women in insurance - Reactions

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WOMEN’S LEADERSHIP FORUM W hen the women in this issue of Reactions started their careers, did anyone think that in 2018 we would still need a special edition chronicling the role of women in insurance and financial services? I certainly didn’t. When I graduated with an MBA in the 1980s, I had no illusions that women were not equally represented in leadership roles in the financial services. But surely, I thought, by the time I am a CEO, the need for a special focus on women as leaders would be laid to rest and we could get on about growing profitable, responsible companies. The following stories document some progress being made, including mentoring programs and other innovative initiatives that support women in C-suite roles and the few women who serve on boards. But why, the question persists, are there still so few women in C-suite and board positions? How can companies and those of us who have achieved leadership roles encourage more women to rise to the senior leadership positions in insurance? Here are eight action steps to keep the momentum: 1)  Use the “Rooney Rule” to build a pool of C-suite candidates. Dan Rooney, owner of the Pittsburgh Steelers, was concerned by the lack of diversity in the management ranks of the National Football League (NFL). He proposed that the NFL include black men in finalist pools for manager jobs. Extrapolating the Rooney Rule to insurance searches would mean having one or two underrepresented candidates, a woman and a person of color, in every finalist pool for senior management positions. Going through the

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final stage of interviews can be a life changing experience for the candidates. And, opening doors for the candidates and minds of the hiring managers would benefit both groups. 2)  Create more internships – meaningful and well-paid internships. Working with career centers at colleges, identify women undergraduates who have strong analytical skills and can think critically. Give them meaningful projects with strong mentors; expose the interns to women in leadership positions. Young women need role models to set aspirations high and a network to connect to as they transition to full-time staff after graduation. 3)  Support the work of The Institutes to recruit college graduates to the industry. In the U.S., 47% of college graduates with business majors and 46% of MBAs are women. The insurance sector should and can do more to attract them. MyPath is focused on this.

4)  Regularly analyse compensation for women and men, monitoring individuals and roles to ensure that there is no unintended gender bias. Let’s not ask about a new hire’s current compensation, perpetuating past inequities, but rather compare to current positions within the company. Be especially mindful about equity for those individuals who may be returning to work after stepping off the career ladder for a while and are expected to contribute in equal measure. 5)  Focus on increasing the percentage of women on boards. In 2017 at Fortune 1000 companies, 55% of boards have at least 20% women, 22% have a token woman,

and 7% have zero women. The goal at the 2020 Women on Boards campaign is to have at least 20% of all corporate board seats held by women by 2020. The goal should be women at every level of the organisation, including boards. 6)  Recognise that the road to the top can be lonely, for both men and women. Building community, extending a hand, and looking out for each other is important. The #Me Too campaign teaches us many things; one of the most important is that everyone (men and women) needs to step up, speak out, and support each other when bad things happen. 7)  Play an active role in sponsoring women. Mentoring isn’t enough for advancing women to senior positions. We need to identify women in middle management and work hard to provide challenging assignments and steer them toward the right career moves and development opportunities. 8)  Read the featured stories and make note of the successes to date and the challenges that remain. Put the ideas into practice at your company. And join me in hoping that as engaging as this edition is to read, 10 years from now, writing about women in C-suites and boards at insurance companies will be yesterday’s news.

Janice M. Abraham President & CEO United Educators Insurance

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RAWAN ALSULAIMAN CHIEF LEGAL OFFICER AND COMPANY SECRETARY, INTERNATIONAL GENERAL INSURANCE

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n the last 20 to 30 years, much work has been done to break down the obstacles to diversity that exist in the insurance industry, but there is still plenty to do. We have all heard the phrase used to describe the sector as “pale, stale and male”, but now global regulators have started to focus on improving organisational culture and encouraging companies to embrace diversity and inclusion fully, rather than treating it as a boxticking exercise. The Dive-In Festival is a good example of the industry celebrating diversity and inclusion by empowering people from a range of backgrounds and respecting what makes them different. The industry is starting to understand that this can be a major driving force behind the success of any institution. With a focus on diversity and

inclusion, we can create a highperforming culture, where safety and performance go hand in hand. At IGI, we have a 50% ratio of women working across our global offices, and next year, IGI will be hosting the Dive-In festival in Amman. Despite the efforts made, women

“At IGI, we have a 50% ratio of women working across our global offices”

remain disgracefully underrepresented at the c-suite level and on company boards, which are still strongholds for middle-aged males. This needs to change. For example, a study by the IMF called ‘Unlocking Female Employment Potential in Europe’ found that adding one more woman in senior management or on the corporate board led to a higher return on assets of 8 to 13 basis points. For me as a woman working in the Middle East, my gender and the constant challenge of trying to gain respect and recognition in an industry that is male dominated has frequently been a challenge. However, every day I see women rising to top levels in their careers and I see them making a difference in their professions and their communities.

CLARE BARLEY

CHIEF RISK OFFICER, ASTA

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iversity has long been a topic of conversation in our market, but I believe it’s time to change the focus. Whilst it is essential to ensure that women and men are given equal opportunity to secure employment and advance professionally, insurers need to view diversity through a wider lens. The world of insurance is changing. We are facing new, intangible risks, such as cyber and intellectual property. New methods of capitalisation, such as ILS, have become an essential part of an insurer’s business. Insurtech is changing the way we access and bind risks and brokers and underwriters are under pressure to use technology to cut costs. Even an age-old risk, such as property, is changing as the impact of climate change produces increasingly erratic

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and extreme weather. If insurers are to evolve alongside these changes, we will need to swim outside our usual talent pool. We need to start taking a proactive approach to recruiting people from different educational, professional and socioeconomic backgrounds

“Quick fixes such as hiring quotas are not the answer”

who can bring new skillsets, fresh ideas, and specialist experience to our businesses. Expanding our hiring parameters will naturally bring about a more diverse workforce. We can also support diversity by adapting our current working environment, for example through mentoring and flexible working hours, which should become the norm rather than the exception. We can also ensure that thought is given to the visible role-models we present both internally and externally to our organisations. But quick fixes such as hiring quotas are not the answer. Hiring and promotions based on merit, talent, relevant experience and performance will naturally result in a diverse workforce, so long as the starting selection pool is sufficiently deep in the first place.

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INGA BEALE

CHIEF EXECUTIVE, LLOYD’S OF LONDON

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here is no doubt that things have changed for the better. The Lloyd’s market, as one example, is more representative of today’s society than it was when I started my career in the last century! But there is still more to be done. Let’s not lose sight of the scale of the challenge. We are seeking to change workplaces that have been around for hundreds of years before women had really entered the workforce to any great extent. As individuals we must continually set the right example, right now. We should all demand a working environment that is appealing to talented people regardless of age, race or gender. Are our organisations places that women want to join? Places where women feel respected and valued? Places where they feel they

will progress? It sounds simple, but if we want women to work in our sector, then they must feel the minute they arrive that this a forward thinking, inclusive employer who wants women to thrive and succeed. Where the emphasis is on

“As individuals we must continually set the right example, right now”

KATY BRADICA

ability and being able to deliver the outcomes the job requires. Are we doing enough to help encourage and support women to go for the executive roles that then set the tone for an organisation? I often meet talented women at work and wonder why they are not in those senior roles? We need to support them to aim high and provide flexibility in existing outdated work practices to encourage women to stay in our sector. Unquestionably, the door has been pushed open. We must continue to call out poor practice where we see it, and challenge any inherent bias, to enable more women to walk through that door. How proud we will all be to work in insurance when we are the role model for inclusion and reflect the global societies we serve.

