Category Archives: Careers and Employment

Careers and Employment, Workers Compensation

NCCI’s Tracy Ryan:
Busting the Math Myth

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By Loretta L. Worters, Vice President, Media Relations, Triple-I

 Growing up, Tracy Ryan always loved math. It came to her naturally. She liked the patterns, structures, and precision of math – “the poetry of logical ideas” as Albert Einstein put it. When she went to college, and then onto graduate school, her focus was on pursuing a career that aligned with her favorite subject. 

“Back then, 35 years ago, I thought the best career for a math major would be education,” said Ryan, who in November 2024 became president and CEO of NCCI – the nation’s most comprehensive source for workers compensation data, insights, and solutions. “But my grad school professors encouraged me to get into the actuarial field, and that led me to pursue an insurance career.”

Ryan never thought about the demands of working in a male-dominated industry. When she applied for her first position in an actuarial department, almost all the people who interviewed her were women.  

“When I joined the company, my first manager was a woman, and her manager was a woman,” she said. “So early on, I just had these incredible female role models who told me to keep my head down, focus on getting the work done, and learn from it, which was what I did. Through the actual program rotations, I got exposure to so many other aspects of the company.” 

These mentors encouraged Ryan to pursue distinct roles and opportunities as they presented themselves.

“The mentors and managers I had along the way played this fundamental role in helping me navigate my career and seek roles that were outside my comfort zone,” Ryan explained.  

Changing perceptions

The idea that women aren’t strong in math is a myth that persists in many industries, including insurance. But Ryan has worked hard to change this perception. 

“It’s important that early on in a child’s education that they are exposed to female role models and to opportunities that will help them see their connection to math,” she said. “Math was always fun to me, particularly because the teachers made it exciting and helped dispel the myth that women aren’t good at it.” 

Ryan mentioned that at NCCI, there are two programs to ensure young women are exposed to and excited by math and STEM more broadly.

“The first is a math mentors’ program, where our employees tutor elementary school students and help support their growth in math,” she said. “We also have a Women in STEM program called WINS. It’s an informative and engaging view of the technology field for middle and high school girls. By having this exposure and these role models, these young women will feel more connected and excited about pursuing a career in mathematics.” 

Only about 22 percent – less than one in four – C-suite leaders are women, yet Ryan has held several C-suite positions at major organizations across the insurance industry. She attributes her success to the experiences she’s had that shaped her into the leader she is today.  

NCCI celebrated “Women’s History Month” with an “Accelerate Action” event, featuring a women’s panel of speakers and networking event, including NCCI guests Donna Glenn, Edwiygh Franck, Tracy Ryan, and Nicone Gordon.

“With every leadership role that I’ve had, I’ve gained new perspectives and learned a lot about what it is to be a leader in this industry. I’ve realized that I don’t have to copy someone else’s model of what a leader looks like or acts like. I’ve built the confidence to lead with my own voice and my own genuine approach to the roles I’ve had.” 

Ryan said her leadership style is grounded in trust, authenticity, and collaboration.

“I firmly believe effective leadership starts by fostering a culture where all voices in the organization are heard and valued,” she said. “Leadership is all about people, and that’s a tremendous responsibility that we have as leaders. Because of that, I look to create environments where the growth and well-being of the team are prioritized and where I show up every day for those people and the industry that I serve.” 

Ryan said being authentic is important – for men and women – yet many struggle with that. 

“You think to do that role you have to do it exactly like the person who held the position before you, especially if that person was successful,” she said. “But realizing and trusting that you can bring your own unique perspectives and leadership style to the table is incredibly important. I’ve always had this idea that you should be the leader you always wish you had…. I tell people who are early in their career, ‘If you don’t see it, be it.’”  

Ryan said there is a lot to be excited about with advances in data analytics and AI, but she believes relationships based on trust and collaboration will continue to be the foundation of success in the insurance industry.

 “When we have those elements, we can create environments where creativity and innovation thrive, where new ideas are welcome,” she said. “Those environments create opportunities for everyone to rise and succeed. 

“The P&C insurance industry is so integral to maintaining economic resilience, improving safety, and more broadly supporting society,” Ryan added. “What we do is incredibly important and meaningful work. On top of that, we get to meet so many interesting people from various backgrounds and get to learn about the companies and industries we insure. We also get to build long-lasting and rewarding friendships with colleagues and have fun along the way.” 

Careers and Employment

From Start-Up to Industry Leader: Casey Kempton’s Trailblazing Career

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By Michaela Platt, Communications Coordinator, Triple-I

As businesses started incorporating Internet strategies and operations, Casey Kempton had just begun her graduate studies in cognitive anthropology and was working for a tech startup. A Connecticut native, Kempton had always been aware of insurance giants based in her state.

So, when the startup she worked for went out of business, a career with their insurance pilot customer, The Hartford, seemed a natural fit. She applied for a position in their e-business ventures unit and has worked in roles across the insurance industry ever since.

“When I first came into the industry and began learning about exactly what our product does and how it benefits consumers, I had this sense that both agents and consumers could expect more from their carriers,” said Kempton, who is now president of personal lines at Nationwide.

To Kempton, this meant thinking about preventing or minimizing claims, in addition to optimizing the end-to-end experience with the product. The curiosity and drive for innovation that marked Kempton’s early career propelled her to patent two home insurance risk rating solutions.

