Climbing the Summit Together: Empowering Women and Allies to Drive Change

My journey to the Insurance Business Women in Insurance Summit was quiet and foggy as I walked past the imposing shadow of Tower Bridge. However, as I walked into the Summit, I was quickly surrounded by a sea of chatting, tea-carrying women, eager to form new connections and share career experiences. I had been looking at the Summit’s agenda for months and was eager to hear the speakers and take part in the panels that were designed to empower women and allies. 

The day started with a bang as the room of 200 women sat engrossed as Mandy Hickson, a former RAF Fast-jet Pilot, told the story of her career trajectory and how she overcame institutional sexism with the ally-ship of the men in her cohort. She discussed the difference between fitting in and belonging, and how remaining true to yourself will only add value to your career aspirations.  

From discussions surrounding creating a space for everyone, to a guide to practical problem solving, there was no shortage of thought-provoking topics. However, the one that resonated with me the most was the discussions on establishing your personal brand and leadership. The session could be summed up with the seemingly simple question- “what do you want to be known for?”.  

The panel highlighted how what makes you different and unique could be your greatest asset, and that fitting in isn’t the same as belonging. They emphasised that it’s vital to take your talents and put them in the right environment that will help you grow not only within your position but also as a person.  

Sobering reality 

As empowering as the speakers and panels were, the sobering facts about gender disparity cannot be glossed over. One is that men still get paid more than women. In fact, according to The Global Gender Gap Report, it will take an average of 135.6 years for women and men to reach parity on a range of factors worldwide. Even more disheartening is that the economic gender gap is not expected to close until the year 2288, with only a marginal improvement since 2020.  

Specifically in the insurance and finance industry, women are significantly outnumbered by men. Data published by Statista earlier this year reveal that there were 516,000 men in the industry as opposed to just 344,000 women.  

But it’s not just women who are faced with a lack of diversity, Black, Asian, and Minority Ethnic communities are also struggling to see their reflection in the insurance industry. In 2019, only 7% of the London Insurance market were people of colour. Even more distressing is that only 3.6% of insurance boardrooms are non-white.  

Not only is a company limiting itself socially by not creating a more inclusive and diverse workforce and workspace, but it is also imprudent from a financial perspective. For example, companies with higher diversity, especially with more women, have 20 to 25 percent more ROI.  

So, if women and people of colour are not represented in higher positions within the insurance industry, how will the environment ever change?  

Circling back  

While the statistics may be grim, the Summit was filled with 200 women (and some men!) who felt empowered, emboldened, and encouraged to not only take a stand for themselves but to also form allyships with their industry peers.  

So, what do I want to be known for? Well, I want to be known not only for the quality of my work within my job, but also for the way I treat my coworkers and those around me within the industry. I want to be known for my creativity. I want to be known for being inclusive and fighting for greater diversity. I want to be known for building others up instead of tearing them down just to get ahead within the industry.  

So, at the end of the day, I have a seemingly simple question for you, dear reader, what do you want to be known for?