Why SA’s insurance industry needs more women leaders

Johannesburg - According to a study conducted by Deloitte, globally, women hold less than a quarter of the seats on boards within financial services institutions, less than a fifth of C-suite roles and only 5% of CEO positions. Bringing the focus closer to home, the same study found that South Africa has made remarkable progress in terms of women representation in senior and 'next generation' roles. If more corporate leaders took up this important mantle, South Africa could make great strides in paving the way for women empowerment on the global stage.

Heeding the call, this past year has seen SHA Risk Specialists take crucial steps towards meaningful and impactful change, with the promotion of four of its women leaders. Manisha Chiman was promoted to Business Leader of SHA Risk Specialists. Alicia Narainsamy was appointed to the position of Business Head of Digital Distribution, Marketing and PR. Roeann Lazarus was promoted to Underwriting Head of Financial Lines and Mpho Chokwe was promoted to Underwriting Head of Retail Motor Fleet Solutions.

A women leader's perspective

As Chiman comments: "It has always been important to me that as a woman, I am given equal opportunity to contribute towards the pace and direction of change in the financial services sector. After having joined the company in 2016, I found that I was given the institutional support and guidance to progress in my role and eventually, join a network of like-minded individuals who share the same vision for transformation in the sector.

Education, diligence, hard work and perseverance can get you to the door. But industry leaders need to be ready to open that door when the time comes, and to help women leaders like myself to charter a path towards personal and professional success. With the right tools, there is very little that we can't do to build a more equitable, sustainable sector."

A call for better policy to bridge the gender gap

Although there is no conclusive data on the state of gender transformation in insurance specifically, the general consensus is that the finance sector on the continent needs to work harder towards closing the gender gap.

The call for gender equity within the insurance sector, in particular, is top of mind for Narainsamy. As she comments: "As caregivers, mothers, active members of the economy and contributors to the wellbeing of their households, women bring a unique perspective to workplace issues and decisions. Any effort to create more inclusive workplaces where everyone's voice and contribution is valued, is therefore not only in the best interests of people, but also an important part of doing good business.

Achieving better representation for women, especially in leadership positions needs to move from the level of corporate will to corporate policy. While this will look different from company to company, some of the basics to consider could be flexible working hours, women-led mentorship programs, training initiatives and open channels of communication.

Transformation enacted at the level of policy can go a long way in creating a welcoming and supportive workplace environment for women. And when these policies filter down into peer-to-peer practices, this is when positive change really happens."

South Africa making serious moves towards transformation

Fortunately, in this regard, South Africa was found to be on par with its global counterparts in a study conducted by the Global Federations of Insurance Associations. In the study, progress was measured in terms of the development, promotion and/or implementation of good practices that speak to gender diversity and inclusion. Most South African insurers were found to have affirmative action in place to support inclusive policies and practices.

Local insurers were also rated according to their level of promotion of gender diversity, parity, and equal opportunities in the insurance industry. Many were found to have dedicated Employment Equity plans and targets in place which are reviewed on an annual basis.

The study did find, however, that in the realm of the appointment of women to senior positions within insurance, South Africa has much more ground to cover. Striving towards gender parity requires active participation by the collective – an objective that SHA regards as both a business and a national imperative.

Moving forward, it is essential for more insurers to position themselves strategically. By not only actively empowering and upskilling more women leaders within their businesses, but to also use these changes as an opportunity to really understand how to tailor insurance offerings to South African women. As Narainsamy concludes: "The representation of more women leaders in the insurance sector will empower us as an industry to embrace the unique risks that face everyday women and businesswomen. In this way, we will be in an ideal position to 'flip the script' on an industry that has long-since been male-dominated, towards an industry that truly caters for all its customers, and actively works towards building a more equitable society."