A.M. BestTV Transcript: Women Slowly Making Strides to Insurance C-Suites
July 17, 2013 by Best's News Service
OLDWICK, N.J. – Recently released research found that there is a lack of gender diversity at the executive and board of director levels of the insurance industry. The following A.M. BestTV episode, hosted by Senior Associate Editor John Weber, looks at a continuing under-representation of females in positions of leadership. Go to http://www.ambest.com/v.asp?v=genderdiversity713 to view the video, and look for new episodes Mondays, Wednesdays and Fridays at www.ambest.tv.
JOHN WEBER: A study on insurance industry demographics conducted recently St. Joseph’s University in Philadelphia showed that when it comes to insurance industry leadership, women weren’t just under-represented, they were an overwhelming minority. Mike Angelina is the executive director of St. Joseph’s University Academy of Risk Management Insurance …
ANGELINA: We looked at 100 companies, property/casualty as well as life insurers, and there are three key statistics that came out of this. One – of the board seats that are out there — 12.6% of board seats are occupied by females; 8% of all inside officers — top officers, top five, top six office positions — are held by women; and when you look at the top two or top three – the CEO, CFO or the chief operating officer — only 6% of those positions are held by females.
WEBER: Now before we castigate the insurance industry, it should be noted that statistically, gender diversity in insurance is similar to that of the entire Russell 2000. But as Deborah Aldredge, chief administrative officer at Farmers Insurance explains, it’s important that the industry start attracting more women.
ALDREDGE: This is a business that’s based on math and data — the numbers — and when you’re looking at the numbers, you can’t hide from the fact that women are becoming a very big part of the workforce, and as you look at that, this is a labor pool you want to tap in to. It’s going to help you meet your client demands, grow your business, so I don’t think we have to make the business case as to why it’s important.
WEBER: But is enough being done to attract women? That question was posed to Pina Albo, president of the reinsurance division at Munich Reinsurance America, at the Insurance Industry Charitable Foundation’s Global Conference on Women’s Leadership in New York.
ALBO: I think it’s fair to say there’s a heightened awareness about the whole issue of diversity and gender diversity in the industry and financial services in general, so as a result of that and a greater commitment, I think we will see some more progress in this regard.
WEBER: Perhaps. But what should be done to accelerate getting women into the industry and fast-tracking them to the C-suite?
ANGELINA: Some of the solutions would be sponsorship programs, mentoring programs and talent management to make sure that women are being thought of for some of these positions – positions that may be typically were going to males, and to make sure that women are being sought after for senior management positions.
WEBER: In the meantime there appears to be progress, albeit slow.
ALBO: It’s like a tanker in the water making a turn: it’s a pretty wide berth, but it does move forward.
WEBER: The good news, as Robert Hartwig, president of the Insurance Information Institute points out, is that the industry appears ready to embrace gender diversity.
HARTWIG: In this industry, I don’t think there are any glass ceilings. We’re looking for good people, men and women alike, who are willing to give it all to this business.
WEBER: And for younger women entering the industry, it would appear the future seems bright indeed.
ANGELINA: The president of our Gamma Sigma group was a female, and when she graduated, she had four offers and good for her; again, very successful, four great companies made her an offer. The person who received our risk management and insurance award for the highest grade point average was also a female. So the ones we get are very successful and they’re doing very well, and we’re just trying to attract more.
WEBER: Women interested in insurance industry employment may want to log onto BestDay News, which has launched an electronic job board with more than 2,000 positions, which includes job opportunities in property/casualty, life, reinsurance, claims, legal and other insurance sectors and specialties.
BN-NJ-07-16-2013 1645 ET #