Events and conferences in the insurance sector certainly feel different to the way they did years ago.
And women who have plied their trade in the protection and health sectors for decades have certainly noted this change.
There is more diversity at events – particularly among younger generations with more Gen Z (born after 1993) women entering the sector.
But the sector remains male dominated – meaning some women are experiencing imposter syndrome while others see signs of barriers due to age.
But one female adviser Health & Protection spoke to, remains committed to being a voice for her community and raising difficult questions around barriers to protection.
Huge progress made
“I’ve been in this role for 15 years now and I think the industry has made huge progress on this during that time. Katharine Moxham, spokesperson at industry body Group Risk Development (Grid), tells Health & Protection.
“For example, 15 years ago, I would often be the only woman on a panel discussion or with a speaker slot at an event whereas that is no longer the case.
“I’m quite thick-skinned and confident so have never felt uncomfortable or conscious of my difference in this sector – although I can see how someone with less confidence in their ability to do the job as well as anyone might have felt a little intimidated in these circumstances.”
Predominantly men
Protection adviser Katy Davies says she has been at adviser events where she was mindful that it was predominately men present.
“However, I knew when I joined finance that it was a male-dominated industry and I think that poses a huge opportunity for women,” Davies continues.
“I believe in learning from others regardless of them being a man or woman and I think there are valuable skills to be learnt from both.
“I believe women can showcase the differences they bring to the financial sector and work alongside men to complement the industry.”
Suffering imposter syndrome
Another younger female professional, Gabrielle Best, members services team leader at Cirencester Friendly, admits it is easy to suffer with imposter syndrome in the workplace, especially when given greater responsibility at a younger age.
“At times, I have felt different or out of place when I’ve noticed in a key meeting or working on a project that I’m younger than others involved and conscious they have a lot more experience than me,” Best says.
“I think it’s natural to think you need to prove yourself, but I try not to let the doubts creep in. I’m determined to never stop learning and I do feel people become blind to age when they see your ability.
“I work in a team with people of all ages and levels of experience. I think the dynamic works really well, with everyone keen to offer support and this has been borne out by our successes, particularly in improving member retention.”
Stories that make your blood boil
Juliette Meads, national account manager at Vitality, told Health & Protection she has encountered both positive and negative experiences as a young woman in the sector.
“During my time in this industry being a young female has been both advantageous and disadvantageous at varying points,” Meads says.
“They often come hand in hand. I walk into a conference room frequently of just male advisers and on entering have heard scoffs and seen phones appear as they likely deem my opinion or ability low. The term ‘I’ve been in the industry longer than you’ve been alive’ comes to mind.
“However, I use this to my advantage as I know I am good at what I do and therefore the ‘shock’ factor that I actually know what I’m talking about aids in my sales conversations and wider discussions.”
And while the industry is getting better in terms of respect for women, Meads adds some of the stories she has been told by older female colleagues about their experiences makes her “blood boil”.
“I think that as women move through the hierarchy in large companies, and we see more female managers and executives alongside strong male allies, we will see the trajectory of diversity and inclusion continue.
“Certainly, having spoken with my colleagues the industry has come on leaps and bounds in this area, and I’m pleased for them that it has improved. But also financial services generally has become more of a home for young women as they start their career journeys.”
Told to remove career history from CV
But it would be wrong to assume that women have it made when they advance in years and climb the career ladder.
Karen Gittings, senior corporate benefits consultant – Aspira Corporate Solutions, told Health & Protection: “Prior to joining my present company I have felt that my age was a disadvantage. One recruiter advised me to remove some of my career history from my CV so as not to make prospective employers aware of my age.
“I was in my mid-50s when I joined my current company and consider myself fortunate that the company I work for values the expertise I’ve gained over my 46 years in the industry and are keen to be flexible as I approach retirement to enable me to remain in work for as long as I want, while also giving me choices regarding my working hours.”
