Breaking through the glass ceiling

In a historically male-dominated environment, Inga Beale’s appointment as CEO of Lloyd’s—the oldest and most iconic of all risk transfer markets—marked an important turning point for the re/insurance industry, symbolising the rise of women in this industry globally.

Beale has certainly proved that no position is beyond a female executive. Yet some believe that it remains a battle for women to secure senior positions, and more needs to be done to tackle this.

According to the Insurance Information Institute (III), approximately 60 percent of people working in the insurance industry in the US are women. However, an IICF (Insurance Industry Charitable Foundation) study found that women hold only 6 percent of top insurance executive positions (CEO, CFO, COO, etc), 12.5 percent of board seats, and 8 percent of inside business, legal or actuarial officer roles, such as chief actuary or division president, among the 100 publicly-traded or mutual insurers/reinsurers.

Further, a Deloitte Talent in Insurance Survey from 2014 revealed that, among other attributes, male and female business students want to work for companies that support gender equality.

“Although some women have broken through the glass ceiling in our industry, more progress must be made to accelerate the rate of change, and significantly improve gender diversity within the highest levels of companies,” says Elaine Caprio, president, CapLaw Advisors.

“There is also work to be done to attract and retain female millennial talent. This generation of women is more highly educated, entering the workforce in larger numbers than any other previous generation, and will be seeking work with companies who have a strong track record on diversity, as well as opportunities for career progression.

“Increasing the visibility of women in leadership roles will help the industry tap into this vast talent pool.”

In a larger report available online (www.intelligentinsurer.com), Intelligent Insurer has profiled 100 influential women in the re/insurance industry, and asked them how they became involved in the sector, what their aspirations are and what they have found most challenging in their careers to date.

The 100 women we have profiled are by no means designed to represent a complete and comprehensive list and it is certainly not a ranking.  Instead, we have included a cross section of senior women who influence the global risk-transfer industry in a variety of ways. While many are chief executives and the majority work in reinsurance, we also included women from intermediaries, insurers and trade bodies and their roles range from underwriter to chief risk offer to in-house legal councel to non-executive directors in some instances. The point is that all 100 women in some way exert influence on the way large risks are managed and transferred globally and we celebrate their successes and the different perspectives they offer.

Within the information gathered from those included in the supplement, many shared interesting views on the way in which women are perceived and treated within the re/insurance industry, and how women have learned to adapt to fit into a predominantly male world.

Beale says that the answer to increasing prospects for women in reinsurance is simple—hire more of them.

“We simply need more women working in reinsurance. I’ve already started to make changes, and I’m proud of our early success,” she says.

“We have launched our Inclusion@Lloyd’s initiative and have also been running a series of events across the market. Specific targets have been set to make our workforce more diverse and progress will be reviewed along the lines of gender, age, ethnicity, sexual orientation and faith.”

Beale explains that there are three keys things that women can do to help themselves progress.

“I will always come back to talking about the PIE model whatever your gender: Performance, Image and Exposure,” she says. “When I started out in my career I just worked and worked and thought that was enough. I thought I would get recognised and promoted for the ‘P’—simply for doing a good job.

“But it isn’t enough. You have to work hard on the ‘I’—your image and how others perceive you—and on the ‘E’.”

Beale says that exposure through networking and getting involved in cross-functional projects and activities at work is important.

“Women also need to support each other. I was fortunate to have access to a leading player in the reinsurance industry, Annette Sadolin (now retired from executive life but still guiding people and businesses in a non-executive capacity). She was part of the global management board of GE Insurance Solutions, where I had the pleasure to work with her for over 10 years, and she was a true inspiration.”

Karen Clark, president and CEO, Karen Clark & Company agrees. “I’ve noticed over the years that men are more likely to ask for promotions and to negotiate harder for compensation. Women who worry about whether they’re qualified or not should remember they don’t have to be perfect—they just have to be better than the other guy,” she says.

Clark feels that women should communicate in a more assertive way.

“I recommend women communicate directly and assertively and not too politely or apologetically. Don’t say you’re sorry unless it’s something that really requires an apology. Be brief and speak with confidence—it’s not just what you say, but how you say it,” she adds.

As the founder of her own company, Clark has fought hard to retain her position as an influential women among a sea of men. However, the fight for the top spot does not come without dedication, as she explains.

“One thing that is holding women back is a lack of mentors and sponsors to help them reach senior positions. Men seem to be better at networking in business and if two people are equally qualified, the person with more connections is more likely to get the job. In addition, there’s often a perception that women are not as willing or able to put in as many hours to get the job done,” she says.

Monica Cramér Manhem, president & CEO, Sirius Re, says that professionally there have been many challenges over the years, but that with skill and dedication, these can always be overcome.

“The biggest challenge will always be the one you haven’t experienced yet,” she says.

Cory Anger, global head of insurance-linked securities (ILS) structuring at GC Securities, highlights the importance of finding a work-life balance, saying that a strong network of support is needed at home and at work.

“Helping women find the work-life balance is important. Particularly when we have families; we want to do it all. However, it is important to balance attending important work functions versus when it is important not to attend,” she says.

“Women also need to recognise that good help is needed, whether it is a strong team to support you in work functions or to assist in managing certain home activities.”

Pina Albo, member of the board of management, Europe and Latin America, Munich Re, agrees. She says that the challenge of holding a senior level position is both personal and professional.

“On the personal front, it might involve uprooting family, saying goodbye to friends and familiar places and setting up anew. On the professional side, it involves coming into a market from the ‘outside’ and having to understand the new business environment, its challenges, opportunities, clients, etc, quickly and well enough to feel you can add value and be respected as a leader,” says Albo.

