Speaking to a packed ballroom filledwith women and men, Barbara Bufkin, executive head of businessdevelopment at Assurant and chair of IICF's international board ofgovernors said: “We design our future and our purpose.” (Photo:Marget Long)

A wave of change has swept through the insurance industry inrecent years. The rising prevalence of autonomous vehicles,Internet of Thing devices and a surge in artificial intelligenceimplementation, among other changes, are molding the industry intosomething new entirely. And though change is necessary to grow andsucceed, there are certain components that the world of insuranceis deeply rooted in as a part of its identity. One such componentis its commitment to advancing change from within.

These thoughts came to mind as I attended the Insurance IndustryCharitable Foundation's (IICF) Women in Insurance Global Conferenceon June 12, 2019, in New York City. The theme of this year'sconference, running from June 12-14, is “Gender Equity in aChanging World — What You Do Matters! Rewriting the Ruleson Leadership, Diversity and Innovation.”

The insurance industry is known for many things, but a shortageof conference opportunities is not one of them. I've attended myfair share in my time, but few conferences remind me of all thework the industry does as a whole — and all the work thatremains — like IICF's annual conference.

Related: Insurance needs more women to step up andlead

Changing the narrative

True to its name, most of the attendees were women. This is a fairly accurate representation of theindustry as a whole, depending on the occupation, as a majorityof insurance claims and policy processing clerks, insuranceunderwriters, claims adjusters, appraisers, examiners andinvestigators, and insurance sales agents are women.

The problem that continues to plague the industry is the lack ofwomen at the highest levels. And though the industry isacutely aware of this issue and has worked to correct it, how canconcrete action be kickstarted and maintained?

Wade Davis, a former player in the National Football League whonow serves as a corporate inclusion advisor and educator, addressedthis subject directly.

He says one way to start is by moving away from the term“diversity” and instead shifting the narrative towardsrepresentation. He believes the word has lost meaning, particularlyamong men, and it can end up sounding like an HR initiative ratherthan a desire to elevate women due to the fact that they haveworked to be elevated.

Framing the conversation in terms of representation, on theother hand, is a way to make the issue more personal formen — in the same vein that attention towards suicideprevention increased once it was revealed that men died by suicide 3.54 times more often than womenin 2017.

Referring to men, Davis said: “Creating a world that is moreequitable for women benefits them, too.”

Related: Suicide prevention in theworkplace

The power of purpose

To deal with issues like technological disruptions,climate change and geopolitical tensions, the insurance industry will need new talent andfresh perspectives. Companies that fail to do so will not bepositioned to succeed, their customers will suffer in the processand they will inevitably be replaced by more successful companiesthat have embraced all forms of representation.

“In our purposeful pursuit, talent and leadership rule overeverything,” says Barbara Bufkin, executive head of businessdevelopment at Assurant and chair of IICF's international board ofgovernors.

The insurance industry's purpose goes beyond protecting thepublic from a worst-case scenario. It also serves as a provider ofjobs; an innovator in an ever-changing world; a stimulator of theglobal economy — all of which cannot be achieved withoutwomen at its core. But going forward, it must decide what it wantsto represent and stand for in the process.

Speaking to a packed ballroom filled with women and men, Bufkinsaid: “We design our future and our purpose.”

As women continue to be elevated to higherpositions and redefine the world of insurance, thefuture and purpose of the insurance industry will be equipped tosucceed for a long time to come.

Related: Women dominate insurance, but inequality is rampantat leadership levels

The opinions expressed here are the author'sown.