More flexible working needed
Continuing on the topic of flexible working, Jacqui Carr, CEO at Health Shield, says she would like to see organisations practicing what they preach to a greater extent.
“If they are really serious at making it a level playing field so anyone can succeed, they need to embrace flexible working, support for parents and carers and a commitment to gender pay equality,” Carr contends.
“This is something we’ve really focused on at Health Shield over the past few years and from the feedback I’ve received it is appreciated by all employees.”
Attracting young women into the sector
While the sector could do more to retain women as they advance through life stages, more also needs to be done to attract young women into the sector in the first place, according to Isabella Streames, managing director at Velvet Mortgage and Insure Services.
“There needs to be more to attract young women,” Streames says.
“I am 27 and none of my friends had a clue what my job is and half of them still don’t. Until someone is usually buying a house, they don’t know.
“It would be great for this to change and for schools to really showcase what a great career this can be. I really only know because my mum has been in the industry a long time and so I knew growing up.
“Even then, it wasn’t until I actually worked with her (which was supposed to be temporary) that I started to really understand what the role meant.
“Once I had experienced it, I accidentally fell in love with it but if you had told me this when I was at school I would have laughed right at you.”
Being part of the discussion
As for Isabella’s mother Joanna, who owns the advice firm, she maintains it is crucial that there are people from diverse communities involved in the workforce at adviser level and above, and within the design of these products to ensure they meet the “unique” needs and preferences of different demographic groups.
“When propositions are designed with input from diverse communities, they are more likely to be inclusive, relevant, and effective,” Joanna Streames says.
“When diverse communities see people who look like them, they are more likely to seek advice and have conversations on these topics because they feel represented. After all, birds of a feather flock together.”
Best agrees, adding: “It is vital that our propositions are suitable for whoever needs them, no matter what their background.
“Making sure a range of people are part of the discussion means fresh ideas and opinions are considered and they look at the bigger picture.
“It’s not just important that we embrace inclusivity for our customers, all employees should have equal opportunities too and Cirencester puts significant focus on this.”
In terms of how products can be designed to take diversity into account, Gittings called for the the rules to be changed regarding employers continuing to provide benefits for people working beyond state pension age, particularly group life benefit.
“Currently if an employer continues to provide benefit to employees working beyond their state pension age, they lose the exemption which was granted following the removal of the default retirement age in 2011,” Gittings says.
The sector could do more to attract and support more mature women, both as professionals and as customers, Joanna Streames says. “This includes creating inclusive workplaces that value the contributions of women of all ages, as well as designing products and services that meet the needs of more mature customers,” she continues.
“Mature women have unique perspectives that will clearly serve this demographic better than anyone. For example, the industry has been working a lot raising the important subject of menopause and it would be good to see specific support increased for this in products.”
Ready and willing to help
Another adviser, Dr Sheun Oke, CEO at Emergenzz Financial Services – who has campaigned for sickle cell protection products and more recently to secure income protection cover for some of her customers who have come to the UK to work in the healthcare sector but have less than the required two years of GP records, told Health & Protection she stands ready and willing to help the sector reach solutions.
“I believe we can help more,” Oke says.
“Sometimes I think we can think we are just making a noise and we are not making a difference.
“I am committed to talking about my community and I want to be part of the change.
“I don’t know what else we need to do. I’m going to continue to do what I’m doing just to bring attention.
“Hopefully, someone picks this up and calls me and says help us here because I’m available to help providers etc.
“I want to lend my voice – but you can’t force it.”
Ultimately, for Joanna Streames organisations need to foster a culture of openness and acceptance where all individuals feel empowered to be authentic and contribute their unique perspectives.
“I feel that while there is an external upsurge of positivity and efforts to improve diversity and inclusion, I am concerned that these efforts still may not always be fully integrated in some organisations,” she adds.
“To truly embed the changes we need everyone to be accepted regardless of their background or identity, and this will require ongoing commitment from management right through the organisation with clear communication being imperative.”
