On International Women's Day I wanted to reflect on a recent blog post of mine in which I explored why a fundamental cultural change in the insurance industry was necessary to help insurers rebuild customer trust.
Working hard to improve career progression, encourage diversity and provide equal opportunities will help the sector to attract and retain the best female talent. This isn't just the right thing to do, it's also smart business. Supporting and nurturing women in insurance could provide the catalyst needed for a real shift in attitudes and consumer engagement across the sector.
Insurance struggles with its image. A lack of transparency has led to integrity being questioned. Whilst some may consider this unfair, 13% of women surveyed by PwC said they wouldn’t work in insurance because of its image. Part of the problem stems from the industry’s reputation as being “pale, male and stale”. 64% of women surveyed said that their employer isn’t doing enough to encourage diversity. This, and a perceived lack of career progression, is causing women to leave the industry or avoid choosing the sector altogether. Insurers need to recognise how recruiting to create a more diverse and inclusive culture can contribute to better responsiveness to customer needs and in turn greater perceived integrity, customer confidence and trust. It is also not just the right thing to do – it makes business sense.