Currently occupying just 2% of the insurance industry but offering a new streamlined future to traditional companies and start-ups alike, insurtech as an industry is scaling fast. It is dynamic, and its demographics are changing the space too, with some of the most prominent roles globally being held by women. Those in the insurtech space are setting the agenda for more female inclusion in the insurance sector, by hiring more female talent to boost business and disrupt a traditionally male-dominated sector.
Acknowledging that recruiting to achieve greater diversity should not be a passive, one-size-fits-all exercise or a mere D&I obligation. Government parental leave policies are also crucial to support parents – not just mothers – as we return to a very different work environment than the one we had almost exactly two years ago. These key changes would undoubtedly help the insurance sector to step into a more diverse and balanced workforce. The insurance industry has been actively supporting and encouraging the participation of women in its workforce. Women are present in the insurance sector in all positions right from the junior to the executive level. They are joining this sector as financial advisors, agents, and employees and are excelling in their careers. Women bring to the table a few additional traits which help them in managing their job/role well. Here, we are talking about the inherent qualities in women like empathy, good listening skills, etc.
Historically speaking, women have been left out of the computing field. The worst case is that they have played a big role in building the computing industry from the ground up, but were often silenced and not given the recognition they deserved. Women’s voices and ideas can be found throughout the footprints of computers and technology, starting from introducing calculations in the early days to leading the global level artificial intelligence companies today. Fortunately, things have changed in the 21st century. Bringing dawn for women in technology, their leadership roles and talents are standing by them to showcase their presence.
Equality in Insurance technology starts from the root. Yes, education is the root here. For so many years, the pervasive myth that women are ‘right-brained and therefore more suited to creative or spontaneous pursuits has continued. But the tech sector is breaking the odds to recruit more women in leading roles where they can stand as an icon of power and creativity at the same time.
From simply having a website to using a digital payment system, deploying AI-enabled chatbots, or designing a self-driving car, all organizations are engaging in technology. As capabilities grow, many companies have also had to rebalance the gender gap that has long created a scar across the globe. As technology has advanced, diversity has retreated, employing more women to lead digital transformation. Diverse and inclusive workplaces are eleven times more innovative than non-diverse organizations. Better representation of women in tech will help to ensure that products and services are designed with them in mind. Therefore, the tech industry should promote more female leadership roles and male leaders should also introduce inclusivity to ensure that women in their company are treated respectfully and fairly.
Despite the increase in women playing leading roles in insurance technology, the industry still needs to gear up to promote equality in the workspace. According to a report, just 23% of people working in STEM roles are female, while only 5% of leadership positions in the technology industry are held by women. However, the fate of women in technology can be changed by taking small initiatives every day. With business leaders anticipating a growing tech skills shortage, now is the right time for the sector to tap into the underutilized female talent pool and start leveling up the playing field.
A female workforce can result in better financial literacy amongst other women: Lack of financial awareness amongst women is a serious concern. Not only is the number of women buying financial products and services far lesser than their male counterparts, but the participation of women in the family’s financial decisions is also negligible. It is widely understood that the quickest way to spread literacy in the nation is to educate the girl child. The same holds for financial literacy also. The more women enter the workforce, especially in the BFSI sector, the faster the spread of financial literacy and awareness among women (and families). This will help women have better control over their finances and take sound decisions. More female employees translate to more insurance products aimed at women. More female insurance agents lead to more engagement with female prospects and the dissemination of financial literacy.