Tag Archives: #womenshistorymonth

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.”

Insurance Industry, Life Insurance

Women have come a long way to take hold of their finances. How can the insurance industry further their progress?

By Tasha Williams, Senior Research Writer and Max Dorfman, Research Writer

Women contribute more earnings to their households and feel more confident about personal finance than prior generations. However, they still face hurdles to taking charge of planning for their financial future and legacy.  

Findings from a new report, Lack of Knowledge and Confidence Deter Women from Purchasing Life Insurance, produced by insurance nonprofits LIMRA and Life Happens, indicate a substantial disparity in life insurance purchasing between women and men and perceptions surrounding these products. 

Society historically shut women out of their financial affairs. 

Women did not have the right to open a bank account in their name before the 1960s. Before the Equal Opportunity Credit Act of 1974, banks refused women credit simply for being unmarried. In cases where women were married, banks required the co-signature of the husband. Until the SCOTUS Kirchberg vs. Feenstra decision in 1981, state laws gave men unfettered control over their wives’ assets–even if these were obtained without combined marital resources. 

Women remain underserved by the life insurance industry. 

Over the past five years, the life insurance ownership rate for U.S. women declined 10 points to 47 percent, despite women voicing a greater concern regarding the “financial, physical and mental impact of COVID-19 on them and their families,” according to the report. Indeed, 31 percent of women said they would obtain life insurance coverage in 2021, with 42 percent of men saying they would do the same.  

Some women in the survey said they had anxiety about being dealt with differently by insurance companies and financial professionals and were uneasy about sharing personal information with an agent or company.  

Women still face hurdles to financial planning on equal terms. 

The LIMRA study posits that only 22 percent of women “feel very knowledgeable about life insurance,” compared to 39 percent of men, with 80 percent of women misjudging the cost of life insurance. Researchers found this “undermines women’s confidence in shopping for and purchasing coverage and leads to fear of being taken advantage of, creating a barrier to entry.” 

Data can play a crucial role in understanding how people make decisions, but it needs context. Other research, for example, indicates that societal norms and biases can affect women’s confidence and their propensity to engage in subjects from which they have been historically excluded. Vestiges of the past continue to sustain inequalities: 

When combined with the status of being an equal or primary earner for their household, these hurdles can be amplified as women may consequently have less time to devote to increasing their knowledge and use of financial planning tools, such as insurance. 

Barriers are falling, but there’s opportunity in doing more. 

Throughout history, women have played a significant role in the economy at large and within their families, regardless of whether their contributions were compensated or recognized. Today, lifestyle choices, a divorce, or the death of a partner may position nine out ten women as the sole financial decision-maker in their households. The 2021 Insurance Barometer Study, also conducted by Life Happens and LIMRA, found that 43 percent of women say they need or will need more coverage – a total of 56 million individuals.  

Market opportunity lies in engaging women where they are. Increasing consumer education and accommodating gender-diverse life cycle needs and the associated risks can make this happen. Women represent nearly 60 percent of insurance professionals, but only one in 10 hold leadership positions, roles that drive industry transformation. Pushing ahead with diversity and inclusion goals can lay the groundwork for more innovation and equality.  

Careers and Employment, Disaster Resilience, Insurance Industry, Risk Management

Insurance Careers Corner: Q&A with Susan Holliday, Senior Advisor, International Finance Corporation and Triple-I Non-Resident Scholar

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By Marielle Rodriguez, Social Media and Brand Design Coordinator, Triple-I

Triple-I’s “Insurance Careers Corner” series was created to highlight trailblazers in insurance and to spread awareness of the career opportunities within the industry.

Susan Holliday

March is Women’s History Month, and this month we interviewed Susan Holliday, a Senior Advisor at the International Finance Corporation (IFC) and the World Bank where she focuses on insurtech and insurance for SMEs and women. She is also a non-resident scholar at the Triple-I. Holliday sat down with us to discuss developing trends in insurtech, how technology and innovation can help close the protection gap, and the importance of collaboration in tackling climate risk.

Tell us about your current role at the International Finance Corporation (IFC). How did you fall into a career as an advisor and an investor in insurance?