HEAD OF NORTH AMERICA INSURANCE PRICING, XL CATLIN

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s a woman who has worked hard to reach a leadership role, I am oftentimes the only female in the room. Although women comprise approximately half of the insurance industry roles; those in top executive positions are a mere 6%. However, I’m embarrassed to admit that when a career-changing role became available, I did not initially apply. I questioned if I was fully qualified, and I struggled with how I’d balance work with raising a young family. I ultimately applied (encouraged by a mentor) and earned the role; this is what I learned along the way: Senior level sponsorship is vital; it needs to be authentic and developed naturally during your career. Having someone you trust to advocate on your behalf and encourage you to step outside your comfort zone makes a significant difference. As

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leaders, we cannot forget the paths we forged and the lessons learned that made us successful. I continue to surround myself with top talent and advocate for both women and men on my team, celebrating their successes and encouraging them to strive for new opportunities.

“We need to put a brighter spotlight on work-life balance challenges”

Great leaders today need to deliver on results, inspire and think ahead while encouraging colleagues with core leadership essentials to apply for roles even if they are unsure they “check all the boxes.” We need to put a brighter spotlight on work-life balance challenges and the need to accommodate diverse households, including single parents and competing dual income earners. Family-friendly policies that leverage technology, an essential requirement, are necessary to reduce time away from home and provide benefits. Are current measures adequate? No, but for the first time in my career one of my colleagues mentioned that he was the only man in a room full of women. I smiled, because I understood how he felt, but also because it means we are moving the dial.

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GERALDINE DEL PRETE PARTNER, TIGERRISK PARTNERS C

ritical mass is the amount of fissile material required to achieve a nuclear explosion. Too little plutonium, and all you get is a fizzle. But once you reach critical mass, watch out! Management consultants have found that when women account for 20 to 30% of an industry’s workforce, things start to change. Business schools have found that when women reach critical mass on corporate boards, companies become more efficient and make more money. Moreover, companies are more willing to change, adapt…. and survive. Unfortunately, we’re a long way from critical mass. There are just a handful of CEOs and women sitting on the boards of insurance companies. While other sectors of the financial industry have already achieved critical mass, the insurance

industry is still sputtering. Why? We can attribute it to a host of reasons. Perhaps it’s the long-tail nature of the business, centuries of tradition or just plain obstinance. But whatever the reasons, our

“There are just a handful of CEOs and women sitting on the boards of insurance companies”

industry resists change. Under prevailing conditions, even the most talented and resourceful women are often forced to drop out because of the lack of flexibility. Women who have achieved leadership roles have done so by selfdiscipline, overcoming obstacles, and making themselves indispensable. Luck has also played a role. In my case I had the good fortune to work alongside some very accomplished men who respected my ability and were not threatened by it. The insurance industry is now facing an existential manpower crisis. The answer, ironically, is womanpower. But simply throwing women into leadership roles just to make the numbers won’t work. The insurance industry must adapt to ensure women have the resources, mobility and longevity to make a real impact.

ALEXIS FABER

GLOBAL HEAD OF FINANCIAL LINES, WILLIS TOWERS WATSON

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f you’re like me and thrive on being challenged every day, working in the insurance industry really delivers. I’ve had fantastic opportunities to learn and grow as a professional within my organization, and I’m grateful for the support along the way. At the same time, I view my career advancement as a personal responsibility, privilege and one that I have proactively pursued. Efforts to increase diversity and inclusion programs are critical, especially in the insurance industry, where women and minorities are underrepresented in the senior ranks. However, as aspiring leaders we should view these programs as a framework for advancement, not the end-game. While our employers are empowering us, we also need to invest in ourselves. We can’t rely on programs to further our career

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– we need to own it! We need to put ourselves in the driver’s seat by building our own networks, seeking

“Efforts to increase diversity and inclusion programs are critical, especially in the insurance industry”

stretch opportunities and finding mentors to connect with. As the topic of diversity and inclusion gains visibility in the industry, there are signs of real progress. But we still have work to do. There are some leaders who are compassionate about the topic of diversity and inclusion, but not necessarily passionate. We need to change this, and the transformation only happens when people experience first-hand the results a diverse team can deliver. Yet we must pursue the agenda for the right reasons. The industry should promote women for their accomplishments — any other approach will undermine the overall mission. That’s why developing and cultivating talent is critical if we are to further propel our industry into the future.

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KATHLEEN FARIES HEAD OF BERMUDA, TOKIO MILLENNIUM RE A

string of major natural disasters and soft market conditions left the re/insurance industry facing one of its most expensive years on record. Still, the sector must look beyond getting adequate prices for the risks we are taking – albeit important. The world of risk is changing at a dramatic pace. Challenging economic and political times, disruptors entering the market, and fast-evolving technology are leaving re/insurers vulnerable. Underlying these developments is the growing protection gap and climate risk that also leave individuals, businesses and governments more in need of protection and risk transfer than ever. According to the ClimateWise Principles Independent Review (2017), the past decade has seen just 30% of cat losses insured, producing a cumulative shortfall of $1.7tn, with

much of this shortfall being borne by government and civil society. The flood following Hurricane Harvey, for example, resulted in economic losses of $180bn yet estimates suggest insured losses will amount to less than $19bn. Clearly, we must do better. At TMR, we believe that

“The world of risk is changing at a dramatic pace”

JULIA GRAHAM

re/insurers should be striving to meet the needs of our customers by delivering solutions that are efficient, transparent and forward looking. Addressing these challenges – while simultaneously closing the protection gap – will require us to solve problems by embracing new technologies and innovative risk transfer mechanisms. For us that means deploying a nimble operating platform able to leverage analytics and data with speed and accuracy, as well as deepening our technical knowledge of the risk assumed. Exploring new partnerships, driving innovation and recruiting diverse talent with an entrepreneurial spirit are all recognised important steps to future proofing our organisation. We are building what we believe to be a winning combination for the future, muscle (financial strength) and flexibility (smart agile tech).

DEPUTY CEO OF AIRMIC

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n most recent studies I’ve read, it’s clear that whichever way you cut the facts, women lead the way in the DNA stakes of what makes a good leader. So why is there still the need to promote women leadership in our industry? I think women miss out on two key linked competencies of confidence and courage. Women in business, by definition threaten stereotypes. Just understanding this helps and makes you wise-up to some of the reactions you might provoke and to break the ceiling of unconscious bias. What might help to grow your confidence? I suggest knowledge. Business will undergo transformational change over the next few years and digital knowledge is now integral to

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success in the insurance and risk management professions. Anyone looking for a leadership role must grow their digital knowledge and understanding as a competence and skill. The shift towards customer experience, culture and behaviour

“Women in business, by definition threaten stereotypes”

analysis, are areas where women typically excel. Insurance needs women in leadership roles because the tide of disruption demands a more empathetic mind set. Women need to get digitally fit to lead. The digital economy will benefit from female leadership skills. It’s now widely accepted that gender balance delivers better business performance. Women are more likely to have the vital leadership attributes of sensitivity, vision that combines profit with social returns and the ability to connect and network. My favourite “reads” now are almost all in the digital space. My knowledge allows me to delight and to surprise those around me. It gives me the relevant knowledge and the confidence and courage to stand up and to speak up.

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DALYNN HOCH

CHIEF FINANCIAL OFFICER, ZURICH NORTH AMERICA

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hree major hurricanes made landfall in the US in 2017, each one demonstrating the awesome and often destructive force of nature and the remarkable resilience of those who live and work in the crosshairs of these storms. The devastation from Harvey, Irma and Maria also reaffirmed the need for effective risk management and risk transfer solutions. But those solutions are being threatened by a tax reform proposal that would penalize foreign affiliated insurers and reinsurers and, ultimately, curtail insurance options when the next big storm strikes. Insurers in the US – and around the world – rely on global reinsurance transactions to diversify risk portfolios and provide comprehensive and affordable insurance to businesses and families.

