Women & Insurance: The Perfect Combination, Part 2

Alli Walsh, Social Media Strategist

Women & Insurance: The Perfect Combination, Part 2

Women’s History Month honors the contributions of women to history and to contemporary society.

To honor the month in our own way, we are taking a look at women and insurance. In our last post we discussed the role of women as insurance consumers.  In this post we’ll explore women in the insurance workplace.

Women as insurance professionals

Unlike education or nursing, for instance, the financial services and insurance industry is traditionally thought of as a “man’s business.” In fact, the image of an insurance agent is probably a middle-aged man in a suit carrying a briefcase. This is changing—and it’s changing fast. (Just take a look at our Combined Insurance team of sales agents!)

Let’s turn to some statistics on women working in the industry:

  • 86% of female insurance professionals say they believe that the industry is making strides toward gender diversity (compared to 72% last year)1 
  • In 2015, women accounted for 47% of all workers, yet there were 1.6 million women employed in the insurance sector, accounting for 59.4% of the 2.7 million workers in the insurance industry2 
  • The percentage of women varies widely by occupation2
    • 51.2% of insurance sales agents
    • 55.3% of claims adjusters, appraisers, examiners and investigators
    • 77.1% of insurance claims and policy clerks.
    • 58.6% of underwriters
    • Less than 1% of actuaries

Across almost all industries in the US, there’s rising interest in the number of women in business ownership and executive-level positions. According to the Ameriprise research, the number of women-owned businesses rose 44% between 1997 and 2007. In 2015, more than 9.4 million firms are owned by women3. Self-employed insurance sales agents and insurance agency or brokerage owners most certainly fall within this category.

Female executive-level attendees of the Insurance Industry Charitable Foundation’s 2016 Women In Insurance Conference discussed ways the insurance industry is promoting gender equality. These include active recruitment of a gender-diverse workforce, establishment of mentorship programs for women, and the sponsorship of executive networking programs. What’s more, some 32% of respondents rank insurance as the most supportive industry in financial services when it comes to the advancement of women to senior leadership roles1

Find out about career opportunities at Combined Insurance!

References

http://www.iii.org/insuranceindustryblog/?p=4516
http://www.iii.org/fact-statistic/careers-and-employment
https://www.nawbo.org/resources/women-business-owner-statistics

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