Women make up more than 60% of the insurance industry, but only 19% of board seats, 11% of named insider officer positions, and 12% of top officer positions are given to women. Studies show women are 21% less likely than men to be promoted as manager and similarly african-american women are 40% less likely to be promoted as manager than men.
A survey of 57 female CEOs was held to determine the attributes and competencies of female corporate leaders, 41 of whom led Fortune 1000 companies and 16 of whom led privately owned businesses. Some common characteristics among all of these female CEOs were ability to take risk, agility, resilience, and ambiguity management. These female leaders also valued teamwork and were more likely to leverage others to achieve their desired targets. Studies have also shown that the composition of the most effective leadership teams were those with the most women and those with the best people-reading skills.
In the recent era, the insurance industry has seen immense progress in the number of women insurers. An industry that was once known to be a male-dominated industry, is now witnessing expanding career opportunities for women in insurance. Women leaders demonstrate that women are likelier to be role models for the change they seek. They are willing to share their inspirational stories to persuade others to embrace that change. Women are even known to be more inclusive and collaborative in their decision-making and leadership styles, which can help organizations move faster.
Finally, The sector can expand and thrive by encouraging gender diversity within insurance companies and their intermediaries (at the Board, management, and working levels), as well as through exchanging best practices.
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