“A small group of us wanted to take the concept of early auto telematics and apply it to property, anticipating a future where the internet was pervasive and everything was connected,” Kempton said. “We explored how this could impact real-time rating, monitoring, and response for homeowners.”

Kempton leads all aspects of the business, including product, underwriting, sales and distribution, claims and services. She previously was executive vice president and digital business officer at Chubb and spent time with ACE Group, accountable for global personal and commercial lines and leading operations and information technology for Latin America.

The result was an invention Kempton helped create while still in her early twenties: a closed-loop system that senses, underwrites, and prices property risk in real time while also offering remediation services. The system has now been patented for nearly 20 years.

Despite this promising start, Kempton faced obstacles in this traditionally male-dominated field. Even as she rose into leadership roles, some challenges persisted.

“There are times where I may have traveled to visit agents or partners in different parts of the country and realized that expectations on the roles that women could hold versus men were quite different,” she said. “I had several experiences where it was assumed I was the note-taker for the meeting when, in fact, I was the boss or the most senior person there.”

Despite the challenges, Kempton has found her career as a woman in leadership to be incredibly rewarding and is thankful for the mentorship and sponsorship along the way.

“I had two really important mentor-sponsors in my career, both of whom were men, both of whom created opportunities for me that, on my own, I might have struggled to have,” she said.

Kempton has worked to form alliances and a support structure with both men and women in the industry. She has also found herself in stages of her career where she was without a mentor and had to network and build new relationships. She emphasizes the importance of leaning into common ground and building bonds with coworkers while also establishing practices that amplify all voices at the table.

“If you contribute something and then one of your male counterparts takes credit for it five minutes later, nobody says anything,” she said. “Everybody heard you and they know you said it, but we don’t have a practice of saying, ‘Right, that’s the idea Casey just shared. Thank you for pointing that out.’”

Kempton said a lot of bright, capable, driven women assert themselves – only to be  labeled “difficult”, “aggressive”, and “hard to work with”. That is something she has coached a lot of women on through her career.

Kempton also addressed the pay gap and the unspoken drawbacks women can face for taking time off to have children.

“I still have these stress dreams,” she said. “I know I’m stressed about something when I have this dream, and it’s that I’m pregnant again. And my goodness, what is that going to do to the rest of my career? How am I going to manage that? To me, this correlates to the pay challenge because my career paused with the birth of each of my children.”

Kempton is passionate about addressing the pay gap in the insurance industry, but recognizes that there is no easy answer.

“Each manager must make a personal commitment to say, ‘I can’t tell them how their pay may compare to others, but I can work to address it over time,’” she said. “We can work to fix it every year until men and women are on par. We can create awareness with managers that they have some control over how we address that pay gap.”

Meanwhile, women executives like Casey Kempton continue to break barriers. Her journey highlights the power of innovation, perseverance, and the importance of mentorship and allyship. From her early days at The Hartford to her leadership role at Nationwide, Kempton’s story is a testament to the impact one person can have.

“For me, leadership has been incredibly rewarding,” said Kempton. “The best advice I can give to young women starting out is to be curious. Expose yourself early on to as much as you can contextually and then become an expert in something. Being more intentional about how you navigate where you want to go, that’s when you’ll go far.”

Careers and Employment, Insurance Industry

Women continue to hold 59 percent of the insurance workforce, with representation among underwriters increasing by 5 percent.

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On March 3, Triple-I released its Chart of the Week, “Women’s Representation Among Underwriters Increased.” Citing data from the Bureau of Labor Statistics, the chart reveals that the number of women insurance Underwriters increased by 5 percent from 56.9 percent to 61.9 percent in 2024.

The insurance sector provided about 3.0 million jobs–or 1.9 percent of U.S. employment (workers 16 years and over) in 2024. Data from the Bureau of Labor Statistics indicates that 1.7 million workers were women.  Since 2012, women have comprised about the same overall proportion (about 59 percent) of the industry workforce each year. However, the latest COTW shows that representation continues to vary across occupations. From 2023 to 2024, women’s representation among Insurance Clerks decreased 1.4 percent, from 80.1 percent to 78.7 percent. Representation among Insurance Sales Agents decreased 3.8 percent, from 54.9 percent to 51.1 percent.

The average representation of women across the U.S. workforce is 47 percent based on data from households in the Current Population Survey (CPS), an annual survey of business establishments in private industry conducted by the Bureau of Labor Statistics (BLS). 

Life insurance, annuities, and home and auto insurance sectors are considerably more gender diverse than the average industry in North America, especially in entry-level jobs, where women make up two-thirds of the 70% of entry-level workers. In contrast to the abundance of representation at the bottom, the view across the top ranks looks notably different. Only about 22 percent (less than 1 in 4) of workers in the C-Suite are women, and only two women CEOs head up Fortune 500 insurance companies: Thasunda Brown Duckett, President and Chief Executive Officer of TIAA, and Tricia Griffith, President and Chief Executive Officer of the Progressive Group of Insurance Companies.

Nonetheless, women continue to demonstrate their skills, willingness to grow, and ability to influence the insurance industry in a positive and forward-thinking way.  According to McKinsey, for every 100 men promoted to managerial positions, 104 women are promoted — much higher than the 87 women promoted across all industries. At the board level, women hold 40 percent of the seats in the aforementioned industry sectors.

