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Breaking barriers: advancing women in insurance

Author: Cassandra Chowdhury Senior Manager, Insurance Technology Consulting

A study by ISC Group and EY reveals challenges hindering women's career progression in Canada's insurance sector, offering strategies to boost female leadership and empowerment.


In brief
  • Gender-diversity is proven to stimulate innovation, generate new ways of problem-solving and improve decision-making with tangible results.
  • Traditionally dominated by men, the Insurance sector would benefit from robust programs that recognize the unique roadblocks women face, and a redesign of organizational structures to benefit men and women equitably. 
  • Solutions for the future demand that everyone — not just women — work to build a culture steeped in mentorship and allyship, rather than judgment.

The Canadian insurance sector comprises a significant demographic of the corporate workforce. Yet, while research has shown that women make up more than half of the Canadian finance and insurance industry, barely more than a quarter at the executive level are women, and only 7 of Canada’s 100 largest publicly-traded companies have female CEOs.

 

ISC Group (ISC) and EY recently conducted a study to collate the perspectives of women from across the Canadian insurance industry, analyzing the challenges hindering equitable career progression, and defining strategies for the industry to consider as it looks to remove barriers and encourage the advancement of women to senior leadership roles.

 

In their perspective essay, summarizing their findings, four themes were identified and are explored in further detail:

  1.  Limited female representation in leadership: the impact on aspiration and opportunity
  2.  Internalized misogyny: breaking down societal barriers
  3.  Networking gaps: the art of balancing formal and informal support to elevate women’s career growth
  4.  Stifled confidence: how overlooked capabilities fuel imposter syndrome

 

Survey participants share their perspectives and firsthand experiences on some of the biggest challenges facing women within the insurance sector, from a lack of representation, mentors, advocates and networking opportunities to the oft-mentioned “glass ceiling”, “glass cliff”, “imposter syndrome” and “mommy myth” pressures experienced by participants.
 

Building on the confidence they expressed in their own abilities, and the pride and inspiration women share in seeing female leaders in the C-suite’s ranks, key strategies are identified that can help replace frustration and disillusionment with empowerment and action — across all levels of an organization.
 

By investing in mentorship, encouraging allyship and creating spaces where women can thrive and lead with confidence, we’re building a better working world, teeing future generations up to inherit a landscape where everyone’s potential is fully recognized and celebrated.

Download the report


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