Despite accounting for 60 percent of the insurance industry's workforce, women remain underrepresented in senior-level roles. These findings, troubling as they are, come from the US Bureau of Labor Statistics' Current Population Survey. The survey found that women dominate clerical and examination roles but face a significant uphill battle regarding adequate representation in sales and actuarial positions.
One explanation for this disparity is that women are promoted at far lower rates than men, creating a bottleneck in the pipeline for advancement. According to Women in the Workplace, a 2021 study conducted by McKinsey & Company, just 86 women are promoted to management for every 100 men.
This lack of representation is even more egregious for women of color. According to the McKinsey & Company study: "between the entry-level and the C-suite, the representation of women of color drops off by more than 75 percent."
One influential force fighting for a more equitable balance is the Amplify Women™ initiative launched by Captive Insurance Companies Association (CICA) in 2019. CICA established Amplify Women to "foster education, influence, and networking among women in the captive insurance industry."
The latest issue of Captive Insurance Times featured a Q&A with members of the captive industry and representatives from Amplify Women. The informal forum focused on the industry's efforts to bolster diversity, equity, and inclusion, and the participants’ recommendations for future endeavors. Captive Resources' Molly Hentges participated in the discussion, addressing a question on the importance of mentorship and female representation in leadership roles.
"Mentorship programs empower women to reach their full potential and can help drive gender equality in leadership roles," Hentges said. "I believe organizations that prioritize mentorship and developing female talent will see a greater percentage of women occupying senior-level positions.
"I have had several mentors that have helped set me on the path to a successful career. As a young professional, it has been invaluable to have people in my corner that are invested in my professional advancement."
To read the full article and hear from other influential professionals from the Amplify Women initiative, check out the August 2022 issue of Captive Insurance Times.