However, from entry-level to managerial level, the women in the industry are predominantly white, with the leadership pipeline remaining even more closed off to women of color. Only one in 20 senior vice presidents and one in 35 direct reports to CEOs in insurance are women of color.  Black women comprise more than 7 percent of the entry-level insurance workforce, but this number plummets along the corporate ladder and falls to virtually zero at the C-suite.

There’s evidence that women as workers in the insurance industry go back a long way, as far back as 1797. Their tremendous impact on the industry as consumers likely pivoted in 1839 with individual American states passing the Married Women’s Property Act, allowing life insurance proceeds to be passed to a widow without being subject to the demands of the husband’s debtors. By 1942, women accounted for 30% of total life insurance sales, and just two years later, women were buying 83% more life insurance than they did in 1942.

Today, keeping risk management solutions easily accessible and tailored to the market’s needs is arguably the biggest core challenge facing insurers. Research indicates that female CEOs among U.S. property-casualty insurance companies are associated with “lower insurer insolvency propensity, higher z-score, and lower standard deviation of return on assets.”  Additionally, data suggested that as consumers, women tend to spend comparatively more of their income on insurance and have different consumer behavioral preferences that may compel a rethinking of insurance value chains.

Thus, insurers may discover that fostering an inclusive culture that welcomes more women into leadership can be a faster path to successful outcomes. Join us at the upcoming JIF 2025 event and follow our blog for more insights on the future of insurance.

Careers and Employment, Insurance Industry, Insurance News

Triple-I Chart of the Week, Representation of Black professionals in Insurance: Growing, But Slowly

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On February 10, Triple-I released its latest Chart of the Week (COTW), “Representation of Black professionals in Insurance: Growing, But Slowly.” Citing data from the Bureau of Labor Statistics, the chart reveals that in 2024, Black professionals comprised 14.7 percent of the insurance industry, just a 0.1 percent increase from 2023 but still considerably up from 9.9 percent a decade ago. Triple-I’s snapshot shows some occupation categories: underwriters comprised 14.6 percent, agents 13.5 percent, and claims and policy processing clerks 21.9 percent.

The most recent BLS data also shows Black representation among claims adjusters, appraisers, examiners, and investigators is at 20.9 percent. Last year’s version of the chart revealed (using data from 2020) that Black professionals accounted for only 1.8 percent of senior executives at the top ten US insurers. (In 2024, Black CEO representation across the Fortune 500 was only 1.6 percent, an all-time high.) Overall, insurers have welcomed Black professionals at proportions commensurate with their proportion of the overall US workforce but have not managed to make headway in the C-suite.

According to BLS data cited in an AM Best report, total employment in the industry had surpassed 3 million by August 2023. However, employers could face massive attrition as thousands of workers (along with their leadership skills and knowledge) retire from the workforce in the coming years.

Attracting and retaining top talent remains a key business strategy for organizations that want to keep delivering world-class results and growth. As the insurance industry collects revenues from virtually every household in America, a workforce that reflects this enormous marketplace can tap into a diversity of thought and experience to help address the industry’s challenges, including making products affordable and available to cover a broad range of risks.

A Boston Consulting Group study revealed that companies with above-average diversity in their leadership teams reported innovation revenue at rates 19 percentage points higher than those with below-average diversity in management. Again, the ability of the industry’s aging workforce to connect with younger generations will be pivotal. US millennials and Gen Zers command nearly $3 trillion in spending power each year.

Progress towards diverse talent recruitment and retention goals can hinge upon cultivating a workplace where all employees feel welcome, supported, fulfilled, and empowered to keep growing professionally. Nonetheless, a lack of diversity at the C-suite level can undermine efforts to incorporate driven and career-focused candidates, especially among millennials and GenZ professionals. Rising generations are wary of glass ceilings and may want proof that inclusion and equity come from the top.

Data indicates that companies tend to employ Black professionals more often in jobs that don’t typically lead to higher roles instead of taking deliberate and strategic efforts to increase Black representation in areas close to centers of profit and strategic decision-making. These employees are taken out of the line of sight for getting tapped and groomed for opportunities that can lead to the C-suite. Insurers keen on Black talent development can open opportunities for Black employees to learn about what’s above that mid-level management ceiling and make connections. Organizations such as Black Insurance Industry Collective (BIIC) offer this and other types of strategic assistance to the industry for advancing, retaining, and empowering Black talent at the executive level.

“The momentum is clear—BIIC is not just shaping the conversation but actively driving meaningful change within the insurance industry,” says Amy-Cole Smith, Executive Director for BIIC and Director of Diversity at The Institutes.

Since its inception three years ago, BIIC has endeavored to support Black leaders within the risk management and insurance industry in full partnership with some of the largest insurance organizations. To date, 22 organizations have joined forces with BIIC to advance this mission.

Cole-Smith says, “By fostering mentorship, leadership development, and strategic networking opportunities, BIIC is creating tangible pathways for Black professionals to ascend into executive roles, influence key industry decisions, and pave the way for future generations.”