IFC is the private sector arm of the World Bank. We focus on making investments and advisory work in emerging markets in sectors ranging from infrastructure to banking and insurance and healthcare. I’ve had a 33-year career in the financial services industry, particularly focusing on insurance and more recently fintech. I joined IFC to work on insurance and fintech. I’m currently working within different departments at IFC and at the World Bank and building a board portfolio. I’m also a non-resident scholar for the Triple-I. 

A lot of your work is focused on insurance for women and SMEs. What do you hope to achieve in investing in insurance for women?

Before I joined the IFC in 2015, the company completed research in conjunction with Accenture and AXA about the insurance market for  women. The study found that the insurance market for women could be USD 1.3 trillion globally by 2030 and half of that would be in emerging markets. The research also indicated that women have a better understanding of risk, are very open to insurance, and can be loyal customers and excellent employees in the industry.

After the She for Shield report was published, IFC started advising insurance companies in emerging markets on how to successfully serve women. IFC already had a program called ‘Banking on Women,’ which provided financing for banks to lend to women and women-led SMEs. Whenever we make investments in emerging markets, we are interested in taking an angle that better supports women. 

Can you elaborate on the protection gap between women and men and between people with different financial backgrounds?

If you think about it, the insurance industry has a great history and is hundreds of years old. A lot of products were developed a long time ago when society and family structures were very different from what they’re like now. For example, today there are lots of single women and single parents, and most women work, which was not the case when the products were developed. We also have gig economy workers. The default option has always been to continue to offer products that have been offered for 50-100 years, but they do not necessarily meet the needs of today’s customers, whether they are women or men. 

This is the reason why I like technology and innovation. To close the protection gap, we need to protect the things that people care about and that need to be protected. There has been a mismatch between traditional products and the actual risks people are facing. 

There’s been a report by the Chartered Insurance Institute called “Insuring Women’s Futures” which looked at different times over a lifetime of one person, and it shows where a woman can be treated differently than a man. For example, having time off for maternity leave, having less pension, and living longer. It pointed out all these things that could accumulate and leave a woman being in a much worse position [than men]. Families are no longer a guy who’s working, a stay-at-home woman, and kids. Insurance needs to catch up to reality, and this not only applies to women but all underserved communities. This will not only be a challenge for the industry but also an opportunity to grow. 

As an advisor to insurtech start-ups, what impact do you see these companies making? Are there any recent trends or developments in insurtech and fintech that excite you?

I think insurtech, digital, and innovation are critical. There is no insurance without insurtech. We’re never going to close the protection gap unless we use and utilize new technologies to do it. 

One of the trends is bite-size insurance on demand. For example, instead of buying an insurance policy for a year, you would be able to turn it on and off, which is relevant to gig economy workers, and is popular in developing countries. Some people would rather access [insurance] when they need it.

Another trend is using alternative data to close the protection gap and get insurance to more people. If we just rely on the old sources of data, a lot of people get excluded from the market or get priced out. It may have built-in biases, which were not intended, but may disadvantage women or certain racial groups. The combination of alternative data sources and artificial intelligence is exciting. 

You’re part of the leadership team for Triple-I’s Resilience Accelerator. Tell us about your work with the initiative and why you chose to join the team.

An area where the protection gap is big in the U.S. is in natural disasters and climate-related risks. We’ve seen so many things happen in recent years, such as Hurricane Harvey, and most recently, the very cold snowstorms in Texas and the wildfires on the U.S. West Coast. I think this is an extremely important area. It’s something that impacts everybody, regardless of gender, income level, or political identity. 

I particularly like Accelerator, because I think insurance has a bigger role to play in prevention and mitigation, not just about compensation, and I like the approach of bringing different stakeholders together.  

2020 was a historic year for natural catastrophe losses. What is the insurance industry doing to mitigate future losses and to prepare for a world impacted by climate change? What are the industry’s biggest challenges in creating resilience?

First and foremost, making insurance more available and more affordable. For example, there is parametric, index-based insurance, which can be provided at a micro-level and is used in some developing countries.

We need to get involved in longer-term thinking about how we can be more resilient against these risks in the first place. We must think about building towns, cities, and farmland in a way that they will be more resilient against weather losses. It has to do with planning, infrastructure, and it may have to do with changing certain industries.