Anger also highlights the importance of patience when trying to achieve your goals.

“The path to leadership and success does have setbacks but how you handle and persevere during such periods will show others more about your character and aspirations. It is important to show senior management that you care about the organisation and are driven to helping the company be number one,” she says.

Making their mark

While the challenges for women in the re/insurance industry are frequently discussed and solutions to address the imbalance are being worked on, many women have battled through the divide to secure seats at the top table.

Peta White, managing director, head of North America property reinsurance, Markel Re, is jointly responsible for global reinsurance operations for the Bermuda office, alongside Andrew Barnard.

White was offered the opportunity following the Alterra acquisition, and says that to date, this has been the highlight of her career—but again, not without its challenges.

“I was given the opportunity by Jed Rhoads, president and CUO of Markel Global Reinsurance, to take on the role of head of US property catastrophe reinsurance. I knew this would be a challenge and that I would have to get to grips with the US book very quickly, as I had previously been the head of the international property cat book.

“Although it was a tough first year, it was an amazing opportunity and certainly a defining moment in my career,” she says.

While there has been, and possibly in some aspects may still be, a glass ceiling when it comes to women reaching C-suite positions, it is becoming increasingly evident that a company that selects the best person for the job—regardless of gender—will be the ultimate winner.

A study conducted by Catalyst, a research and advisory organisation that works to advance women in business, supports the idea that advancing capable women into leadership roles in greater numbers would be advantageous for the insurance industry. Studies of Fortune 500 companies showed that companies with higher percentages of female officers had a 35 percent higher return on equity (ROE) than companies with the fewest women at high levels.

Kathleen Faries, CEO, Tokio Solution Management, believes that adaptation and evolution are both necessary for a company, and in her role, places strong emphasis on encouraging these.

“For me the most challenging yet rewarding aspects of my job are finding ways to bridge culture and mindset gaps within an organisation in order to effect change,” she says.

“Our industry is quickly transforming as a result of new technology trends and the influx of capital. Being a part of educating and helping an organisation adapt and evolve in order to compete is challenging, interesting and exciting.”

Support network

A key factor highlighted by many of the women profiled was that men have more opportunities to network than women. However, there is an increasing number of organisations and groups in existence that support women in the industry and offer mentoring.

The Boston Club is an example of a women’s leadership organisation, located in the Northeast region of the US. It utilises a practical and effective approach to increase the percentage of women on corporate boards. The Boston Club has an electronic directory of female executive resumes, and its Corporate Board Committee offers to work with companies to identify qualified executive women for corporate board placements.

The IICF also offers Women in Insurance global conferences with world-class women’s leadership and industry speakers and sessions promoting women’s leadership.

One woman featured in the Intelligent Insurer supplement, Tracey Gibbons, senior vice president, specialty reinsurance at Allied World Assurance Company, who has been described as a role model for women in insurance everywhere, dedicates her time to supporting women in the industry.

Having joined the industry when there were few women underwriters and fewer women in senior positions, Gibbons frequently mentors up-and-coming executives and works closely with the Bermuda Foundation for Insurance Studies giving advice and guidance to students wanting to enter the insurance industry, in order to help foster the next generation of women.

“When I first entered the industry in the early 1980s, it was very male-dominated with a culture that did not lend itself well to the advancement of women. The industry was outdated in its outlook and the way it approached the day-to-day transaction of business. It was also a time of tremendous change in the way business was conducted and in overall attitudes,” she says.

“However, this landscape offered many opportunities for those who were willing to work hard, apply and promote themselves. I’d like to say that I got to where I am today by sheer hard work and perseverance, and while that was a large part of it, over the years a number of individuals have championed and challenged me when I needed that little extra push or encouragement.”

Kelly Smith, president, Aon Benfield US, also feels that it is important to get involved with organisations, and not just those solely supporting women.

“I have been introduced to and given the opportunity to work with many charitable organisations, some of which have invited me to be a board member, and others that have just expanded my awareness. I feel it is important that we all find ways to give something back,” she says.

On the following pages, we profile a selection of women in the industry who are creating role models for the younger female generation.

To view the full selection of profiles, visit the Intelligent Insurer website: www.intelligentinsurer.com

Keeping the talent

In May 2015 PwC released research which stated that the insurance industry is the least popular financial services employer with young women due to a perceived lack of career progression, causing many of them to leave their jobs or putting them off joining the sector in the first place.

PwC’s report, Female millennials in financial services: strategies for a new era of talent, revealed that limited opportunities for career progression is the number one reason female millennials (people born between 1980 and 1995) leave their jobs in financial services.

Some of the key findings showed that 80 percent of female millennials globally believe insurance firms talk about diversity, but that opportunities are not equal for all (73 percent in financial services generally), while 64 percent of female millennials in insurance say their employer isn’t doing enough to encourage diversity.

Also, female millennials in financial services believe insurers are doing less to promote equality, and feel that promotion is biased towards men in insurance more than in other financial services sectors.

According to PwC, 30 percent of participants feel that women are given fewer opportunities to undertake international assignments within the insurance industry than men (22 percent in financial services overall).

The report, which draws on interviews with more than 8,000 female millennials globally, reveals that the financial services industry faces a number of hurdles in attracting and retaining this generation of women. Female millennials are entering the workplace in larger numbers than ever before and come with their own set of expectations and ambitions for their careers.

“This should serve as a wake-up call to those in the insurance sector to bring their diversity policies to life, re-evaluate how they develop their people and create a structure where women can thrive.

“Having visible female role models at all levels of an organisation will be an important step to show employees and potential employees that leadership positions are achievable for all,” said Jonathan Howe, PwC’s UK insurance leader.

Click here to see the full list of profiled women and a sample of those profiled.