In addition to engaging over 4,000 professionals through its bespoke content designed to raise awareness and foster discussion of key topics relevant to this mission, BIIC has also supported over 135 emerging, mid-level, and senior Black professional leaders through its Executive Leadership Program, a collaboration with Darden Executive Education and Lifelong Learning. 

“Through its commitment to equity, inclusion, and professional excellence, BIIC is not only elevating individual careers but also transforming the industry’s leadership landscape, ensuring that diverse perspectives and voices shape its future,” according to Cole-Smith.

Careers and Employment, ESG, Insurance Industry, Webinars

The Institutes Releases New Webinar, Intersectionality in Research: Navigating Diversity

Industry stakeholders looking to keep pace with market challenges may find diversity in research the key to long-term success and resilience. A multitude of different perspectives, ideas, and solutions can enhance innovation and strategic outcomes. Join The Institutes for a webinar panel discussion of strategies for creating inclusive research spaces, addressing biases, and fostering a diverse and equitable research community, specifically in insurance.

 The panel includes:

  • Julia Brinson, Vice President, Insurance Research, Conning
  • Dale Porfilio, Chief Insurance Officer for the Insurance Information Institute (Triple-I) and President of the Insurance Research Council (IRC).
  • Roosevelt Mosley, Jr. Principal & Consulting Actuary, Pinnacle Actuarial Resources, Inc.

Amy Cole-Smith, currently the Director for Diversity at The Institutes, moderated the discussion for this on-demand event.

Intersectionality hinges on two core fundamentals: all oppression is linked, and people can be impacted by multiple sources of interlocking oppression that converge to create a new and multi-layered struggle.

For example, intersectionality recognizes that a Black woman experiences racial and gender discrimination in ways that might be entirely different from the ways Black men face racism or White women face sexism. These differences stem from the principle that for Black women, the identities of “woman” and “Black” do not exist independently.

Intersectional research explores how gender, race, ethnicity, and other identity markers impact the data and analysis to drive valuable insights. But success requires discovering effective ways to generate those insights for the benefit of all in the customer base, not just some. Without the inclusion of intersectionality in research, disparities may continue, and market needs–along with accompanying opportunities–can go unmet.

According to Julia Brinson, applying intersectional research begins with better recruiting diverse talent. Building on her response, Roosevelt Mosley, Jr added, “Once that talent gets into our industry, we need to focus on developing and growing that talent into all areas of an organization.” 

In a demonstration of how inclusion can play out around the research table, the panelists shared how their experiences influence how they approach research. Brinson, who holds a Master of Law in Insurance Law (among many other credentials), spoke about how she views insurance research problems with an eye for diversity using a “legal lens to understand the claims aspect” and how premiums may be affected.

The panelists also recommended how other researchers can effectively incorporate intersectionality into their work.

Dale Porfilio commented on how “diversity in thought and experience” can help address the industry’s challenges in this area, including “making sure products are affordable…and available to cover a broad range of risk…and integrating that with the social construct of fairness.”

However, Moseley warned that a one-size-fits-all approach to any particular category, such as race, gender, etc., won’t be sufficient to meet the requirements of intersectionality in research.

“There is a collective experience of groups, but within that collective experience, there is also significant diversity,” he said.

The common sentiment revolved around the need for “courageous conversations” and there was plenty of advice on how institutions foster an environment that promotes communication and collaboration among researchers of diverse backgrounds.

The entire webinar is available now on demand. Register here: Intersectionality in Research: Navigating Diversity (on24.com)

Careers and Employment

How Karen Griswold Found Her Path in Chubb Marine Insurance

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By Loretta Worters, Vice President, Media Relations, Triple-I

When Karen Griswold graduated with a B.S. in marketing from Penn State University, her first foray into the business world was to become an executive retail buyer in a large department store.  It didn’t take long before she realized it wasn’t a path for her.

She took an informational interview with someone she knew at the Marine Office of America Corp. who suggested she consider participating in their marine insurance training program. 

“I didn’t have a maritime background, my family didn’t even own a boat, what did I know about marine insurance?” Griswold said.  

“I started as an underwriting trainee assigned to the marine unit,” she explained.  “I did 18 months rotating in inland marine, cargo, hull and marine liability and then generalized insurance training through their professional training program and was assigned to a cargo unit in New York as an ocean cargo underwriter.”

It was a fascinating journey, according to Griswold. 

“As part of the training I learned about mechanical supplies, pharmaceuticals, machinery, and livestock.  There was no box you could put yourself in, it was changing all the time.”

Cargo itself was different, Griswold found she had to have a geopolitical sense. 

“One day China, another day Brazil, and I had to look at how cargo was shipped weighing variables, such as the value of freight, the price of the boat, whether it will operate inland or on the ocean, and the laws and regulations of countries where the vessel might travel,” she said. “It was fascinating.”

Her career spanned everything from cargo to hull and liability to tugboat and marine facilities.  She learned about different classes of marine business, too. 

Thirty years later, Griswold is an executive vice president in Chubb’s Ocean Marine Division, and she still finds she learns something new every day. 

“It’s a vast insurance world, that’s what I find so exciting and interesting, whether it’s the political impacts of shipping, to global trade laws, different issues in distinct ports, it’s constantly changing and evolving,” she said.

In her current role, Griswold overseas it all: ocean marine, hull, cargo, liabilities, and marinas business.  Depending on the day, one might be more interesting than the other. 