I would like to see the insurance industry at the table in these discussions with regulators, local and state governments, and with private sectors so that all sides are working together. The industry needs to have a voice and be taken seriously. We need to think about how different parts of society can share the risk of climate-related losses.

Careers and Employment, Insurance Industry

Mentoring: Insurance for Success. Spotlight on Cathy Weatherford

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To commemorate Women’s History Month, Scott Holeman, Triple-I’s Media Relations Director, interviewed Cathy Weatherford, the first woman to serve as Insurance Commissioner of Oklahoma.

Like most insurance and financial service professionals, Cathy Weatherford didn’t pick her career. It picked her. Taking advice from her father who served as a state legislator in Oklahoma, Cathy applied for state government jobs where there were a variety of opportunities with health and retirement benefits. She landed at the Oklahoma Insurance Department.

For 16 years, she climbed the department’s ladder while honing her skills in public policy and insurance regulation. She also learned the art of politics while serving as a top aide on a gubernatorial campaign. Soon after, Weatherford landed the job of Oklahoma Insurance Commissioner, the first woman to serve in that role. “That was a ceiling-smashing moment for me,” said Weatherford. “I suddenly became acutely aware of the torch I was carrying for my daughters and for younger women in my state.”

Many of her direct reports at the department were young women. The terms “mentor” and “sponsor” were not common in state government or even the private sector, but Weatherford says she used her role to help younger women and men enhance their professional growth by sharing her unique perspectives, honest feedback and earnest advice.

“Mentoring is about sharing your experiences, suggestions and knowledge,” says Weatherford. “Hold back on trying to push your personal opinions because mentees need to make their own decisions in order to gain confidence and strength. Be a mentor—not a mother. Stay out of relationship and marital advice. Support them in difficult professional moments and celebrate their professional accomplishments.”

After leaving the Oklahoma Insurance Department, Weatherford worked in private industry before being named CEO of the National Association of Insurance Commissioners, where she led efforts to modernize insurance regulation. “We moved regulation into a highly efficient and productive process through technology and innovative software solutions,” said Weatherford. “We developed educational credentials for regulators to further professionalize regulatory careers, and we engaged in and play a major role in the international regulatory arena. Most importantly, we proved that state insurance regulation works and does not need federal intervention.”

Her next stop was to rebrand and rejuvenate the National Association for Variable Annuities/NAVA after the financial crisis. As president and CEO of Insured Retirement Solutions (IRI), she moved the association from Reston, VA to Washington, D.C., expanded the role of the association and made it more consumer-facing. She retired from that job in 2019 after 10 years.

In the last 13 years, Weatherford has mentored six young women. One of them is Molly Meek, a Kansas City, MO-based account executive for an insurance brokerage firm. Meek almost left the industry after her first job wasn’t providing the experience she’d hoped. Weatherford encouraged her to try again before switching career paths. “It’s so amazing having Cathy as a mentor,” says Meek. “Having someone I can call who can help explain large organizations and their politics, as well as helping me focus my efforts, is invaluable. That’s not something college prepares you for.”

Weatherford is the author of “Women and Wealth: Inspiring Stories from Real Women on the Path to Financial Success.”

Careers and Employment, Insurance Industry

Q&A with Emily Viner, Guardian Life Insurance

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By Kris Maccini, Social Media Director, Triple-I

Triple-I has created an “Insurance Careers Corner” series to highlight trailblazers in insurance and to spread awareness of the career opportunities within the industry.

This month we interviewed Emily Viner at Guardian Life Insurance, who provided us with insights about her career trajectory, how she’s working to build a more inclusive workplace, and her advocacy work helping more women reach management roles at agencies.

Name: Emily Viner

Current Role: VP of Agency Growth & Development

Years at Guardian Life Insurance: 22


Tell us about your current role at Guardian Life. What does a typical day look like for you in this role?

As VP of Agency Growth & Development, I make sure that we hire enough of the right people to serve our communities and that our leadership bench is growing. We’re committed to growing future leaders from within the company.

In a typical day, I act as a bridge between what our field needs–our general agents who own and operate their businesses as partners of the Guardian network–and the home office. A typical day depends on what’s going on in the community. In the last three weeks that’s changed dramatically in what we need to provide to our partners.

As VP of Agency Growth & Development, what is top of mind for you?