It is clear from the excise tax provisions proposed in the House and Senate tax reform bills that legislators do not fully understand how global insurers and reinsurers diversify portfolios. These provisions threaten the ability of reinsurers to effectively mitigate risk by taxing

“Insurers rely on global reinsurance transactions to diversify risk portfolios”

ELENI IACOVIDES

premiums ceded to global affiliates. Previously proposed taxes on global affiliate reinsurance transactions would have limited the supply of reinsurance by an eighth, while increasing the cost to US consumers by $5bn. When you look at the destruction caused by hurricanes Harvey, Irma and Maria, it is easy to see that global reinsurance capacity to insure US catastrophic risk is more important than ever. In the wake of Harvey and Irma, consumers in Texas, Florida and Louisiana will pay $271m, $259m and $62m more, respectively, for the same level of coverage. As the global capacity of insurance shrinks, the cost of purchasing insurance rises. Meanwhile, natural disasters grow in both frequency and severity.

GROUP CHIEF CLIENT OFFICER, DARAG GROUP

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he insurance industry remains a male-dominated industry even though things have changed significantly since I started out as a solicitor in the insurance and reinsurance department over two decades ago. Through my various private practice and industry roles, I have had the benefit of seeing the industry from different perspectives and to interact with some exceptional professionals and human beings. I have found that what makes the difference in our ability to achieve as individuals has more to do with the team in which we operate rather than the gender of our colleagues. It is our passion in what we do that drives us and hopefully, encourages others, as passion and the attitude that anything is possible are contagious. Neither of these qualities are

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gender-specific or exclusive. Our industry has a number of leading and inspirational women at the very top and recent efforts and schemes to mentor those entering our industry and to encourage them to stay, especially during moments

“All too often, we are encouraged to keep our heads down when things are tough. Don’t!”

in their careers and lives when they may feel that their time and energy is best invested elsewhere, have helped. They will help further in the future with talent retention. But we, the “older” generation, must remain committed to our industry, to our younger colleagues and to a quasimacro succession plan. Most women (again, not exclusively) are natural leaders through their organisational skills, the ability to truly multi task (physically and mentally) and to be bold enough to say: “this is too important for me to just let it go”. All too often, we are encouraged to keep our heads down when things are tough. Don’t! Be yourself, know your stuff, be professional and stand up to be counted when things matter. It’s the only way to build a career; just doing a job is never enough.

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KATIE MACGREGOR HEAD OF CLAIMS, ARGOGLOBAL I

t is encouraging to see an increased focus on diversity and inclusion in the workplace alongside recognition of its importance and benefits. There are certainly more women working in insurance than when I entered the industry and I am proud to work for a company where women hold a significant proportion of senior management roles. However, I believe there is still some way to go for our industry, particularly in ensuring women are represented at the executive level. Ideally, this should come as the industry continues to adopt a more meritocratic approach and bases hiring and promoting decisions on skill, competence and performance. However, for women to progress to senior roles, we must have a steady influx of women entering at the junior level and support them throughout their careers.

More effort should be made to attract women beginning their careers. Providing opportunities through mentorships, school programmes, and apprenticeships to increase their awareness of the industry are ways we can engage with and recruit from a more diverse talent pool. Supporting women throughout

“More effort should be made to attract women beginning their careers”

SERAINA MACIA

their careers is equally important. For many women, flexible working is one key aspect to balancing a career and family. Yet these arrangements are far from the norm. Women who request flexible working can sometimes be perceived as less ambitious and committed, stagnating their career development. I feel extremely lucky to have been recruited to a senior role within ArgoGlobal on a flexible working pattern, allowing me to progress my career and be at the school gates to pick up my children. More insurers need to follow suit. The insurance industry has the ability to offer women an exciting and rewarding career. Through having a more open attitude to modern working practices, we can widen the appeal of insurance and help attract the next generation of talent.

CHIEF EXECUTIVE OFFICER, BLACKBOARD US HOLDINGS

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oung people today are looking for careers that allow them to be part of a community and take care of problems – and I believe the insurance industry is an excellent but underappreciated opportunity to do that. Insurance helps people in times of need, touching every aspect of human endeavor, from buying a first home to an incredibly complex situation like putting a man on the moon. Without it, nothing works. Looking back on my own path, I didn’t expect to end up in insurance, but I’ve made a career here that I love. Global and yet close-knit, this industry attracts people who thrive on making personal connections and nurturing relationships. It requires creativity, collaboration and the desire to solve tough problems. I really believe someone from any background can find a career in

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insurance – be it historians or mathematicians – because insurance connects with so many different aspects of the economy. The opportunities are truly limitless. This industry has given fantastic

“Diversity is crucial to what we do”

opportunities to many women, especially early in their careers. But we have work to do in getting more women into leadership positions, offering them the right experiences that allow them to move into those roles. One thing I push for is for women to take on profit and loss responsibility, which I believe is a key path into a CEO position. Diversity – of gender, age, background, ethnicity, thought – is crucial to what we do. It’s inspiring to see a team of people from all walks of life working through issues and asking questions like, “Why do we do it this way? Can’t we do it differently?” Moving the needle happens when we push ourselves out of our comfort zones, raise our hands, and listen to everyone around us. That’s when we see real innovation.

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BRONA MAGEE

GLOBAL LIFE HEAD OF CLIENT SOLUTIONS, SCOR

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hings have improved but we still have a long way to go. While 60% of those working in the insurance industry are female, still only 10% of top management positions are held by women. That can’t be good enough. As an industry, our purpose is to provide protection to a very diverse population. I firmly believe we will be more successful when our leadership fully reflects that diversity. So we need to increase the number of women in leadership roles and also increase all aspects of diversity in leadership – race, gender, sexual orientation, physical ability etc.    Encouraging and supporting women to stay in the workplace after having children is key. Working while parenting young children is hard – they don’t sleep, they get

sick, they cry when you leave them, you cry when you leave them! I very nearly did not return to work after

“We need to increase the number of women in leadership roles and also increase all aspects of diversity in leadership”

KATE MARKHAM

the birth of my first daughter and was only persuaded to with a part time working arrangement. As my children got older and I realised that they could, in fact, survive without me, I gradually increased my working hours and took more senior leadership positions. But without that initial flexibility, I certainly would not have my current role today. We need to be more flexible and more empathetic to mothers (and fathers) of young children and ensure we have measures that fully support and protect them in those difficult, early years. Once they come through that period, things become easier and parents can re-embark on their career journey. But it must be ok to pause for a period (for those who want to) and the industry needs more measures in place to facilitate that.

CHIEF EXECUTIVE OFFICER, HISCOX LONDON MARKET

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he position of women in the insurance industry is changing and, in my opinion, it’s changing rapidly. We now have a number of notable and visible female leaders spanning all different types of insurance, for example Amanda Blanc (group CEO, Axa UK), Inga Beale (CEO, Lloyd’s) and Annette Court (chairman, Admiral Group). They’re all very different and each has made it to the top in their own way and by being true to themselves. For the first time, there are strong female role models in the industry for women coming up through the ranks. And, as new role models emerge, I believe there is an onus on us all to ‘pay it forward’ and help improve the prospects of others coming up through the industry. So many people in insurance are willing to share their career stories,

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speak at events and mentor talent - and generally pull together - to

“For the first time, there are strong female role models in the industry for women coming up through the ranks”

inspire the next generation. It’s a place where anyone with the right talent, attitude and values can thrive. It’s an exciting time. But what more does the industry need to do? There are many industry measures in place to help address the gender imbalance and I think we have the foundations for this to work. But the key is now in the execution; making it work back at base in our own companies. In my experience, once the executive team is onboard, targets have been set and business leaders are being held to account, real progress is made. But it doesn’t stop there - everyone has a role to play in bringing new ideas and insights to the table. We’ve made progress and there’s more to come: it’s my hope that in a few years’ time we’ll no longer be having these discussions.

