Column provided by Carmen Powell (pictured), managing director of ISC Group
Women in the re/insurance sector bring a wealth of experience, insight, and innovation, playing a vital role in driving business success across all levels. Their contributions are not just a matter of equity but are instrumental in shaping the future of the industry. As the sector continues to evolve, it is increasingly clear that women’s perspectives and skills are essential in creating more dynamic, resilient, and prosperous organisations.
Women’s leadership and participation within re/insurance have consistently demonstrated positive outcomes. Companies with greater gender diversity, particularly in leadership positions, tend to outperform, benefiting from varied perspectives, enhanced decision-making, and a broader understanding of customer needs. Women’s unique experiences and insights allow them to approach challenges and opportunities with creativity and empathy, fostering innovation and driving growth.
However, to fully realise the potential of women in the re/insurance sector, it is crucial to address the unique health challenges they face. By recognising and supporting women’s health needs, companies can ensure that their female employees are not only able to contribute at their highest capacity but also thrive both professionally and personally.
The health challenges faced by women are significant and have far-reaching implications for their careers and well-being. Women globally spend 25% more of their lives in "poor health" than men, a disparity that can hinder their wellbeing. This health gap is not merely a personal issue but one that impacts their financial security, professional advancement, and overall contribution to the economy
In the re/insurance sector, understanding and addressing these health dynamics is not only a matter of equity but also of strategic importance. Women’s health directly influences insurers' operations, from risk assessment to product development, and has a significant impact on costs, regulatory compliance, and customer satisfaction.
ISC Group, SCOR and PwC recognise the profound impact that women’s health has on their professional and personal lives, and are committed to advancing health equity within the re/insurance sector, with a particular focus on women’s health. Through our forums and workshops, we bring together industry leaders, healthcare professionals, and advocates to develop strategies that enhance health outcomes for women working in the sector and for the millions of women who are our customers.
At ISC Group, we believe that addressing the health challenges women face is essential for creating a more equitable and successful industry. Our goal is to ensure that women are not only heard but also provided with the resources and support they need to flourish both professionally and personally.
Investing in women’s health is not only a moral imperative but also an economic one. Organisations that prioritise the health and well-being of their female employees unlock direct economic benefits. Improved health outcomes for women lead to increased productivity, reduced absenteeism, and greater financial security, which in turn benefits the broader economy through enhanced consumer spending and investment.
In re/insurance, where women are responsible for 80% of health-related purchasing decisions, their health and well-being are critical. Insurers that cater to the specific health needs of women are better positioned to create products that resonate with this significant market segment, thereby improving customer satisfaction, loyalty, and reducing long-term costs associated with chronic health conditions.
Creating a supportive environment for women in re/insurance begins with acknowledging and addressing the unique health challenges they face. This includes advocating for more inclusive medical research, developing policies that support women’s health and well-being, and offering flexible working arrangements and comprehensive health benefits.
ISC Group, SCOR and PwC are dedicated to ensuring that women are supported as they navigate these challenges. By closing the health gap, organisations can cultivate a more engaged and productive workforce, driving individual career success and enhancing overall organisational performance.
In conclusion, the link between women’s health and career success in re/insurance is clear. With the right support, women can unlock their full potential, leading to a more dynamic, equitable, and prosperous industry. Investing in women’s health is not just the right thing to do—it’s a strategic advantage that benefits everyone.
