“If you want the corner office, you have to ask for it. No one is a mind reader.”

This sage advice came from Inga Beale, CEO, Lloyd’s, at the Insurance Industry Charitable Foundation’s (IICF) second Women in Insurance Global Conference (WIGC). The conference, held June 17–19 in New York City, brought together insurance industry professionals to talk about the theme of empowering women and the industry to improve diversity and inclusion at all levels, especially the top ranks.

To illustrate her point, Beale asked the audience to raise their hands if they wanted to be in senior management. The overwhelming majority of hands shot up. When she asked the audience to raise their hands if they had ever told their supervisors and managers that they had those career goals, only about half the participants raised their hands. She then noted that 68% of women received promotions and 77% received raises after asking. “Take a risk and believe in yourself and your capabilities,” she concluded. “You can get what you want.”

Where are the women?

Among the approximately 650 attendees were a few men (1% according to an audience poll), all of whom enthusiastically supported the goal of increasing the number of women in senior leadership roles in the insurance industry. Brian Duperreault, CEO, Hamilton, started the June 18 sessions by asking “Where are the women?”—a follow-up to his presentation at the Bermuda Captive Conference last year.

Looking around the room, Duperreault answered his own question, noting that some progress had been made over the past 12 months, but “not enough.” He also noted that an organization needs three or more women on its board to achieve critical mass. “Women are disillusioned by the insurance industry,” he said, urging his audience to find ways to encourage women to stay in the industry and reach the C-suite.

Duperreault spoke about the influence of the strong women in his life—including his mother, his wife and the nuns who taught him in elementary school—and explained that he was doing everything he could to keep the topic at top of mind for the insurance industry. “I’m going to keep beating the drum because it’s the right thing to do,” he said. “You never go wrong by doing the right thing.”

(Jan Hargreaves, Photo: IICF)

Nonverbal communication

One of the most entertaining, as well as informative, presentations at the conference was by Jan Hargrave, forensic body language expert and author of several books, including “Strictly Business Body Language.” Hargrave explained that when you understand nonverbal communication, you’ll be better able to overcome buyer resistance, increase sales and boost profits. Her techniques also are useful for “reading the room” in meetings and new situations.

Hargrave likened the skill to recognizing the players’ “tells” in a poker game. When you can read another person’s body language you better understand the nonverbal cues that will let you know when someone appears to be agreeing with you but really isn’t. It’s useful for any conversation, whether it’s with your superiors, clients or team members, Hargrave noted. For example, how can you tell when someone is lying to you? “The first thing to look at is the eyes,” she said. “Excessive blinking, closing one’s eyes, or a lack of eye contact shows untruth.” With apologies to left-handed people, Hargrave also noted that most dishonesty gestures use the left hand, or people touch the left side of their faces.

Regarding gestures, Hargrave reassured the audience that it is indeed acceptable to talk with your hands. Using gestures helps you better absorb information and communicate more effectively, and it helps your listener better comprehend what you have to say.

(Attendees at IICF WIGC 2015. Photo: IICF)

Demographics

Michael E. Angelina, executive director, Academy of Risk Management & Insurance, St. Joseph’s University, with Erin Hamrick, partner, Sterling James, presented the results of the latest St. Joseph’s University study on directors and officers with information from 100 U.S. insurers. The study found that half of the companies surveyed have two or more women on board, up from one-third two years ago.

Regarding pay disparity, Angelina said, “Size matters. Large companies pay better than smaller ones.” Of the 100 insurance companies surveyed, 78 have no women in top roles at their firms. He concluded that, overall, the insurance industry is making great progress, “but we’re not there yet.”

Melinda Marshall, senior vice president, Center for Talent Innovation, wrapped up the day’s presentations by asking “Do you have a problem with power?” Surprisingly, Marshall’s research showed that black women are more likely to seek a top job. They’re not afraid of taking charge. “Black women are 43% more likely than white women to be confident they can succeed to position of power,” she said. “I cannot afford to be ambivalent and neither can you.”