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VANESSA MACDONALD-SMITH CHIEF EXECUTIVE OFFICER, JLT FAC

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ince I started in the market there has been significant progress in the promoting of women into senior leadership roles. Do I think that we as an industry have cracked this glass ceiling? Not yet. I read recently that of the FTSE 100 CEOs in the UK, you are more likely to be called David than be a woman. Unfortunately the same applies to the insurance industry. Progress is definitely being made, but some would argue too slowly. It was in 1972 that they first let women enter Lloyds. I started in the industry in 1981, so I wasn’t far behind this breakthrough. The first female active underwriter was appointed in 1997 and first female Lloyd’s CEO in 2016. I believe that women can have it all and that we truly are masters of our own destiny. I was 19 when

I first started in insurance, got married at 24, had three children and continued my career with no breaks. I have run teams, moved teams, travelled extensively and

“Progress is definitely being made, but some would argue too slowly”

worked with great clients. During this time I managed to grow and enhance my career. It was not always easy, but I was fortunate and had enlightened bosses/mentors who gave me opportunities and support. Progressive leaders who believe in diversity definitely exist, there just aren’t enough of them. A client once told me that the difference between men and women is that men will push for the next promotion when they are less than 50% qualified to undertake it, whereas women tend to wait until they think they are 100% capable of taking on the same opportunity. The advice I would give all women starting out in insurance is to be confident in your ability and take some leaps of faith along the way in your career!

DOROTHÉE MÉLIS-MOUTAFIS MANAGING DIRECTOR & HEAD OF LONDON BROKING & PLACEMENT SOLUTIONS GROUP, CONTINENTAL EUROPE AND MENA, GUY CARPENTER

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e/insurance provides a foundation for financial stability in a world that is constantly evolving and driving our market to stay ahead of dynamic innovations. Our industry is facing new, fastgrowing risks such as Cyber. Climate change brings more uncertainty around natural catastrophes and their potential human and economic consequences. Volatile political and social movements across the globe create a terror threat that is constantly evolving. Emerging risks and technological disruption increasingly impact our business and are driving the re/insurance industry to redefine its value proposition and consider risk holistically. New forms of capital are commoditising risk, insurtech startups are increasing competition and advanced technologies both

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empower differentiation and create exposure.

“Our market is becoming more diverse and dynamic, and therefore more attractive to new hires”

Social media and shared economy also create new distribution and marketing strategies, which in turn are changing re/insurance demand. These factors compel the development of a broader skill set within the industry, and this offers new and exciting opportunities for women. We continue to seek out highly-skilled risk professionals with expertise across lines of business and regions to manage rising global aggregations, and also to build successful, resilient portfolios in exciting new fields. As part of this, we also must attract leaders in financial markets; technology; environmental, social and political sciences and social-media and shared-economy savvy professionals. Our market is becoming more diverse and dynamic, and therefore more attractive to new hires.

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WOMEN CHANGING THE FACE OF THE INSURANCE INDUSTRY The insurance industry has evolved dramatically in recent years – through technological advances, increased regulations and added pressure to settle claims more quickly and cost effectively. However, one thing that has not changed is that it continues to be a predominately male-led industry. While the number of women working in the insurance industry is increasing, they still comprise only 6% of those in leadership positions.

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ane Tutoki, Global CEO of Cunningham Lindsey, is a rare example of a female CEO in the insurance world. She’s very aware of the social responsibility that comes with her gender and her job title. Tutoki knows just how much she stands out among her peers – because her peers are almost exclusively all men. She is committed to helping to pave the way for future female leaders and is seeing the gender bias starting to shift. “I want to be the role model other women need to expand their own career. I feel that weight. I feel that weight and I’m grateful for it,” said Tutoki, the global head of Cunningham Lindsey. She wants younger women to look at her and be inspired to push for the same result.

Her path to leadership Tutoki began her career in law,

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where her trial work helped her to gain managerial experience. Eventually, she stopped practicing law and became a full-time manager of in-house insurance counsel. Jane believes that early management experience helped groom her for future leadership roles. She credits the help of several mentors who helped her along the way. “One of my bosses decided to take a risk and put me into a management role in claims operations. I really had no idea what I was doing. But, with some guidance, and lessons from mistakes along the way, I grew into the job.” Her first big management role was in auto claims for Farmers Insurance in Los Angeles, California. She went from managing about 1,000 employees to managing more than 10,000 claims professionals. “What I learned in that role was the importance of having good processes in place to manage large groups. I also learned to delegate and to trust my management team – you cannot micro-manage 10,000 employees.” Her next role, Global Chief Claim Officer for Zurich Financial in Zurich, Switzerland, provided an opportunity to learn about global claims and the challenges of managing across different cultures and countries. Tutoki feels that all of her career choices ultimately extended her the combination of skills she needed for her current Global CEO role.

The strength of mentors Tutoki is a strong advocate for mentorship and sponsorship – of championing women and minorities in the industry – to give

opportunities to demographics that may not ordinarily get a look-in for a high-profile position. “I see it as an obligation that I have, to help women and minorities in general, within their careers. Encourage them to self-actualize and get where they want to,” she explained. “But it’s also a joy too, to help people. I have a deep obligation – that’s on my shoulders – to help women in this industry. I know that. I mentor a lot of women and, really, when you bring someone up and promote them in their career, that’s the reality show. That’s where it becomes real. Until that, you’re just talking.” Tutoki feels she owes a lot to the late James Schiro, former CEO of Zurich and Pricewaterhouse Coopers and lead director of Goldman Sachs, for her current role. It was he who referred her for the position she holds today as Global CEO at Cunningham Lindsey. “Mr. Schiro sought me out and cajoled me almost into this position. I don’t know if every woman out there has sponsors like that. He put himself on the line, saying she’s the right person. Without him in the picture, I don’t know if I’d be sitting here today,” Tutoki said. Under the direction of Ms. Tutoki, Cunningham Lindsey has implemented a protégé program that rewards adjusters for teaching and mentoring, developing lossadjusting talent. The Company has identified specific skill criteria for protégés and gives them financial and corporate recognition for achieving milestones.

Facing the obstacles While some may believe that work-

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WOMEN IN INSURANCE  m 

life responsibilities play a part in stalling growth for women, according to Pew Research, only about 1 in 5 say women’s family responsibilities are a major reason there are not more females in top leadership positions in business and politics. Tutoki believes, “Employees have varying degrees of ambition and interests, so it helps to make certain they are getting the support they need to meet their personal career goals, while balancing their personal life. Employers need to be as flexible as possible to accommodate personal realities, such as childcare, elder care, marriage, divorce or health issues. “ According to a Pew Research study, about 4 in 10 Americans point to a double standard for women seeking to climb to the highest levels of either politics or business, where they have to do more than their male counterparts to prove themselves. “Some of it is generational,” Tukoti notes. “I’m a tail-end Baby Boomer. We as women didn’t usually ask or feel that we were deserving of the promotion or the space we were in. Even when we were in those management positions, we were feeling different than men – and I know this from my peers – we always felt insecure, whereas many of our colleagues who were men felt entitled to that position. “ The Insurance Industry Charitable Foundation (IICF) states, 75 percent of women in the insurance industry believe that progress is being made toward the goal of achieving gender equality in the industry, while two-thirds say they have seen work being done within their own organizations. Tutoki believes that Millennials, thought to carry less inherent biases in their worldviews, look at their careers differently than perhaps women have in the past. According to Tutoki, “I always talk about how excited I am for the Millennials, because I don’t think they’re carrying that same baggage that my generation carried, and

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God bless them, because I think it should be over. I think this game should be over. I think they bring a lot more self-confidence to the table.”

Best advice? Tutoki says that some of the best advice she received was to “lean into discomfort”. She adds, “To me that means meeting conflict head-on. A great leader makes the tough decisions, engages in difficult conversations and takes risks. I believe we achieve our best outcomes, personally and professionally, when we push ourselves out of our comfort zone.” “I have made plenty of both good and bad decisions throughout my career. If you don’t have some bad decisions, you are not taking

enough risks,” she notes. She advises that career development requires a willingness to take on new challenges, as well as careful career planning. “When you’re broadening your experience, it’s all a plus, even if that means taking a step back. Be sure to have development plans as well. Make sure to seek advice about what may be limiting you from getting to your next job,” Ms. Tutoki says. “I believe it’s more about your behaviors, not skills, that will help you advance,” she adds. It’s also important to have specific career goals in mind. Tutoki says, “Know which job you want next, so you can receive assistance in moving up. You have to know the CONTINUED ON PAGE 14

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next job you might want, to give you some focus.”