“That’s one of the things that challenges me the most in my position.  “I pick up the paper and find out what’s happening in the world, the political complexities, and how that impacts the way we transact business.”

Education is very important to Griswold, which is why she has been involved with the American Institute of Marine Underwriters (AIMU) since the beginning of her career.  She started attending their educational programs as a trainee.  Over the years, she has sat on the hull and finance committees and currently serves as AIMU’s Director of Finances.

“AIMU’s President John Miklus has been a great champion of women, and for the industry in general,” she said.

Griswold also is involved with the International Union of Marine Insurance (IUMI) and sits on their policy forum committee that monitors all the global marine issues impacting the industry. 

“I believe it is a great privilege to be a woman in the maritime industry; there are not a lot of us,” she explained.  “There’s a natural camaraderie between us.  For a while, I was the only woman at various events, different organizations, and committees.  That has changed throughout my career.  It’s an incredible field for people.  The gender diversity has increased over the last couple of years and has been encouraging to see.”

Griswold, who celebrated her twenty-fifth anniversary with Chubb, attributes her success to the mentors and sponsors throughout her career – both men and women. 

“We need to raise women, not only in the marine industry but in business overall,” she said. “Just being a female in a heavily male-dominated group is a challenge.  I’ve been lucky; I’ve been treated fairly, and my experience has largely been positive.  Though it has been challenging as a mother, raising children in a male-driven industry, finding that balance.  But I’ve had a tremendous amount of support.”

Griswold, who spends a fair amount of time sponsoring women inside and outside the industry, noted that more diversity is needed.

“Being a champion is important, to showcase some of that talent,” she said.  “When women see others like them, it’s more empowering to have that bond, that ability to see people like themselves and develop and grow and consider safe spaces.  It’s important to showcase those women and their talent.”

While Griswold didn’t have the benefit of sponsorship among senior women, she did have great male sponsors along the way. 

“Those men helped me find my voice and my path forward,” she said.  “We must help other women to find their voices.  We must help each other, empower ourselves, and not create a competitive environment.”

Griswold pointed to the value of Chubb’s business roundtables, which are employee resource groups that offer mentoring and networking.

“We need to find compatibility, friendship, mentoring groups,” she said. “Women need to forge their career paths and find their niche in this field.  There is strength in numbers.”

Careers and Employment, Insurance Industry

Women are fueling industry prosperity but left out of the C-Suite

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The insurance industry is on track for continued growth, with women playing a huge part, but gender equity at the top remains a long way off.  Bureau of Labor Statistics (BLS) data shows the talent pipeline isn’t an issue, as women account for 59.4 percent of the insurance workforce. They comprise 80.1 percent of workers serving as claims and policy processing clerks, 54.9 percent in sales roles, and 56.9 percent of underwriters. Yet, only about 22 percent (less than 1 in 4) of workers in the C-Suite are women.

Despite the setbacks of the early pandemic years, in which women shouldered the brunt of related workforce losses, women have made up roughly 60 percent of the insurance workforce each year since 2012, exceeding their share of total employment in the U.S. (46.9 percent).

Private sector research adds more details to this stark picture. A Marsh study conducted in 2022 revealed that “25 out of 27 (92.5 percent) of the largest insurance companies were led by men.” Similarly, a McKinsey study showed, “white women make up 45 percent of entry-level roles yet…fewer than one in five direct reports to the CEO are women.” Gender disparities also appear to increase across race and ethnicity.

A recent study from Liberty Mutual and Safeco Insurance shows that the number of women owners or principals in insurance agencies decreased from 31 percent to 26 percent between 2022 and 2023. In contrast, women comprise 75 percent of customer-facing staff in those organizations.

S&P Global Research analysis findings suggest “women could reach parity in senior leadership positions between 2030 and 2037, among companies in the Russell 3000.” Whether that might play out sooner or later for insurance isn’t clear. The August 2023 report also reveals that the “majority of progress towards gender parity is coming from women taking seats on company boards.” Still, C-suite leadership across all industries may not show full gender parity until the 2050s, and “the highest levels in CEO and CFO positions could take even longer.”

Gender parity can offer solutions for a healthy financial future

Meanwhile, the industry expects to face massive attrition as thousands of workers (along with their leadership skills and knowledge) eventually exit the workforce in the coming years. Automation and artificial intelligence/machine learning (AI/ML) may eliminate the need for some roles. Still, insurers will undoubtedly need to maintain an ecosystem of efficiency and innovation to remain profitable. Increased implementation of data-driven processes and decision-making brings new ethical implications and regulatory responsibilities.

Organizational diversity is commonly defined as people from a variety of backgrounds and perspectives working together to solve business problems. Strategic long-term success requires identifying, developing, and promoting diverse talent at all levels. However, a lack of diversity at the C-suite level can undermine the most valiant recruitment efforts in other parts of the organization. Today’s driven and career-focused candidates are wary of glass ceilings and may want evidence that inclusion and equity come from the top.

Research has indicated women in leadership can positively impact the organizations they run. After a series of four studies over several years, findings from McKinsey indicate that “leadership diversity is also convincingly associated with holistic growth ambitions, greater social impact, and more satisfied workforces.” Further, the most recent study also notes the “business case for gender diversity on executive teams has more than doubled over the past decade.” Other research indicates that, among U.S. property-casualty insurance companies, female CEOs are associated with “lower insurer insolvency propensity, higher z-score, and lower standard deviation of return on assets.”