Top of mind for me is making sure that we have the capacity to hire enough of the right people, and we’re equipped to hire people from diverse backgrounds–creating workplaces that are inclusive where people feel that they want to be part of that environment.

One of my colleagues years ago called it the greenhouse. Is the greenhouse set to make sure that someone can grow and thrive, and if not, then you’ve got to fix that first.

You began your career as a financial advisor before moving on to the corporate side of the business. What advice would you give to women looking to make a shift in their careers?

I remember that first year was so hard. As an advisor, I was in complete control and in a different environment I didn’t always have that. I would tell all women to say ‘yes’ when you don’t know how. That’s a scary thing, but once you do it, you realize ‘I made it and I’m fine.’

It’s also trusting that you’re competent and that you’ll figure it out.

I read an article years ago that stated women spend a lot of time being competent but not confident. That’s why saying yes when you don’t know how is so important. If you’re taking on a project where you only know 20%–if you fall, you’ll learn, and you’ll move on–that’s how you build confidence.

How did you get that confidence to follow through knowing that you had that skillset?

I spoke at an industry meeting years ago, and during that time, two companies had asked me to join them. At the time my children were young [three and four], and the companies weren’t being flexible. One of the companies offered the idea of me consulting three days a week to help with recruiting and building field leaders, so I just jumped in to do what was best for my family and my children.

I did that for two years before joining Guardian Life. In looking back–the two years I spent consulting–the knowledge that I gained helped me accelerate in the role once I arrived at Guardian. It’s having faith in your ability and what works for the current situation and what you’re looking to build. The perspective of having patience is important. It’s knowing that maybe this is the time that you need to learn something more or different for that next role.

As we celebrate Women’s History Month, what are some ways that Guardian Life addresses topics such as equal pay, leadership opportunities, and inclusion efforts? 

We have an amazing executive leadership team that leads by example [CEO Deanna Mulligan and President, Andrew McMahon]. They live our values every day through their actions. We hold ourselves to very high standards, we seek to do the right thing and people count. That transcends to equal pay, equal opportunities, and all our inclusion efforts around hiring to ensure that there’s a diverse pool of candidates for open positions as well as opportunities for internal moves. I’ve seen inclusion programs really accelerate over the last ten years.

We’re living in an uncertain time. Your CEO Deanna Mulligan and President Andrew McMahon have made a public commitment to minimizing business interruptions during COVID-19 and maintain response during the crisis. How has this type of leadership impacted your role directly, and how is it impacting the company overall?

My team feels proud of the communication. There was a work-from-home strategy starting March 10th. The safety of our employees is a priority, as is client communication and services. We were built for this. We got through the 1918 Spanish flu pandemic. We got through the great recession. We payed our obligations and still paid the dividends. We’re in the same position to be able to do that today–not just for our employees but for all our clients and consumers across the country.

Our clients are in good hands. We updated our website and communications to clients to let them know they can update their policies and get answers to questions through all our digital platforms. We’ve also provided our field partners with information they can share with their clients on market volatility and what they can do to help calm their fears. With the stock market volatility, the cash value in life insurance is not going to change, [it’s not subject to the same volatility] so there is also reassurance with those decisions.

What are your goals for the future in terms of where you want to take your career?

I’m thinking about how I’m positioning the firm for the future and building up our bench– ultimately grooming my successor. I’d also like to continue to help young women in male dominated industries. I’ve been working towards this for the past 30 years, but there is so much more to do whether it’s in my company or philanthropic/volunteer. It’s important to me to continue this work.

Careers and Employment, Insurance Industry

Linda Goldstein: Making A Difference to Help Policyholders

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Loretta Worters, Triple-I’s Vice President of Media Relations, contributed this installment of our Women’s History Month series.

When Linda Goldstein joined CSAA Insurance Group in 2013, it was very different from the typical male-controlled companies. What drew her to the insurer was Paula Downey, the first female president and CEO in the organization’s then 100-year history. 

Goldstein, who is the executive vice president of customer experience and marketing for CSAA Insurance Group, noted that when she came on board she was impressed with the number of women in leadership positions.

Linda Goldstein

“It provided a slightly different perspective than a public company led by mostly men,” she said. 