Careers for women in insurance Over the last five years, the number of women in the insurance industry has increased to 1.7 million, according to the Bureau of Labor Statistics. Though there are roughly an equal number of women and men working in the insurance industry, only 12.6% of board seats at insurance companies are held by women, and only 6% have women in top executive positions. Tutoki hopes that more women – and younger people in general – will consider a life-long career in the insurance industry. “I think the insurance industry generally, and the claims adjusting space, is a great career choice, but is not always the first choice for graduates. This is noble work we do in claims – getting people back in their homes after a hurricane, helping a small business recover after a catastrophic fire or adjusting losses on large construction losses.” She adds, “Claims adjusting is

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difficult work, but it offers lots of career options, pays well and is never boring. No two claims are the same, so it is a career that is ideal for those who desire continual learning. I love the claims

“I want to be the role model other women need to expand their own career. I feel that weight. I feel that weight and I’m grateful for it” business and want to make certain I do my part to attract new talent, particularly women and minorities, into this rewarding industry.” Jane joined Cunningham Lindsey in June 2014 as Global CEO from AIG Property and Casualty where she served as Global Head of Claims Operations. Previously, Jane worked as both Head of Americas Region and Executive Director of Global

Insurance for Xchanging plc. She held senior leadership positions at Zurich Financial Services, including Global Chief Claims Officer and Chief Claims Officer, North America Commercial Division. Jane began her time at Zurich in senior claims executive roles at its Farmers personal lines business, including as head of its auto claims division. During her 25 years in the insurance field, she has had the good fortune to hold a number of positions, giving her a unique perspective into this complex and exciting industry. Jane began her career as a trial lawyer performing for insurance companies. She spent several years running in-house staff counsel operations, and then was given the opportunity to run commercial claims operations at The Hartford. In these roles, she gained experience with all lines of claims and worked with global carriers. Jane holds a Juris Doctor degree and is a Chartered Property Casualty Underwriter.

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JOANNE MERRICK

HEAD OF LEGAL RISK AND COMPLIANCE, ED

D

iversity is a buzzword in the London market, but what does it really mean? While the idea of a workforce comprised equally of men and women sounds great in theory, in reality there are more factors than gender at play. By placing our focus entirely on an applicant’s gender, I think we risk missing the point. At Ed, we do not believe in gender quotas. This form of ‘forced’ diversity can lead to unqualified applicants being hired or promoted and, undermine the accomplishments of women who have succeeded. Instead, we believe in equality of opportunity: all employees being given the support to advance in their career and be judged purely on their ability and performance. Over the past two decades, I have

seen an increase in the number of women working in the insurance industry and those holding executive and non-executive positions. However, there are areas in which women are still underrepresented. Many roles in marketing, HR, and

“There are areas in which women are still underrepresented”

legal are held by women. Fewer roles are held in broking and underwriting, particularly at the management level. However, to promote women at the top, you need to recruit and then encourage the right candidates in the first place. Historically, broking has been a male-oriented profession, but this is changing. We are seeing more and more women applicants for broking roles and have many ambitious, talented, and highperforming young female brokers on our team at Ed. They have the potential to be future broking leaders. Supporting these women in their development, and then ensuring that hiring and promotion decisions are based purely on merit brings us much closer to ensuring equality of opportunity.

CHARLOTTE MYERS DIRECTOR, LMA ACADEMY & MARKET TALENT DEVELOPMENT A

diverse and inclusive workplace benefits individuals, businesses and entire industries. It’s no secret that the insurance sector suffers from outdated stereotypes. In recent years, efforts to promote diversity and inclusion have steadily increased with initiatives like ‘Dive In’, the festival for diversity and inclusion in insurance, raising awareness. I am confident this trend will continue to gather momentum. But actions speak louder than words and, despite these efforts, we have seen limited progress transferring these intentions into business reality. Simply acknowledging inequality issues is not enough, businesses must work harder to implement their own initiatives and strategies if we are to bring about a meaningful transformation. Attracting a diverse pool of potential employees is central to altering traditional stereotypes. A

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broader talent pool will be necessary to maximise opportunities in emerging markets as our industry becomes increasingly globalised. Evidence of this is clear in the more balanced demographic of young professionals joining the LMA Academy’s educational programmes. We have seen more women and increasing numbers of

“Simply acknowledging inequality issues is not enough”

international candidates engaging with our programmes. This is a promising sign for the future of the market’s diversity but we must work hard to help develop, motivate and retain them - it is important to inspire and accommodate employee progress. To retain women after maternity leave, businesses should encourage flexible working, maternity returners’ programmes and mentoring. For other young professionals, providing overseas secondments and engaging them to work on company-wide initiatives will help them build broader business skills. These efforts will sustain employee engagement, which studies show correlates directly with business success. Adopting these relatively minor changes to business practice can transform outdated business models, help attract and retain the next generation of talent and ensure the future success of our market.

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MONICA NINGEN

HEAD OF PROPERTY UNDERWRITING US & CANADA, SWISS RE AMERICA

T

he insurance industry is built to last. Our commitment to diversity and gender equality should also be built to last. Not just a one-off. Too often organisations revert to business as usual after naming a female board member or promoting a woman to the C-suite. But the gender dynamic will be improved only when companies make a sustained commitment to advancing women. This includes developing talent pipelines that start at entry level, integration of diversity measures in performance reviews and a recognition of the unique strengths women bring to teams. Companies need to create a culture that attracts women and retains them through every stage of life and career. A recent study from Mercer made some interesting points: “Current female hiring, promotion, and

retention are insufficient to create gender equality over the next decade.” “The progress made over our 2014 data does not appear to be the result of systemic improvements in good practices that will support longterm success. Instead, it seems to

“Organisational diversity at all levels translates to improved financial performance”

result from ad hoc actions, such as increased hiring at the top.” “In North America, current talent flows will yield virtually no gain in women’s representation at the professional level and above over the next decade.” Besides taking a hard look at the composition of the C-suite and board, change also has to start at the P&L level. David Rock and Heidi Grant write in Harvard Business Review, “non-homogenous teams are simply smarter. Working with people who are different from you may challenge your brain to overcome its stale ways of thinking and sharpen its performance.” Evidence shows a comprehensive commitment to organisational diversity at all levels translates to improved financial performance. Is there a more compelling reason for diversity?

MARTHA NOTARAS PARTNER, XL INNOVATE

X

L Innovate invests in insurtech startups focused on data and analytics, as well as new insurance business models, like Lemonade. With that perspective, my outlook for the re/insurance industry focuses on the impact of insurtech, which will continue to penetrate and influence the established players. Going forward, incumbent insurers will continue to develop partnerships with emerging insurtech startups. To date, many of these partnerships have been tentative proofs of concepts or experiments. As insurers change established practices and recognise real value through working with insurtechs, these partnerships will become deeper, and even essential to insurers. One specific area where startups are leading insurers into the future is artificial intelligence, including machine learning, which delivers superior

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data and analytics, and robotic process automation, which cuts the expense and error from repetitive operations. While personal lines was the focus for many early insurtechs, 2018 will bring a greater focus to commercial lines. Commercial insurance is a complex business,

“Insurers will continue to develop partnerships with emerging insurtech startups”

but insurtech startups will identify discrete parts of the process where they can provide value. Delivering new and more accurate data, and using machine learning to identify new predictive relationships will be the first ways startups penetrate the commercial insurance process. Insurtech startups are likely to deliver new data, from technology such as the Internet of Things, which will enable the creation of new insurance products, such as real time, connected policies. At XL Innovate, we have seen several startups developing alternative approaches to reinsurance, and we expect to see more new business models develop in this area. Partnerships between insurers and insurtechs will strengthen established companies to face future market challenges.