In the era of the nation’s first female vice-president, ultimately, corporate boards might find that reflecting the market demographics the savviest and most compelling of all reasons to diversify senior leadership. Together, U.S. millennials and the oldest Gen Zers (already taking on adult responsibilities) command nearly $3 trillion in spending power each year. Both generations have duly prepared themselves to advance in the workforce, becoming more educated than previous generations. And they will no doubt grab an opportunity where they can find it.

Careers and Employment, Insurance Industry

Advancing diversity requires insurers and prospects to adopt a proactive mindset

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Tiara Wallace recently accepted her role as the Director of Risk for Invesco US and can’t seem to hide her contagious excitement for her profession. After announcing in a recent interview with Triple-I that she is a new “dog mom,” she proudly revealed that she is a parent to a 20-year-old “who is in college and recently switched his major to risk management.”

She had explained to her son how some activities in his current (but unrelated) campus job, such as “reviewing contracts and determining if the appeal process is working,” could be a good foundation for a future role in the field.

Wallace’s advocacy for careers in risk management doesn’t stop with her family. Having spent some time as an adjunct professor at the University of Oklahoma, she delights in frequently sharing with young people the benefits and opportunities they might find in her profession. She tells them that “insurance and risk management is such a great and lucrative career,” welcoming people from various backgrounds.

“Some folks have college, some people just have experience in the industry. But you’re able to make it into whatever you need for your life. And there’s so many routes you can go down.”

She launched her journey by working in claims adjustment for ten years. Then she decided it was time for a change. “Do I pivot now and make the change into something else?” she asked herself. 

A friend remarked on her talent for educating people and understanding what drives claims. “Have you ever thought about safety or risk management?” her friend asked.

Wallace says a risk management major wasn’t available to her as an undergraduate. “So I did what any typical millennial does and I got on the Internet and started to look up jobs.”

She was surprised to discover she was already familiar with the foundations. She thought, “This is what we all do day-to-day, right – managing our decisions and determining where our risk appetite is?

She gives ample credit to her mentor, who has since become a family friend, for giving her a transformational opportunity. “He was the VP of Risk for a privately held bank in Oklahoma,” she says. He hired her as the risk manager for a family group of 20 ultra-high-net-worth individuals.

The job suited her well. “It was never mundane…and that really spoke to me and really started the journey into risk management for me.”

Years later, Wallace eventually relocated to Dallas and is now in her role working with commercial real estate and private equity at Invesco. The knowledge and skills she acquired working with the private firm are helping her excel in a publicly traded company, where she continues to grow.

“I’m learning a ton, and there’s a lot coming at me, but I enjoy the challenge.”

When asked what changes she’s witnessed in her field over the years regarding diversity, Wallace is candid, pragmatic, and hopeful.

“Going from a call center and claims where you see all types of people to these areas where it’s on the commercial side, and I’m going to different conferences. Sometimes, you can see the same type of person that fills the role.”

Wallace describes her firsthand account of an issue that is widely documented by various organizations – from the Bureau of Labor Statistics (BLS) to key players in the risk management field, such as  Marsh.

For example, BLS data on Black and African American representation in the insurance industry shows that representation is increasing, with 14.6% employees in the field, up from 9.9% in 2014. Black professionals held 19.2% of insurance claims and processing clerk roles. However, as of 2020, only 1.8% (just three out of 168) of executive employees in the industry are Black, according to data sourced by Reuters

 “In the last three or four years, I think what I’ve began to see, just from the different generations entering in, is there is a more of a push for that diversity,” Wallace says. She notes that the diversity sought is not only in race, ethnicity, gender, and other identities but also in neurodiversity and professional backgrounds.

“I think that we still have a long way to go. But we’re starting to see more where the realization is, hey, we need a diverse candidate pool because here in the next what, 5 to 10 years, we’re gonna have an exodus in this market.”

Wallace admits that, as a long-standing industry, insurance can take some time to catch up while technology, demographics, and other structural factors are rapidly changing the game for the entire economy.

“We have not traditionally, and we’re still currently, not always quick to jump on thinking proactively or moving forward.” Nonetheless, Wallace says she is taking an active role in creating the future she wants to see.

“And so I think the thing that I started to realize is… I’m gonna be part of this change. So let me get involved in organizations.” Her educational experience likely played a role in this outlook.

She recalls how her college business fraternity leader asked her to “Go find three people that look like you. And three people that do not look or come from where you come from and recruit them.”

Wallace took up the challenge, of course. “That was one of the most phenomenal years because I got to learn so much. So I brought that mindset into this industry,” she says.

When Wallace was studying for her master’s degree years ago, a professor encouraged the class to be “agents of social change, like go in and be a disruptor.”

Now, when she advises people on connecting with diverse prospects, she asks whether they are searching beyond their personal networks and traditional spaces. “Are you going to HBCUs (Historically Black Colleges and Universities)? Are you going to different candidate pools? Are you going to rural cities and towns where maybe people have not historically gone into? Are you also talking to veterans?”

Wallace also recognizes that the work environment will be as critical to diversity success as recruiting tactics. For example, she asks, “Are our spaces friendly and inviting to those that maybe have disabilities?”

