100 influential women in re/insurance


property reinsurance, Markel Re, is jointly responsible for global reinsurance operations for the Bermuda office, alongside Andrew Barnard. White was offered the opportunity following the Alterra acquisition, and says that to date, this has been the highlight of her career—but again, not without its challenges. “I was given the opportunity by Jed Rhoads, president and


CUO of Markel Global Reinsurance, to take on the role of head of US property catastrophe reinsurance. I knew this would be a challenge and that I would have to get to grips with the US book very quickly, as I had previously been the head of the international property cat book. “Although it was a tough first year, it was an amazing opportunity and certainly a defining moment in my career,” she says. While there has been, and possibly in some aspects may still


be, a glass ceiling when it comes to women reaching C-suite positions, it is becoming increasingly evident that a company that selects the best person for the job—regardless of gender—will be the ultimate winner. A study conducted by Catalyst, a research and advisory organisation that works to advance women in business, supports the idea that advancing capable women into leadership roles in greater numbers would be advantageous for the insurance industry. Studies of Fortune 500 companies showed that companies with higher percentages of female officers had a 35 percent higher return on equity (ROE) than companies with the fewest women at high levels.


Keeping the talent


In May 2015 PwC released research which stated that the insurance industry is the least popular financial services employer with young women due to a perceived lack of career progression, causing many of them to leave their jobs or putting them off joining the sector in the first place. PwC’s report, Female millennials in financial services: strategies for


a new era of talent, revealed that limited opportunities for career progression is the number one reason female millennials (people born between 1980 and 1995) leave their jobs in financial services. Some of the key findings showed that 80 percent of


female millennials globally believe insurance firms talk about diversity, but that opportunities are not equal for all (73 percent in financial services generally), while 64 percent of female millennials in insurance say their employer isn’t doing enough to encourage diversity. Also, female millennials in financial services believe insurers


are doing less to promote equality, and feel that promotion is biased towards men in insurance more than in other financial services sectors.


6 | INTELLIGENT INSURER | 2015 According to PwC, 30 percent of participants feel


that women are given fewer opportunities to undertake international assignments within the insurance industry than men (22 percent in financial services overall). The report, which draws on interviews with more than


8,000 female millennials globally, reveals that the financial services industry faces a number of hurdles in attracting and retaining this generation of women. Female millennials are entering the workplace in larger numbers than ever before and come with their own set of expectations and ambitions for their careers. “This should serve as a wake-up call to those in the insurance sector to bring their diversity policies to life, re-evaluate how they develop their people and create a structure where women can thrive. “Having visible female role models at all levels of an


organisation will be an important step to show employees and potential


employees that leadership positions are


achievable for all,” said Jonathan Howe, PwC’s UK insurance leader.


www.intelligentinsurer.com


Kathleen Faries, CEO, Tokio Solution Management, believes


that adaptation and evolution are both necessary for a company, and in her role, places strong emphasis on encouraging these. “For me the most challenging yet rewarding aspects of my job


are finding ways to bridge culture and mindset gaps within an organisation in order to effect change,” she says. “Our industry is quickly transforming as a result of new technology trends and the influx of capital. Being a part of educating and helping an organisation adapt and evolve in order to compete is challenging, interesting and exciting.”


Support network A key factor highlighted by many of the women profiled was that men have more opportunities to network than women. However, there is an increasing number of organisations and groups in existence that support women in the industry and offer mentoring. The Boston Club is an example of a women’s leadership organisation, located in the Northeast region of the US. It utilises a practical and effective approach to increase the percentage of women on corporate boards. The Boston Club has an electronic directory of female executive resumes, and its Corporate Board Committee offers to work with companies to identify qualified executive women for corporate board placements. The IICF also offers Women in Insurance global conferences


with world-class women’s leadership and industry speakers and sessions promoting women’s leadership.


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