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ROMANEY O’MALLEY HEAD OF UK REGIONS AND HEAD OF INDUSTRIALS COMMERCIAL EUROPE, AIG

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n recent years gender equality has moved up the boardroom agenda. And yet the insurance industry as a whole still lags. One of the most significant reasons women’s careers tend to falter is because of a lack of career advancement opportunities. I am very pleased that AIG is tackling this head-on with development and mentoring programmes, focussing on raising awareness of the talent and capability of women from middle management positions, whilst supporting their development and career plans. I graduated from AIG’s 15-month intensive development programme, the Women’s Executive Leadership Initiative, last year and it has made a huge difference in my career. It allows me to do a better job and bring a broader leadership role and

understanding to what works and what doesn’t work so I can help that next generation. Mentoring has been a critical factor in helping me to move

“Mentoring has been a critical factor in helping me to move forward in my career”

SOFYA POGREB CHIEF OPERATING OFFICER, NEXT INSURANCE

F

ounded in 2016, Next Insurance is a young player in the industry – and the great majority of the team members come from noninsurance backgrounds. While I am no industry veteran, it’s enough to take a quick look through a set of speakers’ photos in a conference brochure to see that the insurance industry has work to do when it comes to diversity. As a single mom of two young kids, I obsess about earning my keep at work – working as hard as my colleagues, deserving my promotions, and not using my gender or family status as an excuse. I am upfront about my family situation (my kids, aversion to work-related travel and late nights in the office) when taking on a new job. I think this leads me to join companies that nurture a female leader, despite the constraints that come with being a primary

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caregiver. I pay that forward by respecting my employees’ nonoffice lives – family, community, hobby, and health-related. At Next Insurance, we look for ability, work ethic and a collaborative style, as these drive value creation – unlike working hours, appearance, ethnic/

“Finding, attracting and retaining highquality talent is one of the most formidable challenges”

forward in my career. I’ve been lucky enough to have had a series of really strong mentors who have advocated for me and given me excellent advice. One of the greatest things I learned from them was the importance of taking intelligent risks; that most good opportunities that result in a step change in your career are not going to be risk free. They’re going to require you to take a leap of faith. As well as raising awareness of women’s abilities, mentoring can help give them the courage to make that leap. Each member of our executive leadership team has committed to mentoring three women each. This might seem like a relatively small initial step but I know from my own experience that it can act as an important catalyst for greater things.

cultural/religious background, outside-of-work priorities, or having a penis. Our customer base of >10,000 small business owners is similarly diverse. Frankly, finding, attracting and retaining high-quality talent is one of the most formidable challenges executive leadership teams face today. Considering anything but professional ability when hiring or promoting puts an organisation at a tremendous long-term disadvantage – and boards of directors and shareholders are starting to pay attention to these organizational characteristics. This week, I sat down with my boss and told him I was expecting another child – my third. I started to say he shouldn’t worry, we’ll work through it, I didn’t plan to take much of a maternity leave – he interrupted me. “I’m not worried”, he said, “just happy for you”.

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ALESSA QUANE

CHIEF RISK OFFICER, AIG

T

he insurance industry is unique in the role it plays of offering security and economic support for individuals and businesses to recover from catastrophic events and give them the freedom to plan for the future. That noble cause combined with challenging work across a wide variety of disciplines creates an interesting opportunity for young professionals and women alike. While you often hear, “no one chooses to work in insurance, they just fall into it,” I always knew that this was my calling. After learning about the actuarial profession in high school, I chose to pursue this field, earning a degree in actuarial science from my university. This allowed me to apply my math and critical thinking skills to complex problems as an entry level employee. The area I chose had

the added advantage of a merit based methodology of promotion and compensation given the exam system, eliminating some gender/ diversity bias that still exists within the industry. However, as my career developed, I learned that

“The industry is taking steps to ensure we have a pipeline filled with strong and diverse talent”

it would take more than technical knowledge to be successful – leadership, partnering and other skills are critical. When I speak to young professionals or students about my career, I emphasise that skills and qualifications are highly transferrable throughout the industry – across lines of business, countries, and operational areas. I’ve been fortunate to take advantage of this mobility, largely within the same firm, in various ways. The industry is now taking steps to ensure we have a pipeline filled with strong talent who are ready to become leaders. With many programs being offered that help to identify and champion women and young professionals who will take our industry forward, I believe we are heading in a very positive direction.

NICOLA RAUTMANN MANAGING DIRECTOR, MARKET EXECUTIVE AUSTRIA, CENTRAL & EASTERN EUROPE, SWISS RE

I

n most situations, I do not feel I am treated any differently than my male counterparts. In the ACEE area there are a number of female leaders on the client and broker side. In the Swiss Re EMEA management team, we see each other as peers. Sometimes however I notice how differently I do certain things. For example, the extent to which I feel emotionally connected to team members or peers, especially in difficult situations. Part of my leadership style is to try to understand what drives a person. This is also a very valuable skill during business negotiations, as it allows me to sense the emotions behind what is being said. Admittedly, this is not only a female skill, but it is more common with women. To build a future generation

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of female leaders we need to expand the pool of young female professionals, educate them and get them ready to take the next steps in their career. I see talented females decide against pursuing a leadership career. In my view, one of the main reasons is that females place more emphasis

“We need to expand the pool of young female professionals”

on a healthy work-life balance, as they often want to combine either family or other priority topics with their work activities. It is therefore crucial that the industry truly pushes measures which allow such a worklife balance, such as flexible working time and working from home. At Swiss Re, these measures are very advanced. Of course, a career is never straightforward. It might contain phases where employees, especially women, take time out of the workplace due to family commitments. As an industry, we need to be able to bring back skilled employees afterwards. When I think of all the changes in working conditions I have witnessed over the last 20 years at Swiss Re, I see our industry is moving in the right direction. But there is still more to be done.

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WOMEN IN INSURANCE  m 

RISA RYAN HEAD OF STRATEGY AND DIVISIONAL FINANCIAL MANAGEMENT, MUNICH RE AMERICA

T

o understand the outlook for the market we first need to recognise where we are currently. We’re in the midst of a period of unprecedented change and more uncertainty than we’re accustomed to. Severe weather and extreme events are our new normal. An aging workforce is putting stress on the labor market while technology, artificial intelligence, and machine learning are quickly changing how business is processed, evaluated and decisions made. It’s all happening very fast and can be a little overwhelming! However, we must embrace these changes and have confidence in our people, our business models, and the market, that over the long run the insurance industry will produce the level of results that our shareholders and society require of us.

Women can lead in this period of change. We’re moving into senior ranks at greater rates. To more effectively lead, women currently in senior leadership need to ensure that those coming up the ranks are provided opportunities and support as they advance through their careers. Grass roots efforts serve

“Too often women fall prey to thinking they don’t deserve a seat at the table”

a purpose but only go so far. The support of senior management is increasingly critical as these leaders can provide the opportunities for women to gain the experience needed to develop their leadership skills. Women also need to view themselves differently. Too often women fall prey to thinking they don’t deserve a seat at the table; that their voice isn’t as valuable as their male counterparts. Developing a technical skill, through a STEM education whether in college or later in their career, can give women the knowledge and confidence they need to compete. A strong technical credential will give women the confidence to view themselves as leaders in a very male-dominated field. Now, in this challenging and uncertain market, is the time for women to lead the change!

