In a male-dominated sector, the future of women in insurance looks promising as companies increasingly recognise the benefits of gender diversity, writes JOSEPH INOKOTONG.
The insurance industry has long been a cornerstone of economic stability, providing financial security to individuals, businesses, and governments. Historically, it was a male-dominated sector, but women have steadily carved a significant place for themselves within the industry.
Today, women not only contribute as agents and brokers, but also lead major insurance firms, influence policymaking, and drive innovation. Their growing presence is transforming the insurance landscape, making it more inclusive, customer-centric, and dynamic.
Women’s participation in insurance dates back to the early 20th century, primarily in clerical roles. The mid-century saw them advancing to underwriting and sales positions. However, gender biases often kept them from leadership roles. Over the past few decades, increased awareness, regulatory support, and corporate initiatives have helped break these barriers, allowing women to rise to executive positions. Today, many global insurance firms have female CEOs, CFOs, and board members, proving that gender diversity strengthens the industry.
Women play key roles in the Insurance Industry such as leadership and decision-making. They have ascended to top leadership positions in major insurance companies worldwide. Their leadership styles often emphasize collaboration, risk assessment, and long-term strategy – key factors in an industry built on trust and reliability. Leaders such as Inga Beale, the first female CEO of Lloyd’s of London, have played crucial roles in modernizing the sector and promoting gender diversity within insurance companies.
They are playing in major roles in the sales and customer relations department. Insurance is a relationship-driven industry where trust is paramount. Women have excelled in sales and customer service roles due to their empathetic and consultative approach. Studies show that women are often more effective in building long-term client relationships, which is essential in life, health, and property insurance sectors. Their ability to understand client needs and provide personalized solutions makes them invaluable in driving customer satisfaction and business growth.
Women are not left out in the underwriting and risk management section of the insurance industry.
Underwriting requires analytical skills, attention to detail, and risk assessment capabilities. Women have successfully proven their competence in these areas, contributing to fair and efficient policy pricing. In risk management, female professionals analyze and mitigate potential threats, ensuring financial stability for insurers and policyholders alike. Their presence in actuarial sciences, which underpin insurance policies, is also increasing, further strengthening the industry’s analytical capabilities.
Technology and innovation are key drivers in the insurance industry.
With the rise of InsurTech (Insurance Technology), women are playing key roles in driving digital transformation in the industry. From artificial intelligence (AI)-driven risk assessments to customer service chatbots, female professionals are contributing to technological advancements that enhance efficiency and accessibility. Women-led startups are also disrupting traditional models by offering microinsurance and customized policies tailored to underserved communities.
Regulatory and compliance roles feature prominently when considering women’s contribution in the insurance sector. Insurance is a heavily regulated industry that requires expertise in compliance, ethics, and governance. Women have established themselves as strong advocates for consumer protection and regulatory frameworks that ensure fair practices. Many female professionals serve in legal and compliance departments, ensuring that insurance companies adhere to government regulations and ethical business standards.
Women complement the male counterparts in diversity and inclusion advocacy. As more women gain leadership roles, they are advocating for workplace diversity and inclusion. Initiatives such as mentorship programmes, flexible work policies, and equal pay campaigns are gaining momentum due to their efforts. Women-led diversity programmes help create a more balanced work environment, attracting and retaining top talent in the industry.
Despite progress, women in insurance still face challenges in gender pay gap, especially in leadership roles, where women often earn less than their male counterparts. Limited Representation at the Top: Although many women work in insurance, fewer reach executive or board-level positions. Work-Life Balance: Insurance is a demanding industry, and women, especially working mothers, struggle with balancing professional and personal responsibilities.
Bias and Stereotypes: Preconceived notions about leadership styles and risk-taking abilities sometimes hinder career growth for women in the field.
The future of women in insurance looks promising as companies increasingly recognize the benefits of gender diversity. Many insurers are implementing policies to promote female leadership, offering mentorship opportunities, and addressing workplace biases. Women will play an even bigger role in shaping the industry’s future with continued support.
Women have become indispensable to the insurance industry, excelling in leadership, sales, underwriting, risk management, and innovation. While challenges remain, ongoing efforts toward inclusivity and diversity are gradually reshaping the industry. As more women rise to influential positions, they will continue to drive positive change, making the insurance sector stronger, more customer-focused, and future-ready.
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