She encourages aspiring professionals to think beyond the cliche of an insurance job to see where they may fit.  “Are you good at marketing? Because these insurance companies need marketing departments. Are you handy on the Internet? Oh, well, great. There’s a place in cyber or also IT (Information Technology) infrastructure.” The goal, she says, is “just having these conversations to get different people into this space…in the industry.”

“Some of you are gonna be strategic, too, you know, to implant yourselves in areas that traditionally have not allowed you to enter.”

Wallace says she would tell her younger self that being bolder and assertive in asking for what she needs will be crucial.

“As a woman, you better be able to sell yourself and brag on yourself and not and not take a step back and just assume that’s what everyone is doing. Make the ask because you can get paid for what it is. But you have to be bold enough — whether that’s a sale, whether that’s a salary, whether that’s you need staffing in your department, or you need help. Make the ask because you are the one that is in there working it day to day.”

Careers and Employment

Exploring the DEI Toolbox: Employee Engagement

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Safiya Reid took a professional journey that demonstrates career diversity. Her first job out of college was with Pfizer as a pharmaceutical sales representative. Later, she worked on the Rickey Smiley Morning Show as a production intern and at a chain dine-in restaurant while in graduate school. Eventually, after landing in insurance, “I kind of just never left,” she said.  

Reid sat down with Triple-I to discuss how her Assistant Vice President of Employee Engagement role at Pure insurance fits into the larger picture of Diversity, Equity, and Inclusion (DEI) and how this work can enable a more robust organization and industry. 

When asked why DEI should be an essential strategic objective for the insurance industry, she addresses the myth that DEI benefits a small portion of employees. 

“When you think about women, when you think about people of color, that is the majority of the organization.” 

“I look at employee engagement as kind of the health and wellness of the employee population.”   

Reid uses data and various tools, such as engagement polls, proactive strategies, and best practices, to understand how the people in her organization experience their work and the challenges they face. As she sees it, her mission is to ensure that “everyone can have the resources that they need to be successful in the organization and outside of it.” 

Ultimately, Reid aims to monitor “the pulse”, how employees (including the aforementioned majority) experience their work.  

Understanding this pulse and how strategic DEI success can shape it is mission-critical. “If not, it’s just a matter of time before it starts to affect the business–if it isn’t already,” she said. 

In the face of a growing trend of political pushback that has even led to disinvestment at some high-profile organizations and agencies, she and her colleagues remain undaunted in their DEI mission. “I think it’s important that we not go back to square one and start relitigating why DEI matters.” 

She believes it’s vital to have measurements in place to track progress. “We know the commitment that we made. We’re going to keep marching forward to the next milestone until you know it’s time to set a new milestone.” 

Reid spoke in detail about how she thinks the intense stream of events over the past five years – the COVID pandemic, protest movement for George Floyd , #Metoo, the rise of remote work, etc. – may have impacted diverse representation in the industry and across the workforce. Many people grappled with unprecedented personal challenges, such as caregiving for young children or adult family members while working remotely and simultaneously coping with mass grief as communities lost scores of loved ones. Boundaries that people relied on to preserve their emotional well-being were breached and erased in some ways. 

“We were so used to leaving everything outside, whether at the bus stop, when the train starts, or the car,” she explained. “You know, we were all at a point where the,  ‘messiness’ of our lives, we could no longer leave that at the door. 

In her observation, attempts to cope ignited more discussion and a drive to understand “the pieces of ourselves that we would leave outside.” She says, “There’s a term for this behavior called covering.” 

Specifically, people may “cover” by hiding or downplaying aspects of their identity in the workplace. These aspects are typically those associated with an impact on their chances of career survival or advancement. For example, a single mother may avoid sharing stories or photos of her children because she fears being passed over for opportunities if colleagues fear she won’t be able to balance parenting with increased professional obligations.  

Reid says her team learned about this concept from the Neuroscience Leadership Institute in 2020. However, the term was coined in 1963 by sociologist Erving Goffman. 

For employees to feel at home and be their authentic selves, there needs to be an environment that fosters inclusion. Which compels the question, What might be necessary for ensuring that employees feel welcome and supported? 

Possibly, the answer lies in forging open and honest communication. “We’ve built a place where when something is wrong, there are channels in a place where you can talk to somebody about that and get that resolved in a timely fashion,” said Reid.  

More data about the DEI landscape in an organization or industry-wide can increase the capacity to make progress. Reid agrees that data is valuable, but she said what we do with it can be more important than having it. 

“I would want to first know how we are planning on using that. There may be additional data points that we need to tell a larger story,” she said. Specifically, the outcome needs to involve “figuring out who the audience is of this data and what change or what action we want them to do because of it. And then making sure all of that is connected and aligned.” 

The challenges to move the needle on DEI can be complex, involving a multi-pronged approach and long-term investment. The ultimate goal is not only increased representation but retention. As such, there are low-hanging fruit opportunities that insurance organizations can consider to make employees feel more included in a team that values them.  

“I would say first and foremost, make sure you take care of the ones you got first,” Reid said. “If you are cultivating a toxic environment, bringing in more people, particularly folks that have less advantages and throwing them into it… that’s not helpful. Everybody’s not going to be happy.” 

