Out of more than 800 female members of the insurance industry, only 26% feel that the industry is embracing more women in leadership positions compared to other businesses and professional service industries, according to an Insurance Charitable Foundation (IICF) survey.

Conducted at the recent Women in Insurance Series held in Chicago, Los Angeles, New York City and Dallas, IICF's survey consisted of questions to uncover trends in the industry's gender diversity initiatives

“Though we as an industry have made significant strides in creating a positive and equal work environment, there is still more we can do,” said Joe Tocco, CEO, North America P&C for XL Group. “Collectively, the industry has been successful in continuing an important dialogue about gender diversity and the tangible, real-world benefits it provides for companies and their employees. These conferences have created a forum for both women and men to discuss issues they see in their everyday lives and work together to find solutions for themselves and the next generation of insurance professionals.”

Results showed that most cited the financial sector—banking and accounting industries—to be the most supportive for the advancement of women. However, more than two-thirds of the women surveyed (68%) feel that their own companies actively promote gender diversity.

Responses suggest that two primary factors are the biggest barriers for women seeking leadership positions: the perceived lack of desire for senior roles to be filled by women and biases in the advancement and hiring structure within these organizations.

However, respondents acknowledged that the key challenges for advancing to senior roles are varied. While 35% cited limited availability of opportunities to move up the corporate ladder as a deterrent to career advancement, another 32% stated that women's own shortcomings in properly promoting themselves was the biggest factor.

When asked to identify a primary action that companies can take to better support the professional development of women in the workplace, a majority (64%) cited the need for businesses to more efficiently identify high potential female employees and offer leadership training opportunities as their top choice to foster improvement.

“The pathway to success for companies looking to create a successful and truly gender-diverse culture is paved by clear direction from executive level leadership,” said Kerian Bunch, EVP and general counsel, U.S. Operations, Aspen Insurance. “As demonstrated by the Women in Insurance Conference Series, there is a clear and significant interest within our field to promote leadership diversity at a company and industry level.”

Special Reports /

IICF Survey: 68% of Industry Women Feel Companies Promote Gender Diversity

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