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At first glance, it doesn't seem as if there is a lack of womenin the insurance industry. At agencies, at industry meetings, amongunderwriters and carrier personnel—the ratio of women to men seemsmore than equal.

But appearances are deceiving. Although there are plenty ofwomen in insurance, very few are in the C-suite. According to theBureau of Labor Statistics 2011 data, women make up 83 percent of “insurance claims and policyprocessing clerks.” At the largest insurers and reinsurers,women hold only 6 percent of top executive positions, 12.5 percentof board seats, and 8 percent of inside business, legal oractuarial officer roles, such as chief actuary or divisionpresident, according to a recent industry study by St. Joseph's University Academy of RiskManagement and Insurance.

Even women who have nabbed the proverbial seat at the tableadmit our industry has a problem. More than 400 high-level womenfrom around the world attended the IICF Women in Insurance GlobalConference in June. In a digital survey conducted at the event, 65percent of these high-achieving women said that gender inequalitystill exists in America—and 82 percent think it's still a problemin the insurance industry.

The biggest issues holding women back, they believe, are lack ofC-suite recognition and sponsorship (49 percent), inadequate orinflexible workplace standards (20 percent) and, tellingly, womennot promoting themselves more effectively (26 percent).

“Although I've never felt that my gender was a barrier tosuccess, I do see the unbalanced demographics that make up ourindustry,” said Karen Bailo, general manager of agency sales anddistribution for Progressive Insurance. “Whether I'm sitting in aboardroom or at an industry conference, we're definitely amale-dominated field.”

“While we can look at some excellent examples within ourindustry of successful women, it's still a very small number,” saidClaudia Mandato, executive vice president, Lockton Inc.“Acknowledging that a gender bias both consciously andunconsciously exists is one way to begin the slow process ofchange.”

And even when an insurance business makes management diversity apriority, few have formal, measurable programs. In the IICF onsiteattendee survey, more than 30 percent said that their companies donothing to source more female talent.

Several of the interviewed insurance executive women who havebeen in their careers for 30 years or more concede that insurancehas come a long way since the days when management was exclusively“pale and male.” But all of them also acknowledge that our industrystill has a long way to go to achieve true balance anddiversity.

Related: Read: “How 6 Top Insurance Women Succeed in theIndustry“

“It appears to me, from the outside, that women are representedin C-level or director positions in only a slightly higher majoritythan they were 20 years ago,” said Michelle Rupp, owner, NRGInsurance, Seattle. “I think I have definitely been discriminatedagainst as a woman agency owner. This is a conservative businessand so very, very slow to change.”

The irony of Rupp's observation is that the agent/broker end ofthe business is more likely to have female leadership than othersegments. TheSt. Joseph's University study found that a quarter ofthe top executive roles held by females are in the brokeragebusiness.

“Thirty-five years ago, when I got started, there were only afew women agency owners,” said June Taylor, principal at WilkinsonInsurance Agency in White House, Tenn. “Now I serve on PIAassociation leadership positions (Tennessee board of directors)where 30 percent are women owners.”

The sheer force of demographics is forcing the industry to payattention to this issue. “Statistically speaking, the industry hasmore women than men; however, more men than women occupy leadershippositions,” said Lisa Tepper, regional president for the downstateNew York/New Jersey region of Travelers Insurance Co. “As socialdemographics change and more women receive bachelor's degrees thanmen, the industry has begun to embrace the fact that the talentpool is evolving and is becoming much more balanced.”

Mentoring

Whether it's in a small agency or huge global reinsurer, womenwill advance into leadership roles when the C-suite knows they'rethere. At the corporate level, this often starts with one-on-onerelationships between mentors and mentees and the formation ofwomen's network groups before it gets on the agenda for theC-suite.

Read “8 Stories of Mentors and Sponsorships“

It's no exaggeration to say that having mentors (someoneproviding professional advice) and sponsors (someone in a positionof power who actively promotes your advancement) have so far beenthe biggest drivers of women's success in insurance. Whether it wasthe patriarch of a family-run agency, a respected educator or aC-suite stakeholder who recognized a woman's potential even beforeshe did, mentors play an indispensable role in women's careeradvancement.

In the IICF onsite survey, 20 percent said they rely on CEOendorsement and mentoring or sponsorship programs, and about 90percent have participated in and benefitted from a professionalmentoring relationship.

Mentors and the roles they play typically change over the courseof a career. “Mentors early in my career stressed the importance ofhard work, a positive attitude and developing technical competencein accounting and finance,” said Karen Gilmer-Pauciello, CFO atPhiladelphia Insurance. “As I became more immersed in the insuranceindustry, mentors placed an emphasis on me really understanding theunderlying business of business, not just 'crunching the numbers.'Later, my mentors emphasized the importance of developing,fostering and nurturing relationships with clients, producers,shareholders, regulators, staff, peers, rating agencies, managementor other stakeholders.”

