Women have made many significant contributions to risk and insurance. March is celebrated as Women’s History Month around the United States, and we’d like to recognize the many contributions of women in insurance.
A full 50% of sales agents are women, and women represent 65% of the insurance and risk management industry’s workforce overall. Women are critical to our industry, and there are more resources now than ever before aimed at helping women be successful.
Read on to learn more about successful female leaders in insurance.
Celebrating Women in Insurance
Women’s History Week was first celebrated in 1982 and later evolved into a month-long event. Every year since 1995 the US President has proclaimed March “Women’s History Month.” We use March to recognize the contributions women have made to US history.
Women have long been an integral part of the risk and insurance community. But they remain underrepresented in some important ways. For example, a 2018 survey by McKinsey found a lack of female representation in top roles with white women holding 18% of c-suite positions and women of color in 3% of c-suite roles.
There are inspirational success stories, too, even with this underrepresentation in the industry. Dame Inga Beale was the first female CEO of Lloyd’s of London and is now a motivational speaker. She is well known for her work leading the veritable institution. And being the first female leader of a centuries-old company inspired many women in our industry.
The proliferation of female leaders of startups is slow, with only about 2% of venture capital funding going to female-led startups in 2018. But the insurtech realm does feature some notable female leaders, including Jennifer Fitzgerald at Policygenius, Carey Ann Nadeau at Loop Insurance, and Maria Goy at Spot Insurance.
Seeing the success of these founders and leaders who paved the way before them is inspiring to the next generation of women. Gamma Iota Sigma, the fraternity for insurance students, promotes diversity, equity, and inclusion in its activities.
More Resources for Women in Insurance
Women — and anyone in insurance — can now enjoy more resources aimed at diversity and inclusion than ever before. Global insurance events like Lloyd’s Dive In Festival are designed to increase inclusive workplace cultures. Affinity groups such as WIFS (Women in Insurance and Financial Services) and WiRe (Women in Reinsurance) promote women and their accomplishments. And many employers have company-based mentorship or lean-in programs for their female employees.
There are award programs in the industry specifically aimed at recognizing women’s achievements. The Women to Watch Awards by Business Insurance magazine is an annual event recognizing women around the globe. The Women in Insurance award from the Geneva Association is a prestigious global award focused on sustainability and resilience in insurance.
The APIW, or the Association of Professional Insurance Women, sponsors an award every year called the Insurance Woman of the Year award.
The Insurance Industry Charitable Foundation (IICF) sponsors a Women in Insurance conference series with regional forums around the US and in the UK. The events are designed to make an impact with a 2022 theme of “Advance Ideas Into Action.”
Finally, WING, or the Women’s Insurance Networking Group, was founded by industry execs, recruiters, and talented leaders. The networking group offers free events focused on increasing diversity in insurance.
Between all of these different events and resources, there are bound to be several that can help you!
Enjoy Great Networking With the American Agents Alliance
One of our favorite membership benefits of joining the American Agents Alliance is our networking opportunities. We welcome members of other industry groups to join us for our events, like our annual conference, to enjoy networking with our members.
Become a member of the American Agents Alliance today to see how we empower independent agents and brokers to thrive.