We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,155)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (414)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (800)
  • Wink's Articles (353)
  • Wink's Inside Story (274)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • A Woman’s World?

    November 27, 2011 by Nichole Morford

    On sexism and insurance

    By Nichole Morford

    November 21, 2011

    Women make up 50 percent of the U.S. workforce, and 57 percent of the student population at American universities. Among graduate students, the percentage is slightly higher: 59 percent are female. And, across every industry, there are powerful, public female leaders, from political dynamos (Secretary of State Hillary Rodham Clinton) to corporate magnates (Indra Nooyi, Chairman and CEO of PepsiCo) to technology tycoons (Virginia Rometty, recently named CEO of IBM).

    But do these names and numbers really spell equality in the workplace? According to an article published by Forbes earlier this year, the answer is a resounding “no.” Five decades after the Equal Pay Act was passed, there are just a handful of jobs in which women earn slightly more than men, argues columnist Jenna Goudreau, but more than 200 in which men earn more than women. On average, women make only 80 percent as much as men, and in some cases, they make just more than half as much, stunting their lifetime earnings by millions.

    How does the insurance industry hold up under accusations like these? Not very well, it turns out. In Forbes’ list of the ten most sexist jobs in America, insurance sales agents were ranked No. 7, with women earning just 66.7 cents for every male dollar earned, adding up to a $590,000 loss over a 35-year career.

    The new reality

    On one hand, this data isn’t surprising. Insurance is an industry that’s notoriously male-driven, not to mention slow to change. On the other hand, it doesn’t quite make sense, at least for independent agents, who work on set commissions and have a great deal of autonomy in their practice.

    Within the industry, views on equality are varied, but most agree that the female presence is growing. Pat Brzozowski, diversity director, women’s strategy at Prudential, declined to comment on employee compensation, but did say the industry has become increasingly focused on recruiting women into the workforce. Her title alone suggests that it’s an area of huge importance.

    “I really do feel that the industry’s changing,” said Brzozowski. “I know that a lot of companies, including Prudential, are looking specifically to bring more women into the insurance and financial services industry. Women are at least involved in 95 percent of financial decisions. So, I think throughout the industry there’s a push to try to bring more women in to the industry, and it’s way needed.”

    This industry shift is not just about appealing to clients. Brzozowski feels that selling insurance is a job that women are naturally suited to excel at. “One of the reasons I feel that women are a really good fit for this type of career is that we are natural relationship builders,” she explained. “Insurance is an industry that is built on trust – you need trust when you’re talking about your finances. It’s that relationship-building aspect that we are naturally drawn to as women; it’s the fact that we really do want to help people.”

    This is a good first step. But how happy are women in the industry? We spoke with three independent female agents who shared their professional journeys.

    Perspective No. 1: “It never occurred to me that there would be discrimination.”

    Honey Leveen is an independent agent and LTCI specialist based in Houston, Tx. She’s been in the industry for more than 30 years, and says she’s never felt her gender to be a disadvantage. On the contrary, she’s been able to turn it into a distinct selling point.

    LifeHealthPro: Do you feel that female insurance agents are compensated fairly?

    HL: Yes, because commissions are standard. It might be different if you’re a captive agent.

    LHP: As an independent agent, do you feel that clients have perceived stereotypes about working with a woman vs. working with a man?

    HL: No. I’ve been in outside sales since the mid ‘70s and there were no women in outside sales when I got into the workplace. I always spun that to my advantage because it set you apart from the pack, and that’s always a good thing.

    The irony is that you’re right, because insurance is the last bastion of male-domination in the workforce. I remember going to a dinner soon after I started in the industry, and it was all men, and I remember thinking medicine and law are now 50 percent women, and dentistry is, and every industry is. So, I thought, insurance will get there. And truly, I’ve never seen it as a disadvantage.

    LHP: Has there been a time in your professional career when you felt discriminated against?

    HL: No, there really hasn’t. To be honest, it never even occurred to me that there would be discrimination. I was raised on Long Island in the ‘60s, and all the little girls thought they were superwomen. We were just raised to expect we could do what we wanted to do. I come from a very entrepreneurial family, and it never occurred to me that I wouldn’t be an entrepreneur myself.

     

    Perspective No. 2: “It’s so discriminating, it isn’t even funny!”

    Renee Merckx entered the industry as a secretary when she was 15, and has since built a lucrative career in LTCI sales. But it wasn’t easy, she says. An industry “Boys’ Club” still exists, and makes it tough for women to find their niche.

    LHP: Do you feel that female insurance agents are compensated fairly?

    RM: If you are on commission, then, thank goodness, gender doesn’t play a role in determining your pay.  But, most managers, trainers, and owners are men [which can be a challenge if you’re a captive agent]. Just 10 years ago, when I worked at a major insurer, I came into work one day wearing a shirt and tie. One of the guys asked, “What’s up with the shirt and tie?”  My reply was, “Well, I have to play with the boys, don’t I?” That should say it all!

    LHP:  As an independent agent, do you feel that clients have perceived stereotypes about working with a woman vs. working with a man?

    RM: It depends on what you’re selling.  Since I am a specialist in long-term care insurance, and work with aging Americans, I seem to get into some doors a bit better than a man. For example, a single woman is more likely to let me into her home then some burly guy, even if he is well- dressed. But when it comes to traders, stocks, and mutual fund advisors, it is a total man’s world.

    LHP: Insurance is traditionally a male-dominated field. Do you feel that is changing?

    RM: The field is very slowly changing, but many women still don’t think they can get into this career because it is very, very tough! Since men have dominated this arena for so long, people still seem surprised to see a woman give them financial advice. It definitely takes a huge talent.

     

    Perspective No. 3: “The industry is definitely changing.”

    Based in Norfolk, Va., Patty Ramsey has found success selling life insurance and annuities to a client base that is largely female. For the most part, she says, the industry is supportive of women who know what they want and are willing to work hard and dream big.

    LHP: Do you feel that female insurance agents are compensated fairly?

    PR:  I do believe female insurance agents are compensated fairly. Some companies pay higher than others, but I don’t believe it’s a female vs. male reason.

    LHP: Has there been a time in your professional career when you felt discriminated against?

    PR:  Maybe once or twice, but I believe it came from a male manager, not the company.  That being said, I think you might see more discrimination in management roles and higher up the ladder, not in an agent vs. agent position

    I do think this is improving, but in these management roles you may also see a salary discrimination between men and women in the same position. One way to get around this is to always be direct about what you think you deserve. For example, I think it’s important that women always ask for more money when they receive a promotion. I don’t think women should have to do this, but I recommend it.

    LHP: Insurance is traditionally a male-dominated field. Do you feel that is changing?

    PR: I definitely think it is changing, I have seen more females getting in and staying in.

    Originally Posted at LifeHealthPro on November 21, 2011 by Nichole Morford.

    Categories: Industry Articles
    currency