Turning the glass ceiling into a greenhouse
Turning the glass ceiling into a greenhouse | Insurance Business New Zealand
Insurance News
Turning the glass ceiling into a greenhouse
“[Insurance] is still a male dominated profession…”
Insurance News
By
Bennett Richardson
During the Second World War, civilian jobs for women that were normally performed by men famously empowered females to fight for the right to work in nontraditional employment for equal pay and equal rights in the workplace and beyond.
We all know what happened next – the image of Rosie the Riveter remains a powerful testament to the importance of lived experience and self-belief in shaping broader social change.
In a quiet echo of this phenomenon, the crisis of the pandemic years has also lifted the standing of women in business leadership around the world, and the insurance sector in New Zealand is no exception.
“COVID has allowed us to fast track genuinely flexible hours and remote working … and given women more support to be able to take advantage of opportunities like secondment,” Miranda Cook (pictured), group head of marketing at Delta Insurance Group, told Insurance Business.
Research by Grant Thornton International shows the pandemic proved a watershed for women entering senior management globally as changes to the working environment boosted female career trajectories.
The Women in Business 2023 report found that in businesses adopting a hybrid model, with a defined mix of onsite and remote working, there are higher levels (34%) of women in senior management. With completely flexible working, it’s even higher, at 36% versus just 29% at primarily office-based businesses.
“There’s definitely been a shift – there are a lot less barriers and women are being embraced in positions that they haven’t in the past,” said Cook when asked about the insurance sector.
“Positive changes can be seen for everyone – from improved support for both parents, to giving people the chance to try new roles, broaden their careers, knowledge and expertise through secondments and learning opportunities, alongside robust policies in diversity, equity and inclusion.”
Cook will be speaking on a leadership panel at the upcoming Women in Insurance Summit 2024 in Auckland on February 27, thanks to event sponsor Deloitte, gold sponsor Delta, and silver sponsor NIB. Book your tickets today
Growing confidence in women
The greater opportunities that have been afforded to women over the last few years are starting to pay dividends in terms of both the confidence women can inspire and their own confidence to take on senior management roles in insurance.
“Training and exposure to new opportunities help build the skills and abilities needed to get into leadership roles,” she said. “Events like this conference that specifically target women to expand knowledge and awareness are impactful – we’re starting to benefit from a change in attitude.”
Cook said there are more women in insurance leadership positions now to act as role models, and the broader acceptance of diversity in the workplace has added momentum.
It is difficult to put a finger on one single factor, but the period of the pandemic and its aftermath may be heralding a slightly less hostile environment for women’s careers.
“All of these things together, coupled with women’s self-belief, desire, motivation, looking after each other, lifting each other up, that allyship from men, all of these things are actually coming together and making a difference,” said Cook.
The prospect of the glass ceiling in insurance acting more like a greenhouse is an enticing one, and Cook acknowledged that while change has accelerated somewhat, there is a danger of complacency.
“I can see the rapid change that is happening in the industry, and that’s incredibly positive but there’s still work to do to correct statistics around representation, particularly in leadership,” she said.
The importance of DEI and ESG initiatives for women
Cook credits the increasing prevalence of diversity, equity and inclusion (DEI) initiatives with helping shift attitudes in the insurance sector.
Before the pandemic, the New Zealand Workplace Diversity Survey typically showed that organisations would have a formal policy or initiative in place to address only a few of the most prevalent DEI issues, such as harassment or sexuality. In 2023, the survey showed that over a third of organisations had a DEI strategy or plan in place, or a DEI committee or working group to address a wide range of related issues.
“It’s part of the approach to become a more diverse place – it’s not just about women, it’s thinking across the board,” said Cook.
“We’re on a journey, but what’s really important is that the desire and motivation to make things better, and our agile approach to implementing change, is there.”
Environmental, social and governance (ESG) frameworks, especially the social aspect, are also an area where women are making an impact and cross-pollinating from the DEI side. For example, Delta advisory board member Margo Ward, a trailblazer in children’s mental health services, will expand her remit to support the group ESG committee from early 2024.
“She is a force to be reckoned with,” said Cook.
Delta is also active with initiatives such as support for Girlboss NZ, an organisation that is trying to lift the number of female entrepreneurs and leaders by providing young women with opportunities.
“We sponsor the emerging leader category every year and have done so for the last six years,” she said. “We also provide support for young women who win each year in some way. It’s very cool.”
The old guard and keeping momentum strong
Cook feels that resistance to change in the insurance sector stems from a lack of lived experience. The reality is that women continue to bear a disproportionate burden of domestic life which can result in lost opportunity, career gaps and bias against promotion to senior roles.
“Attitudes are changing but I still think that favour will generally swing towards the person who has had an unbroken career path,” said Cook.
“It’s still a male dominated profession… I feel as though unless you live through something and truly walk in someone’s shoes, it is difficult to understand.”
Delta in New Zealand is an exception to the rule with 58% of staff female, much higher than what is thought to be the industry average of around one quarter to one third. Yet the group leadership team at Delta is eight males to three females, something Cook said shows that “while we are heading in the right direction, there is still work to be done”.
Such gaps are jarring for a country that has an image of being progressive on opportunities for women. Furthermore, some signs suggest that the fading of the pandemic into the background has allowed firms to now place less emphasis on ensuring diversity in leadership.
To put more women on the road to the company boardroom at insurance firms, Cook advocated for a different way of thinking around meritocracy.
“To progress women, some compromise needs to be made in trading experience with representation and diversity or providing appropriate extra support. Equity is all about providing a leg up – whether that’s for a gender or underrepresented group, whereas in insurance, hires are often meritocracy or experience-led and from within our industry. You always benefit from a diverse group of people around the table.”
And like many things, a lot of momentum toward change can be maintained from within.
“I do think that much starts with ourselves also – you have to think carefully about what you want, back yourself, then seek out and grab opportunity. Nurture that self-belief and attitude to give it a go and throw yourself at blazing new trails.”
If she were here today, Rosie the Riveter might say the same thing.
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