Insurers aiming to boost women in leadership

A host of insurers are spearheading the launch of a mentorship scheme, LiiFT, aimed at propelling women into top-tier roles.

Standing for “Leaders in Insurance for Tomorrow”, the program is a collaborative effort among senior executives from Australia’s foremost organisations in general insurance, broking, underwriting, and reinsurance, to boost female representation in influential positions.

What is LiiFT?

Initiated by a coalition of high-ranking female executives from prominent insurance firms – including Suncorp, named among Australia’s top graduate employers for 2024 – LiiFT is designed to transform the sector’s executive landscape.

Since its inception in September 2023, the program has matched 11 experienced mentors with selected mentees from these participating companies.

LiiFT operates on the premise of fostering professional growth through mentorship, where seasoned female executives share their knowledge and experiences with women poised for leadership roles. The mentor-mentee pairings are carefully curated to ensure alignment of aspirations and strengths, cutting across different organisations to enrich the learning experience with diverse perspectives.

Why are mentorship programs important for women in insurance?

Lisa Harrison, CEO insurance product and portfolio at Suncorp with over two decades in the industry and one of LiiFT’s founding mentors, shared her insights on the crucial role of guidance and sponsorship in her professional ascent.

“I have been fortunate to have had some incredible mentors and sponsors over the years, and if it weren’t for their encouragement to take some leaps, I wouldn’t be in this role now,” she said.

Similarly, Amanda Mudaliar, participating as a mentee and serving as national practice leader at Gallagher, highlighted the program’s significance in light of the persistent gender wage gap.

“The recent Gender Pay Gap Report (by Workplace Gender Equality Agency) shows how real the gender wage gap is. In a male dominated industry, a program like LiiFT showcases women in leadership roles, breaks down barriers, and demonstrates a tried and tested path to success,” she said.