The UK insurance sector is facing a significant gender imbalance, with women making up only about a third of the workforce. In certain areas like broking, this figure drops below 20%, highlighting an urgent need for more inclusive recruitment strategies. So, what are UK insurance providers and brokers doing to attract more women into the insurance industry?
Promoting Female Leaders
One of the most powerful messages is seeing women in leadership roles, especially in high-profile organisations. Aviva and AXA UK and Ireland are leading the way by appointing female CEOs to head up their businesses. These women lead marquee brands with significant public exposure, demonstrating that women can and do excel at the top levels of the UK insurance industry. The power of seeing women at the top, making decisions, driving a business forward, and championing the organisation’s values is an incredible example and could be a powerful tool to get more females interested in the insurance sector. Their visibility not only inspires current employees but also encourages young women to consider careers in insurance. However, for this impact to extend beyond the sector, these stories need broader media coverage.
Using Female-Focused Training Providers
Digital transformation is a priority for most insurance companies, and attracting women to tech roles is crucial. Partnering with professional development organisations like Code First Girls, which focuses on training women in tech, helps equip female graduates and career returners with the skills needed to thrive in insurance. Such partnerships are instrumental in creating a pipeline of talented women ready to enter and grow within the industry.
Graduate Intakes
Annual or bi-annual graduate programs in mathematical fields like pricing, data science, and software engineering are effective in attracting up-and-coming female talent. These areas represent the future of insurance, dominated by technology and automation. While these initiatives are promising, they must be balanced with efforts to retain women in operational roles where they are currently most prevalent.
Creating Events and Awards to Recognise and Promote Women
Industry awards and internal recognition programs are excellent ways to highlight the achievements of women in insurance. For instance, Ageas’s WIN (Women in Insurance) program in 2021 focused on developing female staff. While these initiatives are beneficial, their impact is limited if they don't reach beyond the industry. Leveraging social media platforms like LinkedIn can help broaden their influence.
Partnering with Specialist Agencies
Specialist insurance recruitment agencies, like Gerrard White Consulting, play a crucial role in identifying and attracting top female talent. Engaging these agencies to focus on diverse talent pools ensures that insurance companies are considering strong female candidates. Unfortunately, many organisations miss this opportunity by sticking to rigid hiring practices. A more open and proactive approach can significantly enhance gender diversity.
Investing in Training
One of the biggest hurdles in increasing female representation in insurance is the industry's emphasis on sector-specific knowledge and experience. This requirement makes it challenging for newcomers, especially women, to enter the field. Investment in training programs that focus on transferable skills can help bridge this gap. For example, while claims roles might benefit from volume hiring and training, more technical positions like actuarial, underwriting and specialty broking require a deeper commitment to developing talent from outside the industry, but time and resource to train people is often a luxury that not many hiring managers have.
Raising Awareness and Interest
A recent LinkedIn poll conducted by one of our insurance recruitment consultants revealed that nearly 90% of 300+ respondents "fell into" a career in insurance, indicating a lack of awareness and education about career opportunities within the sector. This highlights the need for more comprehensive outreach efforts to educate potential candidates about the diverse and rewarding careers in insurance. This outreach should include campaigns targeted specifically at women, to showcase the success stories and the insurance sector's commitment to gender diversity.
Despite progress, women remain underrepresented in the insurance industry. Achieving gender parity requires concerted efforts and investment in strategies that promote careers in insurance to a broader audience. From entry-level positions to executive roles, it is essential to showcase the opportunities and rewards the sector offers. Only with a sustained and inclusive approach can the industry hope to increase the percentage of women in its workforce and move towards true gender equality.
Gerrard White – Insurance Recruitment Specialist
As a leading specialist in insurance recruitment, with a core focus on claims, underwriting, broking, technology and pricing, we can connect organisations with a diverse pool of experienced talent. Get in touch today 01892 553355 | info@gerrardwhite.com
