Like everything else in the insurance industry, the faces ofthose in leadership are also changing as more women move into managerial and c-suitepositions. But that hasn't always been the case. A 2012 report bySourceMedia Research and Insurance Networking News found that womencomprised 59.4% of the insurance workforce, but only one woman wasthe CEO of either a Fortune 500 or 1000 insurance company.

Over the last five years, the number of women in the insurance industry has increasedto 1.7 million according to the Bureau of Labor Statistics. Thepercentage of female workers involved in insurance occupations in2016 included: 47% working as sales agents; 62% as underwriters;62% as adjusters, appraisers, examiners and investigators; and 85%working as claims and policy processing clerks.

At the May conference for InsuranceAccounting and Systems Association, Inc. (IASA) in Orlando,Florida, a panel comprising several former women presidents of theorganization discussed the challenges they faced as they moved intoleadership positions both within their companies and theorganization, as well as their successes, and what distinguishedthem from their male counterparts.

Cathy Ellwood of Ellwood Enterprises, who served as IASApresident in 2005 and spent 30 years at Nationwide Insurance,explained that she and other women in the company did “everythingwe saw successful men doing,” but their actions were not alwayswell received by the men. Ellwood said she made herselfindispensable in every job and became a subject matter expert. “IfI couldn't be them, I would outperform them,” she said.

Part of the challenge was the lack of women mentors, shared RuthEstrich, who retired from Medrisk after 40 years in the industry.Estrich, who was the IASA president in 2011, recounted how she hadto constantly strive to work harder and be smarter than her malecounterparts. This changed significantly when she worked under afemale CEO because she didn't have to continuously prove her valueto be accepted as part of the team.

Louise Ziemann retired after working at State Farm Insurance for35 years and echoed the need to work harder to prove herself. Buther efforts paid off when the company put her in charge of thewomen she had previously worked with, and they became her championswhile she became theirs.

Related: Why diversity matters

Beth Mercier, the chief information officer for the smallcommercial division at The Hartford expressed her surprise that notmuch had changed over the last 25 years when it came to movingwomen up into leadership positions. “The conversations haven'tchanged,” she said, “but mentoring and participating in networksreally matter.”

Companies that allow employees to work from home can helpthem create more of a work-life balance. (Photo:ThinkStock)

Rising to the challenge

Female workers face a number of issues that may not present thesame obstacles for their male counterparts. “When I was a youngmanager, I had young kids that I had to pick up by 6 p.m.,” sharedEllwood. “When I got caught up in meetings, I wouldn't tell thetruth and say I had to leave to see the kids. I'd say I had anothermeeting.” She said this changed when the men wanted to be home fordinner or their kids' soccer games. “Then it was okay to talk aboutit.”

When Estrich rose into middle management, it created someconflicts with the men who had been her peers and became her directreports. “They were all men and they were not happy.” She said thatshe either won them over or they left the company, but theirresponse impacted her success.

Maintaining a work-life balance is a challenge for men andwomen. Companies that allow employees to work from home havechanged that balance for women, although it sometimes blurs thelines between work and home, said Mercier.

Having young children also creates pressures, particularly forwomen “It's all about choices,” said Estrich. “We all have 24hours. You might need to let go of some things for a while.” Itwasn't always easy, she shared, and her greatest regrets had to dowith her child and not the job. “You think you have forever and youdon't, so choose wisely.”

Related: Independent insurance adjusters NAIIA presidentSusan Daniels: Living a legacy

Having someone you can trust to tell you how you are reallydoing at work, in your career or at home can be invaluable. (Photo:Shutterstock) 

Best advice?

Ellwood says that some of the best advice she received was to beauthentic in herself. Having a woman CEO the last 15 years she wasat Nationwide also helped her to learn how to balance work andlife, and really gave her the opportunity to grow.

Mercier stressed the importance of having someone you reallytrust to tell you how you're doing. Ziemann added that it wasimportant for women to be coachable and for them to look forsomeone to coach or mentor them.

Ellwood agreed that it was important to have someone who wouldstep up and offer support. “You need an advocate to help youadvance,” she said, adding that women should not be afraid to makecross functional moves in order to advance. Ellwood shared that shemade five cross functional moves before she moved up in thecompany. “Listen to what you're told, but you don't always have totake the advice,” she said. “Be willing to ask for feedback anddon't get angry when they tell you the truth. People who arewilling to give you feedback are priceless and rare. Learn toappreciate it.”

Ziemann said the best advice she could give someone “was to bewilling to take risks even though we're in a risk-adverseindustry.” She shared that she had been diagnosed with cancer.“After that, it didn't scare me to take risks if it wasn't going tokill me.”

All of the women stressed the importance of constantly learningand developing new skills, knowing their value to the company, andbuilding relationships both within their companies and the industryin general. They were encouraged by the changes they are seeingwithin the various insurance companies and believe that more womenwill be in leadership positions within the coming years.

“You have more power than you realize,” concluded Mercier. “Useit for good, not evil.”