Women in reinsurance “Give a woman something interesting to talk about and put a


task in front of her and she’ll excel, but don’t ask her to self- promote,” she says.


Hurvenes’ approach reflects the value that can come from


recognising the differences between women and men. “Women bring a unique perspective to the reinsurance industry


and business in general. The ability to create solutions for clients is enhanced through the diversity of insights, perspectives and approaches,” says Schugel.


gOOd FOr bUsINEss


There is ample research to indicate that having women in senior positions is good for a company, adds Mowery. “Several studies support a strong correlation between better financial performance and companies with more women in senior roles.”


As an example she cites a survey by Rothstein Kass which found


that hedge funds run by women outperformed those run by men in 2013.


“I work with data all the time and I know you can look at


results in 10 different ways and come up with 10 different answers. However, when several studies come up with similar findings it seems reasonable to pay attention to the general message,” she says.


Sharon Ludlow, president and CEO of Swiss Re Canada, agrees


that diversity is the key to a successful company. “It’s desirable to have a diverse employee bank at all levels no


matter what industry you’re in,” she says. “I think it reflects the world in which we live. I know there are statistics around that say the more diverse leadership teams that you have, the better your share prices, and other things improve. It’s a result of having minds around the table that reflect society.”


Cory Anger, global head of ILS structuring for GC Securities,


says that it helps client relations to have women in senior roles in reinsurance.


“I find that many of our clients (who are purchasing


insurance and reinsurance) are increasingly having women in senior roles and heading risk management areas. Clients tend to prefer to deal with people who mirror their own organisations,” she says.


There is another sound financial reason for ensuring women are


able to fill the most senior roles. Hurvenes points out that it is not in a company’s interest to recruit an equal number of men and


women at graduate level, spend years training them, and then lose the women.


“You’re making a big investment in your people, and you can get


stuck in a cycle where, at a certain point in time, the women either leave or don’t accelerate and then you have to start again,” she says.


While more women are making their way into the top jobs,


there is still a long way to go, especially in the US. Last year’s GMI Ratings’ Women on Boards survey found that US boards have seen little progress on gender diversity for more than a decade. The proportion of female directors is highest among S&P 500 companies, at 16.9 percent; it is lower at S&P Midcaps (13.5 percent) and S&P Smallcaps (11.3 percent).


In all three of these indices, the level of female representation has


risen by fewer than 5 percentage points since 2001. More broadly, the survey found that European countries that have introduced mandates to increase the portion of board-level women have made good progress, while other countries lag behind.


In India, where the new Companies Bill passed in August 2013 mandates at least one woman on the board of a certain class of companies, Bajaj Allianz General Insurance has just launched an all-women branch. Located in the city of Pune where the company has its headquarters, the branch will recruit and train women agents and intermediaries. It is an industry-first for India.


The all-women office was inaugurated by Tapan Singhel, managing director and CEO, Bajaj Allianz General Insurance, at the company headquarters in Pune. “Studies show that women are key drivers for a sustainable growth in a developing country,” says Singhel. “We also believe in it, and the launch of the all- women branch is a small step in that direction. We aim to tap the vast talent pool of women professionals who had to leave their professional jobs for their family commitments. We plan to give such women an opportunity to re-start their professional careers without disturbing their family priorities.”


It may seem an extreme step, but the initiative reflects a growing eagerness in the industry to redress the gender imbalance. For women wanting to reach the top, pathways and opportunities are opening up. And the over-riding message from those already at the top is that if you want to make it, you have to get out there and meet people, because decisions are still often made on the basis of personal rapport.


“You need to be visible and you need to network,” says Hurvenes.


“I know it’s hard and it can be boring and strenuous, but it’s what you have to do.”


4 | INTELLIgENT INsUrEr | May 2014


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