In the insurance industry, a transformative wave is taking place that is powered by the inspiring strength of women leaders. As part of India’s leading General Insurance companies, I have had the privilege of witnessing first-hand the remarkable changes that are shaping this sector.
The changing gender dynamics
Traditionally dominated by men, the insurance industry is undergoing profound change as more women ascend to leadership roles. Our organization, along with others, is proud to report a significant increase in the representation of women, both within our workforce and in leadership positions.
Insurance players report a proportion as high as more than 25% of women in their total workforce. The change is visible in the leadership circle, and some companies report that their leadership team consists of more than 15% women.
Today, key divisions within our organization: such as customer service, learning and development, recruitment and branding – are led by talented women leaders.
Additionally, we have observed a remarkable increase in the representation of women in field roles such as sales, traditionally dominated by men. This change reflects the remarkable potential shown by female employees, signaling an evolutionary change where women are increasingly growing in various roles.
Women leaders bring a clear perspective and approach to problem-solving, marked by empathy, effective communication and a collaborative spirit. It is these qualities that enable us to navigate complex challenges with resilience and creativity, driving innovation and growth in the insurance industry.
The gender diversity challenge
However, the journey towards gender equality in the insurance industry is not without its challenges. Despite the strides made in recent years, a gender gap persists, spanning pay, career opportunities and leadership positions.
Industry players, acknowledging this reality, are now actively working to close the gender gap as part of their commitment to foster diversity and inclusion. Many organizations, like ours, encourage women to aim for leadership roles through targeted recruitment, training and leadership development initiatives.
For example, our employee referral policy is customized to offer rewards if employees introduce women members into the organization. Other policies such as flexible work arrangements, parental leave policies and mentoring programs aim to provide essential support to female employees across insurance companies. Such policies foster a supportive environment where women feel empowered and thrive both professionally and personally.
As we celebrate International Women’s Day, we must take a moment to recognize and applaud the efforts of organizations in the insurance sector that are creating a fair workplace, ensuring a more vibrant and sustainable future.
This article is written by Sandhya Gadkari Sharma, Non-executive Independent Director, Magma HDI General Insurance. All opinions expressed are personal.