Part of that different perspective was how women were compensated in the organization.  “I’m proud to say the gender pay gap is not an issue at our organization. I hope more companies do an extensive pay equity analysis, the same way we did here, so they can finally close the pay gap,” she said.

Progressive companies like CSAA Insurance Group engage in pay equity analysis to ensure equal pay between employees in similar roles. The objective is to determine that pay inequities are justified by compensable factors, like location and tenure, and not by unjustified factors, like gender or race and it has been a success at the firm.

Goldstein acknowledged that women have been underrepresented in certain areas of the insurance industry.  “There are different functions where you tend to see more men versus women, particularly in leadership roles,” she said, adding, “the insurance industry needs to do a better job of making sure woman are aware of the great opportunities across all of the functions. There is a plethora of jobs out there including innovation, actuary, underwriting, service, claims and marketing.  But the insurance industry needs to promote those opportunities and support women who seek them out,” she said.

As people retire, Goldstein hopes more women will be offered these roles. “Not just from a diversity perspective,” she said, “but from the ability to bring diversity of thought and focus to the business to drive profitable and sustainable growth.”

When asked what she liked best about the insurance industry, Goldstein smiled broadly, “It’s the fact that I know I’m doing something that helps people.  It helps them either be prepared and protect what’s most important to them or to be able to recover from a situation,” she said.  “Being in California and having seen the devastation of the wildfires over the past several years and understanding the stories of our policyholders who have lost everything,” she paused.  “It really does make a difference.”

Click here to read the other stories in our Women’s History Month series.

Careers and Employment, Insurance Industry

Barbara Bufkin, an Insurance Maverick

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By Loretta L. Worters, Vice President, Media Relations, Insurance Information Institute

When Barbara Bufkin started in the insurance industry nearly four decades ago, she didn’t think about women’s roles.  She started her career as a commercial underwriter, then a casualty facultative underwriter to a reinsurance intermediary.  In fact, in the first five years of her career she had four job changes – unheard of at that time. 

Today, many would say she has exceeded her goals.  She is Chair of the International Board of Governors of the Insurance Industry Charitable Foundation (IICF), directly engaged in the global and national Women in Insurance Conference series, and President of the Association of Professional Insurance Women (APIW). Concurrently, she advocates for the value of the insurance industry as a career of choice in her role as Co-President and Board of Trustee of Gamma Iota Sigma (GIS) and as a keynote speaker on The Power of Purpose in various insurance industry forums. In these initiatives, she has been driving the Big Tent of culture, inclusion, innovation, sponsorship, mentoring talent and the power of networks.

In addition to her Board responsibilities, Bufkin is on the advisory board of ODN, an early round InsurTech. She is Ambassador of The Insurance Supper Club, and member of the Dallas Host Committee for 2020 Women on Corporate Boards. In June 2019, she completed the EY Course: Board Readiness in a Transformative Age and has now taken on a new role as senior advisor to AmWINS Access.

But this success didn’t come easy. Bufkin recognized that there were corporate barriers which she had to learn to navigate.  But through that navigation she learned how to negotiate, a skill greatly needed in the business world.  She had the courage to build the career she envisioned for herself by seeking out mentors whom she trusted. 

Barbara Bufkin, senior advisor, AmWINS Access
chair, Insurance Industry Charitable Foundation

One area Bufkin could identify with was not only having a successful career but balancing that career with children as well as being a caregiver for aging parents; being responsible for a family.   “It was a very… productive time,” she grinned.

Bufkin said it was important now to help build up the industry during a time of rapid replacement of talent.  “For young woman who choose a career in insurance, it’s a great business to be in.  It’s much more secure during cyclical changes and economic downturns.”

Bufkin noted that there is a great need for women’s training. “We need to make sure that women’s voices when they are not in the room are being heard,” she said, adding that “we need to prepare women for executive roles.  Giving women strong coaching to be more conscious of their own capabilities and confidence, to overcome ‘imposter syndrome’ and consider themselves for a position when they may not have felt ready for it.” 

“When I transitioned over to the capital side of the business, I really didn’t know what a glass ceiling was.  When I confronted it, it had to be shattered; I didn’t think of it any other way.” 


Bufkin said that the statistics and studies that are being conducted now are creating a true awareness around the importance of gender equality and pay equality.  “There’s an intentional and committed focus around this,” she said.

