Does Inga Beale’s Promotion to CEO of Lloyds Mean the Insurance Business is Ready for More Women?

By Irene Solaz

Now that, the UK’s most historical player in the insurance business, Lloyd’s of London, chose Inga Beale as a replacement for long-time chief executive Richard Ward can we expect to see other big insurance firms to follow suit with a female CEO?

Beale’s credentials are definitely solid, with 30 years of experience in the insurance industry, making her a great choice as the first female CEO of Lloyd’s, a company with 325 years of experience.

Insurance is a particularly interesting segment to examine, as even within financial services, it is perceived as being most flooded with straight, white guys. This perception was solidified thanks to a live poll conducted during the June 2013 Insurance Industry Charitable Foundation (IICF) Global Women in Insurance Conference. Ninety-eight percent of male and female respondents said that gender inequality still exists in the insurance industry and nearly half said the lack of C-Suite recognition and sponsorship is the top issue that must be confronted to elevate this statistic. More than 30 percent said their company does nothing to source more female talent.

Have Things Really Changed?
A 2012 study by Saint Joseph’s University Academy of Risk Management and Insurance concluded that only 6 percent of top executive positions were held by women. However, these numbers do not entirely reflect the experiences of women in the insurance industry who have achieved success in their firms. This industry can be ideal for women. Insurance dominated the 2012 version of the National Association for Female Executives’ (NAFE) ranking of the Top 50 Companies for Executive Women.

Many women have proven themselves to be more than capable of succeeding. Theglasshammer.com asked several women who work in different areas of insurance why they think it’s a great industry to work in and the responses were as varied as the industry itself.

Elizabeth Sullivan, Vice President at E.G. Bowman Co., Inc., says organization and attention to detail are very important in this industry and these skills have helped her be successful in insurance. “[I’ve] started my career in a support role at a small insurance brokerage in the late 90’s and through hard work and mentorship I’ve climbed up the ranks,” Sullivan said.

The VP understands the importance of networking and apart from learning from female role models in senior-level positions, she also “benefited from established networking groups and professional organizations geared to women.”

Jana Bell, co-CEO of HomeInsurance.com, says contrary to popular thought, family life is not an impediment for women to enter the insurance industry. She says it offers flexibility for women who balance their career with a family life. “These are both attributes that I think modern women are looking for in their career path,” Bell said.

Bell says one of the ways to succeed is through networking because “as an insurance agent, it can be really helpful to network with other professionals in the home buying industry.” As an example, Bell cites connecting with real estate agents, mortgage brokers, and other local professionals who help homeowners buy and sell homes in your community. “[It will] not only will help you learn the ropes of the entire home buying experience, but it can help you build your customer base through referrals,” the co-CEO said.

Kathleen Sachs, owner of Sachs Financial Planning, learned that being successful in the insurance industry is all about building relationships, both with clients and with other professionals. “I would encourage other women to network with women who are CPAs and attorneys because they will send excellent referrals,” Sachs said.

Women and men are different in various ways, but this should be an opportunity for women to stand out and find the job they dream of, rather than having these differences used as a barrier.

Sachs explains, “I believe women are naturally better at building relationships, by respecting people for where they are at in this moment in time and adjusting their language to the person they are sitting with. Women seem to have less of a need to show off what they know by using fancy jargon or intimidating clients by their expertise. One of my mottos is something I heard early on in my career: People don’t care how much you know, until they know how much you care.”

Danielle Kunkle, Vice President at Boomer Benefits, says women are perfect for the insurance industry.

“In many cases we are the individuals in our own households who make insurance decisions for our families. We already know how to relate to the decision-making process that person goes through when they are buying insurance. Women historically also dominate the education industry, and selling insurance is very educational. We learn about an insurance product, all the ins and outs of how it works, [and] we become experts in this sector and then we teach others what we know,” Kunkle said. “We help them to find the right product for their personal needs. Women are great at this because we tend to be empathetic [since] we can put ourselves in another person’s shoes and show them what we would purchase to meet the need that the client is expressing.”

The VP also notes that networking is not as difficult as it may seem.

“The great thing about insurance is that no one can do it all, so you have health insurance agents, life insurance agents, property and casualty agents, disability agents, small group health agent, large group agents, and agents like me who work with seniors… By forging relationships with agents who specialize in other sectors, we are able to trade referrals and help each other find clients.”

Pat Isaac, Chief Executive Officer, Capital Services, Inc., agrees that the insurance industry has always been a predominately male industry. As times have changed, however, so has the industry.

“Our industry has learned that women can play a larger role because of how they are wired and their passion for helping others. Their supportive nature allows them to focus more on the care aspect than the financial aspect and the relationships they build because of it,” Isaac said.

The CEO says women take pride in helping other and also have multiple roles they need to balance in their personal lives.

“So, they make very good managers in the healthcare industry, as they are able to keep several balls in the air, without having any affect on their work. Females are known for their multi-tasking skills, attention to detail and compassion for others. These traits are what make us unique in a male oriented industry.”

Empathy is a trait that many women share, and this can be an advantage for their success in the insurance industry.

Amy Gallagher, Vice President of Major Accounts, Cornerstone Group, loves connecting with others by working with employers and employees and strategizing with CEOs and CFOs.

“I’m a people person and this industry has enabled me to leverage that trait to succeed. I’m also empathetic and analytical and in the health insurance industry, where employers and employees face decisions that can have both significant emotional and financial impact, I work to find solutions that will help them with their specific needs,” Gallagher said. “Are these skills unique to women? No, but I think being a woman has helped in a number of ways: My ability to communicate effectively, to break complex information down into clear language, to built trust and relationships, to multi-task. For me, it’s the perfect role to enhance my strengths while helping others. And it’s been incredibly rewarding.”

Women and Risk
Risk management is a growing area and a bright spot to consider in your career.

Carolyn Snow, Director of Risk Management at Humana Inc., recognizes why women are perfect for this industry,

“I have always thought of risk management as one of the best professions in terms of being open to women,” Snow said. “Of the five major health insurance companies, I believe all five risk management departments are headed by women. I see women leading risk management in real estate, universities, public entities, and other major industries.”

Snow says she has seen women make major strides in taking senior management positions in insurance companies, but generally speaking, says women are underrepresented in the most senior roles.

The numbers support Snow’s view. Business Insurance recently reported that only 5 percent of leadership positions in this industry belong to women.

Should this make us less confident about finding the position we want? Gallagher says that while the insurance industry is still male-dominated, it’s great for women and one in which it’s easy to stand apart because there are few women at executive levels.

“I look back to my chance entry into the industry now and am grateful my male boss pushed me into a new position, a job that served as the first step in a very successful career,” she said.

Does one female CEO mean we have solved gender equality in Insurance? No more than having Marissa Mayer at the helm of Yahoo solves the under-representation of women in technology. That being said, role models are a good thing, but that alone does not mean that leadership around gender changes.