Reid offers a solution for organizations that need help approaching the issue. They can use “engagement surveys to find out what the pulse is.” She recommends promoting a way for employees to voice their concerns in a manner that can be heard equitably. 

And what advice would she give her younger self when starting in the industry? “Get here a lot sooner!” 

Careers and Employment

There’s Never a Dull Moment Working in the Insurance Industry

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By Loretta Worters, Vice President, Media Relations, Triple-I

The insurance industry employs about 2.9 million people in the United States — more, if you include people in insurance functions who work at non-insurance companies.  But the industry is confronted by major changes as the U.S. population enters a new demographic stage — “Peak 65” — that it will have to navigate.

About 4.1 million Americans will reach 65 years old this year, according to an analysis by Jason Fichtner, executive director of the Retirement Income Institute and chief economist at the Bipartisan Policy Center. That is about 11,200 a day, compared with the 10,000 daily average from the previous decade, he says. 

This creates a unique opportunity for people at the start of their careers and mid-career employees looking for a change as many of these aging Baby Boomers retire. Insurance Careers Month is a reminder of the number of organizations recruiting and retaining insurance industry professionals.

Insurance careers span a wide range of skills and talents—from actuaries and analysts to data scientists and marketers to drone pilots and engineers.  Without insurers and the thousands of professions supporting it, businesses wouldn’t be able to build factories and offices. Concerts, sporting events, the film industry, even universities, libraries, and parks—all are made possible, in part, by the careful management of risk.

“As the backbone to economic growth and prosperity, a career in insurance provides a wealth of career opportunities,” said Triple-I CEO Sean Kevelighan. “ Whether just starting out in the workforce or thinking about a career change, talented individuals should explore the world of insurance and risk management. Insurance Careers Month is a great reminder that this industry is filled with potential.”

To raise awareness about insurance as a potential career path, the Triple-I continues to partner with the HBCU I.M.P.A.C.T Initiative, Inc.® (IMPACT), a campaign aimed at recruiting students at historically Black colleges and universities (HBCUs) to the insurance industry. The Black Insurance Industry Collective (BIIC), a non-profit affiliated with The Institutes, is focused on accelerating the advancement of Black insurance professionals.

The Institutes also offers student programming at a variety of their events and partners with colleges and universities through a collegiate studies program that enables students to earn credits towards the CPCU designation, among other initiatives.

“The risk management and insurance landscape is evolving rapidly, with advancements in generative AI, offering students entering the workforce the chance to be at the forefront of exciting and innovative solutions,” said Peter L. Miller, CPCU, President and CEO of The Institutes.  “With new approaches and skillsets needed—in a field that prioritizes continuous learning—there are countless opportunities for career growth and development.  A career in the RMI field opens the door to a diverse network of professionals who are problem solvers, strategic thinkers, and invaluable contributors to the global economy.”

The Insurance Industry Charitable Foundation’s (IICF’s) Mentoring Alliance is another initiative that partners with companies across the insurance industry to share a wider range of experiences.

“Our IICF Mentoring Alliance pairs emerging leaders from underrepresented communities with diverse role models and allies within the Insurance Industry,” said Barbara Reilly, senior vice president, Amwins, and a member of the IICF’s IDEA (Inclusion, Diversity, Equity, and Accessibility) Council.  “We are in our second year, and we doubled our mentee/mentor participation,” she said. Mentees appreciate having a mentor from outside their own company but within our Industry, as it provides a safe space to share perspectives and receive valuable guidance.”

“Connecting our high potential nontraditional employees with relatable mentors as they move into their first managerial roles is critical,” added Elizabeth (Betsy) Myatt, vice president and chief program officer, IICF.  “It’s not enough to attract new talent.  We need to keep talent in the industry and ensure success,” she said.

As part of Insurance Careers Month, the sixth annual Emerging Leaders Conference was held between Feb. 4-6, 2024, in San Antonio, Texas.  Hosted by the American Property Casualty Insurance Association (APCIA), AM Best, and the Insurance Careers Movement, it gives younger industry professionals access to executive thought leadership, provides networking opportunities across job functions, and offers an agenda that focuses on professional and personal development. 

The Insurance Council of Texas Education Foundation also is promoting Insurance Careers Month through social media and member communications. Their focus is to raise awareness of career opportunities within the property and casualty industry.

“Through various strategic initiatives, the foundation encourages college students to explore careers in P&C by offering scholarships and financial support at partner universities,” said Richard Johnson, Director of Communications and Public Affairs, Insurance Council of Texas.  “By fostering education and financial assistance, we strive to cultivate a diverse and skilled workforce in the insurance and develop the future leaders of the industry,” he said.

“The insurance industry is facing the most competitive labor market in decades, making retaining and developing talent a top priority,” said Marguerite Tortorello, managing director of Insurance Careers Movement, an industrywide initiative designed to raise awareness of the diverse career options that risk management and insurance offer. “Together, we can help reach broader pools of job seekers around the globe and share strong career opportunities in insurance.”

Learn More:

HBCU Impact: Bridging the Insurance Talent Gap

Church Mutual President: Getting, Keeping Talent is Number One Challenge”

Captain of Her Own Ship: Anne Marie Elder

Insurance Careers: Opportunities in Risk

This Just In: Insurance Isn’t Boring