MATHILDE SAUVÉ HEAD OF INSTITUTIONAL SOLUTIONS, AXA INVESTMENT MANAGERS

L

ooking back at my professional career, I have had the chance to cover a whole range of very different roles, but one thing that they have all had in common is the direct link to insurance allowing me to develop a deep knowledge of the insurance industry. With regards to my experience as a woman in the industry, it’s difficult to say but I would share three main thoughts. Firstly, throughout my career, a number of key people have supported and believed in me, and also given me a chance to take on management roles thus furthering my career. Secondly, all my past positions have required a financial engineering component, which is a very sought after expertise in the insurance and finance industry and one that is largely male-dominated. I guess that

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has made me stand out from the crowd. Lastly, over the last decade, women have managed to position themselves in a world historically dominated by men in the financial sector. I believe this has not been driven by quotas, but by a strong

“Hiring and promoting women brings different views and perspectives to the table”

belief that hiring and promoting women brings different views and perspectives to the table. I am lucky to work for a firm that believes in diversity, for example, we have recently signed up to the Women in Finance Charter where we are making a public pledge to support the progression of women into senior roles. Our target is for female talent to represent 40% of our senior executive team globally by 2020. However, the work doesn’t end with setting a target; a comprehensive action plan is in place to support our gender diversity ambitions. My success in this industry has come alongside my family life; have twin girls aged four which is an additional challenge to the day-today, but also serves as a welcome reminder on life outside the office and maintains my focus on key topics at work.

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LINDA SCHREINER SENIOR VICE PRESIDENT, STRATEGIC MANAGEMENT, MARKEL CORPORATION

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hese are times of extraordinary challenge and opportunity. The promise of a world propelled by technology and an industry that is innovating and disrupting in equal measures should be embraced. But the demands of this brave new world are many. Organisations must be nimble, adaptive, and opportunistic - but rooted in core values and infused with a shared sense of purpose. At Markel Corporation we are fanatical about culture. The 212 words that comprise the Markel Style guide how we act … and make decisions … and treat our fellow Associates, customers, production partners, and the communities we serve. “Our creed is honesty and fairness in all of our dealings … The Markel approach is one of spontaneity and flexibility … we

are results-oriented and have a disdain for bureaucracy … There is an excitement at Markel, one that comes from innovating, creating, striving for a better way, sharing success with others … winning.” These are just a few excerpts from the Markel Style that challenge and

“Organisations must be rooted in core values and infused with a shared sense of purpose”

SARAH SHERMAN EXECUTIVE VICE PRESIDENT PROPERTY

inspire us. Richie Whitt, Markel’s co-CEO, has said, “Our culture is our greatest asset.” That is a strong, and in our case truthful, statement. Attracting top tier talent to values-driven organisations will be a core function moving forward. In particular, our industry has to become more inclusive, diverse, and change-ready. Programmes like Markel University and the several diversity networks are positioning us to be an employer of choice, but we must continue to collectively compete with other industries and professions to win the hearts and minds of the “digital generation.” Making culture intentional and ultimately a competitive organisational advantage will help attract more women and minorities to our field and talent to our respective companies.

PRACTICE LEADER, JLT SPECIALTY USA

I

f I were to frame my experience at the top of the insurance industry it is more as a specialist than a woman. I’ve spent my career focused on all things property and believe this specialisation ultimately delivers great opportunity and success regardless of my gender. Looking back to the start of my career, my initial opportunities and experience were firmly rooted in being female. After graduating college, I was the recipient of the Walter C. Wattles Fellowship at Lloyd’s of London. The Fellowship’s purpose was to provide an opportunity in the international insurance industry not otherwise available to women. Much like our industry and society in general, the mission has changed from supporting mostly clerical roles to today being the only program

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of its kind offering a one-year, fully integrated position in the London insurance market. This is an important distinction as the fellowship has led the way to

“A life-long approach to development is less about being female and more about generating professional opportunities”

get women into senior insurance positions. As a former fellow and now Chairperson, it is an honour to be part of such an exceptional community of women, each connected by the unique experience the Fellowship has provided for over 48 years. Building on this tremendous foundation and network, I continue to invest in the Fellowship participants’ careers after their year in London. A life-long approach to development is less about being female and more about generating professional opportunities. For me, these opportunities are borne out of specialisation. My current role allows me to lead a diverse and experienced group with a property focus and to work in an environment that acknowledges and rewards expertise regardless of gender. 

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LEONORA SICCARDI EMEA & UK HEAD OF CLIENTS SERVICES, AON BENFIELD D

iversity and inclusion initiatives that have been implemented over the last year have certainly had an impact. There is wider understanding and acceptance that a diverse team increases diverse thinking, promotes new ideas and opportunities, and leads to a stronger client-focused approach. However, in terms of gender diversity at the top of our sector, it will take longer than a year. We’ve seen great success in gender parity in early career programmes and there has been some success in recruiting women into some senior roles, but achieving a strong pipeline of future talented women destined for the top will take more time. It is good to see more men getting involved and being supportive with over 600 insurance professionals taking a pledge as part of the HeForShe campaign which

is the UN Women’s movement for gender equality, as part of the CII initiative.  At Aon we have introduced a sponsorship programme to support our high-potential women; launched a ‘returnship’ programme

“It is vital to drive an inclusive culture where everyone feels that their opinion is listened to”

to encourage women on a career break to return to the workplace; introduced more secondments across the firm; set gender targets for women in senior positions and have flexible, agile and homeworking policies. All of these are practical steps which firms can take, but there is still more work to be done. It is vital to drive an inclusive culture where everyone feels that their opinion is listened to, their input is valued and their contribution matters. It is also incredibly important to have great role models and executive sponsors who promote an inclusive environment and empower our colleagues. This will hopefully make the insurance industry a more attractive career choice for young talents and help us to develop a workforce with a range of expertise, diverse background and skill-set.

VALERIE STEPHAN EXECUTIVE DIRECTOR GLOBAL INSURANCE SOLUTIONS, JPMORGAN ASSET MANAGEMENT

T

he insurance industry has made great strides in advancing equality, with participation rates reaching parity between men and women, and huge opportunities for women in the business — but there’s still a lot of work to do. Many women are joining the insurance industry, but only a fraction are ascending to upper management positions. For example, I quite often find myself the only woman in the boardroom. Sometimes it can be a challenge to attract women to roles in the business at all, a quandary we faced recently when a posted role within our team received no female applicants and sent us back to the drawing board on the job spec. Being committed to diversity means having a defined strategy

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and investing in education, and J.P. Morgan does both. Diversity and inclusion is a cornerstone of our culture, makes us a stronger

“Being committed to diversity means having a defined strategy and investing in education”

company and helps us to better understand our clients. We’re committed to encouraging women to explore opportunities in insurance and to empower them to raise their hands and tell us how we can make the industry and their roles better. I’m passionate about mentoring juniors and building our future talent pipeline, and I’ve made connections across firm providing insurance education and training. Insurance is a growing industry, and to help us best serve our clients, we’ll need to hire the right people in the right roles — to J.P. Morgan and Global Insurance Solutions, that means spreading the word that insurance is not a closed box and making sure we leverage the enormous pool of talent that comprises women. 

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HEATHER SULLIVAN

INSURANCE STRATEGY SENIOR MANAGER, ACCENTURE

L

ike most individuals who have built careers in insurance, the industry picks you – you don’t necessarily pick the industry. After leaving the non-profit sector and joining consulting, I spent my first two years at a major insurance company working on revamping their agency model. Admittedly, I knew little about insurance, but lots about a value proposition – and it turns out that’s what was needed. After two years in insurance, I was hooked. I was fascinated by the agency model – the idea of selling to and servicing clients while managing market relationships and continuing to evolve both digitally and operationally as client expectations continue to change – were challenges ripe for an eager mind. Over a decade later, I’m still invigorated by the evolution of channel choice and how we equip agents with the tools necessary to compete in the ever

evolving digital normal. As a female leader in an industry where the c-suite remains stubbornly homogenous, I am passionate about providing other women an example of how a woman can continue to

“I am passionate about providing an example of how a woman can continue to have a seat at the table”

have a seat at the table of all men, promoting the accomplishments of women around me, and creating men that are advocates for the advancement of inclusion and diversity. At Accenture, we are serious about our commitment to inclusion and diversity. We have published a commitment to achieve a 50/50 workforce in the United States by 2025 and we continue to host initiatives, such as International Women’s Day where colleagues, clients and friends spend a day together promoting leading in the new, to drive greater opportunities for women in leadership. This means we all need to do our part and I intend to continue to do mine by supporting more women in their pursuit to join the leadership ranks by leading loudly, promoting women and providing access to opportunities.

