Insurance industry getting better when it comes to gender equality, survey says

Despite being in a historically male-dominated industry, 86 percent of insurance professionals say they believe that the industry is making strides toward gender diversity, according to survey respondents at the Insurance Industry Charitable Foundation's 2016 Women in Insurance Conference Series.

This represents a significant jump from last year, where 72 percent of attendees agreed that strides were being made. 

Held in New York City, Los Angeles, Chicago and Dallas throughout the month of June, these forums opened the floor to over 400 insurance professionals and executives to discuss gender diversity in the workforce. Nearly 1,300 industry professionals across the nation attended the series. Key findings from the survey conducted throughout the conference series include: 

• 87 percent of respondents said that their company in particular is actively working to promote gender diversity (up from 68 percent from last year).
• When it comes to the advancement of women to senior leadership roles, 32 percent of respondents rank insurance as the most supportive industry in financial services (in 2015, insurance ranked last at 12 percent).
• 35 percent of respondents attribute the biggest challenge to women ascending in leadership roles as women not promoting themselves enough or effectively (in 2015, over one third of respondents cited limited opportunities as the biggest obstacle). 

"While barriers still exist for women who seek to advance within their careers, we have seen a shift in thought among women in the industry  where lack of opportunities for upward mobility is no longer the primary obstacle," Erin Calvey, executive vice president at Ironshore Insurance Co. said at the conference series. 

"We see now more than ever the importance of women uplifting and supporting each other in order to collectively inspire progress. Beyond the impact this has for women who are already veterans of the industry, this is a vital trend to cultivate as the industry aligns itself to hire the next generation of insurance professionals." 

Respondents also identified the trends that have had the most effect on improving gender equality in the industry over the past five years:

• Recruitment of a gender-diverse workforce (44 percent).
• Establishment of mentorship programs for women (22 percent).
• Sponsorship of executive networking opportunities (20 percent). 

The foundation said some of the conference series' discussions focused on promoting a gender diverse workforce, building a strong network, navigating potential roadblocks and dispelling myths about why women don't reach greater heights.