Women are underrepresented in independent agency leadership
As we begin Women's History Month, we look at a study on women in the independent insurance agency space that explores their experiences in the industry.
Hiring, recruiting and retaining more women in the independent insurance industry is a priority for many companies in what can be an admittedly male-dominated space. However, a new study from Safeco Insurance and Liberty Mutual Insurance shows that while 60% of employees in these agencies are women, they are underrepresented when it comes to agency leadership.
“The State of Women in Independent Insurance Agencies: Representation, Compensation and Recognition” study— which surveyed over 350 women in independent agencies about their experience with compensation, representation and recognition— reveals that women make up only 31% of agency principals and owners. This isn’t due to a lack of interest from women in these positions, though, and 52% of the women under 50 surveyed said they are interested in becoming a partner in their agency.
According to the U.S. Department of Labor, when it comes to compensation, the average woman insurance sales agent only makes $0.67 for every dollar their male counterparts earn. Investing in gender diversity can pay dividends for an agency, though, and the study found companies in the top quartile for gender diversity on their executive teams were 21% more likely to have above-average profitability than companies who ranked in the lowest quartile.
The report offers solutions for both women looking to grow their careers, as well as for companies who would like to improve their gender diversity and empower the women already working for them.
Their tips for women in the independent agency space looking to push their career forward include finding a mentor, taking more risks, growing your network, advocating for yourself and others and fighting imposter syndrome by owning your strengths.
You can read the “State of Women in Independent Insurance Agencies” report in its entirety here.