Networking is another important step toward success. Many ofthese women had organized women's networks within their businesses.Typical is Seraina Maag, chief executive, North America Property,XL Group, who spearheaded both a formal mentoring program and awomen's network at her company. Being able to discuss leadershipissues, industry expertise and work/life balance with other womenhelps build confidence and pave the way for career advancement, shesaid.

Others relied on the tried-and-true channels of local andnational agency associations to make connections, commiserate withother women and learn the trade. Donna Pile, owner of A.G. PerryInsurance Agency, got into the business in 1977, when a divorceforced her to support her three young sons. She joined the KentuckyPIA and eventually became the state president and later, in 2007,president of the national association. “They told me thisassociation would be my guide, and it has been for 35 years now,”she said.

New generation

Although formal corporate diversity programs are encouraging,the industry is embracing women and minorities as part of a largerchase for top talent. “Companies are making diversity a prioritybecause it makes sense to do so,” said Joan Lamm-Tennant, globalchief economist and risk strategist at Guy Carpenter. “How can theyfind the brightest and most talented professionals by fishing inonly one part of the pond? Collectively, we are recognizing thatsuccess is driven by a variety of people from a range ofbackgrounds working together.”

Related: Read “9Unique Journeys to a Career in Insurance“

And young women now entering the workforce are a different breedfrom the industry's pioneers. Raised by working mothers andaccustomed to working and collaborating with a diverse team,they're generally more accustomed to integrating work and personallife. “Today when I look to my daughter, Kristen, and her husband,Matt, I see that it is never an either/or choice for them—work andlife naturally flow together,” Lamm-Tennant said. “Kristen does notsee motherhood and her profession as a series of tradeoffs or abalancing act. Instead she allows things to naturally blend in away that is unique to her and her family. Her wisdom and confidencein life made me realize that our children understand the concept ofwork/life balance in a profoundly different way.”

6 Common Attributes of Successful InsuranceWomen

To learn how the women at the top achieved their success, wetalked to women insurance executives from all sectors of theindustry. Their stories are as different as the women themselves.The executive vice president of a professional services companystarted her career as a lawyer representing insurers; a CFO at amajor insurer learned to love insurance as a public accountingauditor servicing insurer clients. Several were “insurance brats,”born into multigenerational agencies. One is doing double duty asan agency executive and a state legislator. And the chief executiveof a major global reinsurer got her start in the industry, as shelearned later, because a bird pooped on her resume.

In spite of these diverse backgrounds, some common threads runthrough all of their success stories, and the stories told at theIICF conference. Here are some of the repeated attributes ofsuccessful women:

They have mentors. Probably no other messagecomes through more loudly than the importance of having mentors(defined more as guides and teachers) and sponsors (defined aspeople in positions of power who are actively promoting youradvancement).

They bite off more than they can chew.Virtually every woman spoke about times they felt unprepared tohandle a challenge, but dove in anyway—and succeeded. JoanWoodward, executive vice president of public policy and presidentof the Travelers Institute, Travelers, began her career on CapitolHill, most notably working for Leon Panetta and the Senate FinanceCommittee, where she helped develop the Roth IRA. She believed shewas unprepared and unqualified for most of her career advances, butextols the advantages of learning on the job. “Don't be afraid toask and to say yes,” she said.

They know the numbers. Seraina Maag, chiefexecutive, North America Property, XL Group, credits knowing herway around a profit-and-loss statement as critical to advancing herinsurance career. “You must have P&L responsibility tounderstand numbers and the economics of the business,” she said.This can come in the role of underwriter, board member or any otherarea where you're responsible for financials.

They recognize the power of the board. Whetherit's for a small not-for-profit business, a paid position on alarge corporate board, or a spot on an insurance trade association,board involvement is an eye-opening experience. Nancy Mellard,executive vice president and general counsel at CBIZ EmployeeServices Division, is the sole woman on The Council of InsuranceAgents and Brokers' 40-person board of directors. Her involvementhas given her “exposure to the national stage,” making connectionson the U.S. Senate and House through lobbying and testifying oninsurance issues. “It has broadened my view of the industry andcreated those national relationships that have been one of the bestthings the industry has given me,” she said.

They know that “work/life balance” is a myth.Whether single or married, mothers or not, successful womenrecognize the importance—and understand the difficulty—in givingequal time to work, play, family and community. Most said it's anissue they struggle with every day. “For those of us who have beenstruggling with it for years, it's a freeing thing to say it'sreally hard,” Mellard said. “Instead of striving for perfection,strive for excellence; it gives you the freedom to integrate allthe elements.” Read “Top Industry Women Find Success at Work and atHome“

They love insurance. Although it wasn't alwayslove at first sight, top women love the challenges, intricacies andessentials of insurance. “All of us as consumers of insuranceshould be proud of what our premium dollars do for the economy andhow we help rebuild communities after disasters and businessesafter losses,” said Michelle Rupp, owner of NRG Insurance. “And asmembers of the insurance community, we facilitate that.”