International Women's Day: progress celebrated as equality barriers remain

Removing barriers to opportunity remains critical even as the insurance industry makes progress on advancing gender equality, leaders and executives have said today in marking International Women’s Day (IWD).

“Embracing equity and continuously striving for a gender equal world that is free of bias and discrimination is important today, but to enact real change it must be about the actions and decisions we make every day,” Insurance Council of Australia (ICA) CEO Andrew Hall said.

“I am proud that our executive leadership team for the ICA is majority women, reflecting the diversity and changes happening more broadly across our industry.”

Stella Insurance, a direct car insurer aimed at women and founded by high-profile UK entrepreneur Sam White, says IWD is a reminder of the “great leaps and bounds that women have taken” but there’s a lot left to fight for.

Stella says the gender pay gap remains too wide, and prioritising transparency can make a difference, while free or more affordable childcare is proven to boost women’s participation in the workforce.

Action must be taken to ensure women aren’t underrepresented in key decision-making roles, it says, while changes are also needed in a healthcare system that is too often failing women.

“In the fight for women’s rights, International Women’s Day can be a great catalyst for jumping on board,” it says. “But it’s important to remember that issues like these can’t be solved in one day, and for meaningful changes to be made, small steps need to be taken every day.”

BMS Group today announced a Gender Equity Network, committed to raising awareness of the challenges women face in the workplace and aiming to support them in all stages of their careers.

“While the insurance industry has been slow to embrace gender equity, it is great that we are now seeing a large number of women in senior positions,” BMS Group’s Celia McCormack says in a LinkedIn post. “Ok, probably not enough change to start celebrating yet, but in the last decade there has certainly been a positive shift.”

Broking group Resilium says that 72% of its workforce are now women, working at all levels of seniority.

GM Broking Angela O’Neil says women have been promoted from within and have joined from outside the business during a rapid period of change, and the current team includes strong leaders with diverse perspectives, regardless of gender.

Recent industry changes pave the way for the next generation and perceptions are shifting compared to when she entered the industry more than two decades ago, Ms O’Neil says.

“I do a lot of mentoring, a lot of speaking with younger women, whether it’s formal or informal, to try and make sure that they’re aware that there is a real future for them in insurance,” she tells insuranceNEWS.com.au.

“It wasn’t the same when I started out. My family members, my parents, aunts and uncles they’re amazed that I have this title. One of them even said ‘was there not a man available’. It’s something we are all working, chipping away at.”

National Insurance Brokers Association director and past president Dianne Phelan, also BJS Insurance Group Operations Manager, says the potential for female insurance professionals to thrive has never been stronger.

“Increased presence of women around board tables is becoming the norm and the natural diversity of thinking can only improve outcomes for all,” she told BrokerBuzz.

A report by Moody’s Analytics says improving gender parity in management positions can unlock higher economic prosperity globally, particularly in developing nations where untapped potential is higher.

“Shifting social norms is a lengthy and complex process, but policies such as enforcing flexible working conditions, providing affordable childcare, and providing paid maternity and paternity leave help to drive change in the right direction,” it says.

A Status of Women Report Card released by the Albanese Government today says that an Australian gender pay gap emerges immediately after graduation, and women approaching retirement have 23.1% less superannuation than men of the same age.