“We as women need to be fearless; to accept the challenges and sometimes to understand defeat.  And by doing so, can we stand back up and do it better, bigger, greater and stronger.”

Careers and Employment, Insurance Industry

Women’s History Month: Honoring Women in the Insurance Industry

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By Loretta L. Worters, Vice President – Media Relations, Insurance Information Institute

Women are advancing throughout the insurance industry. Hard work is one factor behind their success, but so are perseverance, supportive mentors, and willingness to take risks with their careers. 

Women’s History Month is a time to reflect on the work that still needs to be done, but it’s also a time to celebrate the inroads that have been made. The Insurance Information Institute (Triple-I), has created a series of interviews showcasing dynamic women leaders — trailblazers who have built successful careers in the industry. We’ll hear their stories, providing insight on how they made it to the C-suite and their advice to young women just entering insurance. 

Check back to see the interviews by clicking on this link: #womenshistorymonth

Challenges remain

Studies have found that greater gender diversity can help organizations be more innovativeand higher performing. Many female CEOs have led their companies’ stocks to outperform the index in terms of cumulative total returns during their tenures. Some have managed to produce triple- and even quadruple-digit percentage gains.

More specific to the insurance industry, a McKinsey report found that while women outnumber men at entry-level positions, their representation of the workforce is significantly smaller near the top of the organizational chart.

Women of color in insurance hold only 12 percent of entry-level roles and a mere 3 percent of direct-reporting roles to the CEO.  And black, Hispanic, and Asian women altogether make up only 3 percent of the insurance C-suite.

Growing Wages for Women Helped Narrow Gender Pay Gap, Though Women Still Lag Behind Men in Pay

According to PayScale.com women are often undervalued for the work they do, are more likely to hold lower-level, lower-paying jobs, and tend to stagnate in their careers, still making only $0.79 for every dollar made by men in 2019. Moreover, Hired.com’s  State of Wage Inequality in the Workplace found that companies pay women on average 4 percent to as much as 45 percent less than men in the same jobs — and these numbers haven’t changed since the company released its second annual 2017 report. In addition, 60 percent of the time men are offered higher salaries than a woman, for the same role at the same company.  The survey further reveals that of the 61 percent of women who discovered they were being paid less than men at the same role in their company, 16 percent found the difference was at least $20K.

Women’s experiences in the workforce also vary vastly by race.  PayScale.com noted that black and Hispanic women experience even wider pay gaps than white women, start their careers in lower-paying positions, and are less likely than white women to make it to the C-suite.

And disparity in earnings inevitably leads to a disparity in retirement savings, according to the National Committee to Preserve Social Security & Medicare, which has further implications for women, who generally have a longer life expectancy than their male counterparts.

Swiss Re Institute estimates that a 26 percent increase in global GDP in a scenario of labor market gender parity would yield an additional $2.1 trillion in global insurance premiums by 2029. 

How the Industry is Working to Make a Difference

“By focusing on solutions to achieve gender parity, insurers and reinsurers can address a key driver of the widening protection gaps facing individuals, families and societies.”

–Marianne Gilchrist, Head Global & South Asia, Hong Kong, Swiss Re

Insurers are making significant strides to improve gender diversity by creating sponsorship programs and addressing unconscious bias. There is, for example, the Bloomberg Gender-Equality Index, which tracks the financial performance of public companies committed to supporting gender equality through policy development, representation, and transparency.The 2020 Bloomberg Gender-Equality Index includes 325 companies across 50 industries, including insurance headquartered in 42 countries and regions.

Here are a few of the organizations that are making a tremendous difference:

  • Association of Professional Women is dedicated to encouraging women to embody the future of insurance through participation, progressive education, and engagement with forward thinking industry professionals. 
  • Insurance Industry Charitable Foundation (IICF) and their Women in Insurance Conference Series, led by pioneer Elizabeth (Betsy) Myatt, vice president and chief program officer of IICF.
  • Women’s Insurance Networking Group (WING) which helps increase awareness through events and are a platform to share skills and knowledge.
  • Women in Insurance Initiative (WII) is a consortium of organizations throughout the insurance industry, which is taking substantive and measurable action by recruiting, mentoring, and sponsoring women to drive equality in career advancement and leadership throughout the insurance industry.