As of November 2024 there were around 167,000 more men than women working in the financial and insurance industries in the UK (591,000 compared to 424,000). What’s more, the mean gender pay gap in this specific sector was 24.6%. The good news is, however, that increasing numbers of women are to be found in leadership roles (35%) with a quarter of Board positions now being held by women (although mostly in Non-Executive Director roles). Women leaders are crucial to driving digital innovation in the insurance industry, as diversity in leadership enhances the ability to adapt to technological changes, and fosters a culture of innovation. Here we look at how women are driving technological change within the insurance sector and how more women can be encouraged to lead in digital transformation.
Women Leading Digital Transformation in Insurance
Back in 2015 only 14% of executive committees in the financial services sector were women. This shocking statistic prompted the government at the time to launch the ‘Women in Finance Charter’ which now has over 400 signatory firms, and covers 1.3 million employees. The Charter’s aims are to support the progression of women into senior roles, recognise the diversity of the sector, require firms to publicly report on progress, and set targets for gender diversity in senior management.
When it comes to the insurance industry, which is noted for its innovation, senior female leaders are already driving digital transformation, particularly in initiatives like Lloyd’s Blueprint Two which aims to modernise operations and processes across the sector.
The benefits of diverse teams cannot be understated, performing better, solving problems better, and enabling organisations to think better. They foster a culture of innovation and help insurance businesses adapt to technological changes more efficiently and effectively, and they drive sustainable and economic growth. However, to achieve all these benefits, more women need to lead.
Women Driving Digital Transformation
Let’s take a look at some examples of women leading digital transformation in the tech and insurance sectors:
One leader has built a remarkable career spanning over 25 years in technology across various industries. Her experience includes pivotal roles in operations, people development, and strategic leadership. She’s known for creating collaborative environments that drive both innovation and business performance.
Another standout professional excels in the field of risk management, with a strong background in mathematics and advanced computational modelling. She has applied her expertise to capital modelling and risk quantification, continuously expanding her knowledge in data science and automation to enhance decision-making processes.
A third has dedicated almost 30 years to driving change and improving operational efficiencies within a leading insurance firm. Her work focuses on automating data processes, reducing administrative burdens, and implementing new policy administration systems to streamline operations.
These women are recognised for their significant contributions to digital transformation and were celebrated in the ‘Digital Champion of the Year’ category at the prestigious Women in Insurance Awards. Their stories showcase the power of expertise, resilience, and a passion for innovation in shaping the future of the insurance and technology industries.
Practical Steps
How, then, can organisations take practical steps to empower women in digital transformation?
Mentorship programs – in order to inspire a new generation of women in digital transformation, younger women (or those who’ve retrained) need role models – someone to aspire to, and someone who’s demonstrated that a career in tech is achievable. It’s then important that these pioneering women act as mentors for the next generation of talent. Insurance leaders need to demonstrate a clear commitment to D&I by creating mentorship programs both in order to enable women’s progression and to attract them into the industry. Mentorships that open up networking opportunities, as well as career development and pastoral support can prove invaluable.
Training in emerging technologies – encouraging STEM education in schools for girls is the first step to achieving parity in the sector, but for aspiring digital transformation talent lifelong learning and continual development are essential for growth and development, and to increase confidence. Insurance leaders should encourage training to inspire curiosity, enable resilience, and create a more adaptable workplace. Women learners can also motivate others with their knowledge, demonstrating their leadership capabilities and enabling organisations can adapt to rapid change.
Creating pathways for leadership in digital projects – insurance leaders can pave the way for women’s success through initiatives such as ensuring recruitment strategies are open and inclusive – all too often women are deterred by masculine language used in ads – as well as the identification and nurturing of internal talent. Leadership development programs, considering women for leadership roles, offering hybrid roles, and diverse succession planning will all encourage more talent into digital transformation, and inspire women into leadership positions.
Diversity is crucial for tackling complex technological challenges, both in the insurance sector and in wider industries. Change is happening, but in order to accelerate that, and reap the benefits of women being at the forefront of digital transformation in insurance, organisations must listen to women and act on what they hear.
For more information about how your organisation can implement the changes it needs to ensure a brighter future, contact us here.
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