brown & Brown’s 22 Southeast offices. With Jimenez at the helm, the team has disrupted the status quo by combining their unique personalities, nationalities, and religious beliefs to spark a level of innovation that can can’t be duplicated.
Despite research proving diversity can support an organization’s growth and innovation, some companies still struggle with closing the diversity gap in their talent pool. One of the most straightforward steps a company can take to build a diverse and inclusive workforce is to hire and promote based on merit, Jimenez notes. “This helps to create a culture of equality, which translates into a more inclusive atmosphere that supports gender diversity,” she continues. “Organizations can also make it clear that discrimination and bullying based on gender or background are unacceptable, no matter the level of its origin. [Also], creating networking opportunities for employees is an effective way of moving towards gender parity in leadership as it builds confidence and relationships among those with a variety of backgrounds.”
Retaining diverse talent is just as important as recruiting, so creating a working environment that supports growth essential. Jimenez suggests establishing mentor-mentee relationships to foster support and increase the likelihood of upward mobility.
She also sees pay disparity within the industry among women and people of color as another barrier preventing diverse employees from thriving. “According to the Bureau of Labor Statistics, women in the insurance industry currently earn only 62 cents per dollar earned by men,” she explains, “and the picture only looks worse when looking specifically at Hispanic and African American women. Comparatively, women working full-time in the U.S. overall earn 80 cents per dollar earned by men, indicating that the insurance industry is lagging in combating pay disparity.”
Breaking barriers
For many professionals in various industries, the hardest obstacle to overcome is themselves. It’s natural to fear failure, and when faced with cultural or language differences, it can be easy to let fear take control. But Jimenez sees this as a decision that can lead to opportunity. “You have two choices: Will fear dominate or motivate me? I feel it is important to use that fear to propel you to succeed. Regardless of the language barriers, cultural differences, and even differences in appearance.”
“My advice to Latinxs trying to move up would be the same as I’d give to anyone else — be the hardest working person in the room,” Jimenez says. “The harder you work, the more you are rewarded. Secondly, it is important to find a good mentor, regardless of gender or background, just someone who believes in you and can guide you throughout different stages in your career. Unlike a unicorn, these individuals do exist but are sometimes hard to find.”
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