International Women's Day: Passing on the baton to bold women

Cape Town - Despite women accounting for 42% of the labour force in the world, they only hold about 32% of senior leadership positions, according to the World Economic Forum's 2024 Global Gender Gap Report. The same report found that it will take another 133 years to close the gender wage gap. Although these figures underscore the slow pace of addressing gender inequality, there are many South African organisations that are making huge strides to ensure female empowerment is embraced. In the run-up to International Women's Day on 8 March, we profile two women at Elite Risk Acceptances who are committed to fostering female leadership.

One area where progress is still lacking, according to the WEF report, is in leadership pipelines, where women continue to be underrepresented. Women's journey to top corporate positions remains steep, with a 21 percentage-point drop from entry-level jobs to the C-suite in 2024, according to a 2024 McKinsey report. Similar research by LinkedIn has shown that economic downturns lead to fewer female leadership appointments, but paradoxically, that greater female workforce representation enhances resilience against job losses.

Developing female talent through skills transfer

With this in mind, Elite Risk Acceptances has taken a conscious decision to develop female talent and nurture women in leadership. A subsidiary of Old Mutual Insure, the net-worth insurer was started in 2017 by two women, Christelle Colman and the current Managing Director, Tarina Vlok. For Vlok, who prepares to hand on the baton as MD next year, succession planning has always been front of mind.

“Having been appointed to my current role at 57, straight away I committed to actively seek a suitable successor,” she asserts. “Succession planning, skills transfer and leadership enablement has always been included in my scorecard.”

Vlok maintains that succession planning must be deliberate and well thought-through. "Don't be scared to appoint someone who is brighter and better than you," she shares. "In fact, that is the ideal outcome and the mark of a true leader."

Trust is also crucial, she emphasises. "I'm a terrible perfectionist who finds it difficult to let go of control," she acknowledges. "But I find that trusting my leadership team makes it much easier for me to delegate and give their decisions my full support."

Vlok retires during 2026, so naturally the question is whether a suitable successor has been identified? She says that while the appointment process will be adhered to and no final decisions have been made, Tandiwe Cimela, current Chief Operations Officer at Elite Risk, has been identified as a potential successor.

The power of mentorship

As a female leader, Vlok is the first to admit that she has suffered from imposter syndrome at times. "I console myself with the belief that if you're the smartest person in the room, you're in the wrong company," she quips. "If you embrace who you are, with your unique strengths and weaknesses, you can focus on your strengths and supplement your weaknesses by partnering with team members close to you."

Cimela, says she has benefited enormously through mentorship. "Working alongside Tarina has been immensely insightful, especially witnessing her profound appreciation for our people and culture," she says. "Her leadership approach emphasises valuing and empowering employees, fostering a sense of belonging and nurturing a collaborative environment."

In developing her own leadership style, Cimela says she wants to prioritise her staff's well-being, professional growth and engagement. "In addition, I want to adapt and build on Tarina's approach by incorporating open communication channels, an appreciation of data and technology, and encouraging diverse perspectives. I aim to create a leadership environment where everyone feels heard, respected and valued, ensuring that our organisational culture remains a cornerstone of our success."

Beyond representation

Cimela believes the short-term insurance industry stands to gain significantly from embracing transformation. "It's not just about race or gender, although these factors are important in ensuring representation," she asserts. "The true value of diversity and inclusivity lies in bringing together individuals with varied skills, experiences and perspectives. Such a multifaceted approach drives innovation, enhances problem-solving and ultimately leads to better results."

Vlok concurs. "Modern insurance companies face many challenges which require inclusive leadership to overcome them," she concludes. "Diversity isn't only about gender and race, but also about having different leadership styles to meet the uncertainties that we face today."