SHARRY TIBBITT VICE PRESIDENT TREATY PROPERTY, EVEREST RE

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started my reinsurance career 20 years ago, and I have witnessed a great many changes in the re/insurance industry. Reinsurance submissions have transformed from three ring binders, to curly fax paper to emails with links to an FTP site. Files have gone from paper to electronic. Catastrophe models and big data are driving price standards. In the first few years of my underwriting career, I attended a group dinner of more than 30 professionals, where the host broker started his address to the markets with; “Gentlemen, and Sharry….” Fast forward 20 years, and there were a number of meetings at the 2017 PCI meeting in Chicago where an opening address could have started: “Ladies, and Charlie, …James, …Bob…” two industry

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publications that were handed out during the conference had cover stories featuring women executives. This is certainly progress and it certainly puts women in a better overall position in our industry than our position 20 years ago. We are at

“We are growing in number and we are sometimes holding very senior positions”

the table, we are growing in number and we are sometimes holding very senior positions. We have models to look up to in our first female CEO of Lloyd’s, a number of female CEOs of major healthcare and P&C companies (Anthem, Progressive, Reinsurance Group of America, etc.), as well as an increased number of industry board seats held by women. These women have opened themselves up to mentorship, sharing their experiences at sponsored conferences, and offering advice and guidance to our newest colleagues through sponsored networking groups. I am personally grateful for my relationships with these amazing women, and I am inspired by their pioneering achievements.

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WOMEN IN INSURANCE  m 

JANE TUTOKI GLOBAL CEO, CUNNINGHAM LINDSEY A

s a woman in the insurance industry, I have learned to take charge of my own career. Much of my personal success is due to my willingness to take on risks and new challenges, as well as the help of leaders who were open to taking a chance on me. In fact, I am in my current role due to the support and recommendation of a prior supervisor. During my 25 years in the insurance field, I have had the good fortune to hold a number of positions, giving me a unique perspective into this complex and exciting industry. I began my career as a trial lawyer performing defense work for insurance companies. I spent several years running in-house staff counsel operations, and then was given the opportunity to run commercial claims operations at The Hartford. In these roles, I gained experience

with all lines of claims and worked with global carriers. In 2014, I joined Cunningham

“My advice to women would be to take charge of your own destiny – move on in your career if you are not getting the support to succeed”

Lindsey as Global CEO and the only female member of the Global Leadership Team. My years of varied experience provided me with the qualifications to step into this position. Unfortunately, there are still not enough women CEOs and executives in the insurance industry. I think it’s important to work for someone who believes in your potential and is willing to provide the opportunities and guidance to help you get to the next level. My advice to women would be to take charge of your own destiny – move on in your career if you believe you are not getting the support needed to succeed. My career in the insurance industry has given me the opportunity to work with amazingly talented individuals. I love this industry and appreciate that all of us will benefit when there is more diversity in the senior ranks.

LINDA VENTRESCA EXECUTIVE VICE PRESIDENT CORPORATE DEVELOPMENT AND INVESTOR RELATIONS, AXIS CAPITAL

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he insurance industry has afforded me opportunities to have a positive impact throughout my career, and for this I am grateful. But my experience is unique as this is a profession that does not have the diversity of ideas, experiences, professional and personal backgrounds, ethnicities, etc. that are necessary to reflect the true nature and scope of our work, or that of the economies and communities in which we work. Like many other industries, insurance stands to gain a great deal from having a higher proportion of female executives and leaders. Changes are starting to occur, with more women taking on senior

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“Insurance stands to gain a great deal from having a higher proportion of female executives and leaders”

leadership roles in re/insurance. Important initiatives across the industry are making progress towards ensuring there is a diversity of viewpoints and approaches that reflect the way business is conducted today, and how business will be done in the future. Another factor contributing to increasing diversity within the insurance industry is the shifting geographic landscape of our services. As the industry continues to expand in areas such as Latin America and the Middle East, a more diverse workforce is critically important, particularly to understanding the unique needs of customers in the regions in which they do business.

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m  WOMEN IN INSURANCE

WOMEN IN INSURANCE BUILDING CONNECTIONS The Insurance Women’s Investment Network is a forum for experienced female professionals focused on investment of insurance general account assets. Industry leaders gather to share their knowledge and insights in order to foster relationships among members and enhance their impact and contribution to the insurance industry.

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he Insurance Women’s Investment Network (IWIN) was established to bring women together to discuss investmentfocused content within the regulatory and risk constraints unique to insurers. This differentiates IWIN, which is known as the Women’s Insurance Investment Network (WIIN) in Europe, from other networks that focus on investment in a broader context. We’re able to connect our members with a powerful global network of women across insurance and investment – over 450 women in roles that include chief investment officers, sector leaders, portfolio managers, research analysts, risk managers, chief operating officers and relationship managers. “We’ve hosted thought-provoking and candid discussions with inspiring leaders like Inga Beale, CEO of Lloyds; Jo Hannaford, head of federation technology at Goldman Sachs, and most recently with Neeti Bhalla Johnson, chief investment officer at Liberty Mutual,” explained Day Bishop of Willis Towers Watson and the IWIN / WIIN chairperson. Shortly after joining Liberty Mutual, Neeti Bhalla Johnson attended IWIN’s inaugural event in Boston, where women were sharing

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their experiences working in similar leadership roles. Four years later as a featured IWIN speaker, she shared her own experiences with the audience. Asked what is required to be successful in the CIO role, Neeti noted: “Make sure you have very clear objectives, then ensure buyin and alignment from the right stakeholders. Our objective is to grow capital over the long term for Liberty Mutual Insurance Group. This allows us to make trade-off decisions, for example, giving up an attractive yielding security if there is a reasonable probability of capital loss.” More broadly, Neeti encouraged everyone to have a clear understanding of how they add value in their roles. “You should ask yourself, ‘What is my role and how am I making a difference?’ As an investment function, we go to work every day thinking about how we are adding value to the organization,” said Neeti. Speaking about what it takes to successfully manage a team, Neeti said: “Building trust and encouraging open, honest twoway communication is critical. In addition, performance metrics should be carefully examined. The metrics for evaluating talent and

An affiliate of the Insurance Women’s Investment Network performance can be outdated and gender-biased, focusing entirely on outcomes. However, how you arrive at those outcomes is also important.” Bishop added: “The speakers we’ve had at IWIN events are so engaging and energising, they often foster discussions that continue long after the official event ends. Neeti inspired a discussion that continues to thrive.” Wellington Management’s Meghan Mahoney, who also serves as IWIN/ WIIN’s secretary, said: “It has been exciting to engage with women in insurance in locations both within and outside of the US. In addition to events in Boston, New York, and Chicago to date, events in London and Tokyo have been well-received. We have plans to further extend IWIN’s reach, bringing the network to Los Angeles and Bermuda in 2018.” IWIN was established in November 2013 by a small group of women from five firms – Allstate, The Carlyle Group, Prudential, Wellington Management, Willis Towers Watson. The support of these organisations was instrumental in getting the network off the ground. To learn more or to join the network, go to the Insurance Women’s Investment Network group on LinkedIn.

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Sometimes 1+1=3

Markel is combining our excess and surplus lines business with our large account, risk-managed insurance capabilities. The result is something new and exciting—Markel Assurance. Markel Assurance features more products, more talent, more offices, and a renewed commitment to being your go-to market for a wide range of risks. Thanks for your support, and we look forward to collaborating with our customers and production partners as Markel Assurance takes flight.

In California, Markel Assurance is an operating division of Markel West Insurance Services, License#: 0D95581.

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