(Stephen Catlin Photo: IICF)

Industry consolidation

Stephen Catlin, executive deputy chairman, XL Catlin, when discussing mergers, observed that “The right decision for the company usually turns out to be the right decision for yourself as well.” He stressed the importance of considering corporate cultures when planning a merger or acquisition. “There will be more consolidation in the insurance industry but it won’t all work,” he predicted. “Mergers will fail because of poor communication, lack of cultural understanding.” He noted that successful mergers require effective communication and an understanding of how the other person thinks and speaks.

Catlin used the example of working in Singapore. One of his direct reports, new to the country, announced that a Singaporean business associate completely agreed with his request. Catlin had to explain that in the Singapore business world, the word “no” is never used. The answer to any request is really, “Yes, but…” You have to understand what comes after the “but” to be able to accomplish your goal and conclude the deal.

(Carey Lohrenz, talking about 'fearless leadership.' Photo: IICF)

Flying high

“Feel the fear and do it anyway.” The conference concluded with those words of advice from Carey Lohrenz, Lieutenant, USN (ret.), the first fully qualified female naval aviator to fly the F-14 Tomcat and author of “Fearless Leadership: High-Performance Lessons from the Flight Deck.” Lohrenz explained that her drill instructor during training bragged that none of the women who trained with him had completed the program, which strengthened her resolve to be the first. Despite all the obstacles thrown in her path, she persevered and did become the first woman to fly combat aircraft from an aircraft carrier. She showed video from inside the cockpit, allowing the audience to see first-hand the many stresses and distractions a pilot faces while trying to stay focused on the mission. Landing a billion-dollar fighter plane on an aircraft carrier’s flight deck while it’s rolling in high seas epitomizes the definition of “risk.”

Lohrenz explained that she and her squadron succeeded in their mission because of how smoothly the team worked together. “Build relationships before you need them,” she advised. If you have the relationship in place when things are going well, they won’t fall apart under stress.

“Bring everyone across finish line with you. That’s how you get those big successes,” Lohrenz added. Acknowledging that women are sometimes hesitant to speak up, especially in an all-male environment, she said, “Sometimes your environment is going to be challenging, but don’t wait for an invitation to make a difference.”

(Joanna Barsh, author of 'Centered Leadership.' Photo: IICF)

Sound bites

Here are a few additional brief thoughts from some of the other presenters at WIGC.

Joanna Barsh, director emeritus, McKinsey & Co., and author of “Centered Leadership”: Centered Leadership is about self-awareness plus choice plus practice. It transforms performance and impact.

Bill Ross, CEO of IICF: Think of the conference as a “new and unique work group,” one that will guide the future of gender balance and diversity in the insurance industry.

Marie Andel, chief administrative officer, CSAA Insurance Group, a AAA Insurer: Executive presence is the ability to capture hearts and minds by being confident and the authentic you. Anytime you want to use the word “but” replace it with “and.”

Mary Forrest, president and CEO, North America (Life) Munich Re: Understand your risks, clients, competitors and value proposition. Be prepared to adjust the value proposition for each client. Also, constantly challenge everything you do. When you take an action understand why you did so.

Enya-He-&-Tony-Yu-IICF-WIGC2015

(Enya He translating for Tony Yu. Photo: IICF)

Laura J. Hay, KPMG America’s Insurance Leader and KPMG board member, explained that women underestimate their performance by about 30%, while men overestimate theirs by about the same amount. She also introduced a new word to the lexicon: “Bropropriate,” which is the action of a man taking credit for a woman’s idea.

Patricia Henry, executive vice president, Global Government Affairs, and vice president, ACE Group, advised women to become more visible both inside the organization and in public. She encouraged women to do more public speaking about what they do to get their names “out there.”

Tony Yu, co-founder and president, Shanghai INSTONY Network Technology Co., Ltd., (through his interpreter Enya He, associate professor-finance, insurance, real estate and law, University of North Texas) is creating a social network for insurance consumers in China. About 90% of the Chinese people have smart phones vs 58% in U.S., and almost 40% of Chinese consumers use smartphones to make online payments so he has developed a mobile app to make premium payments easy. “Know your customer well, and know the market,” he advised.

Kelly Lyles, chief regional officer, XLCatlin: There are two kinds of diversity: inherent (the one you’re born with) and acquired (the diversity you gain through experience). The insurance industry spreads diversity around the world through its global offices and workforces, she said, adding that “diverse companies are better innovators.” And innovation is crucial to the insurance industry’s success.

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