Empowering Women In Insurance: The Power Of Mentorship And Sponsorship
The insurance industry's rapidly evolving landscape demands more than just mentorship; it requires sponsorship to propel careers forward. Joyce Duarte, SVP at Allied World Insurance, draws a crucial distinction between the two. Mentorship and sponsorship - two concepts often used interchangeably, yet distinctly different.
Amy Mattle, North America Retail Distribution Division Leader at WTW, exemplifies this shift in perspective. 25 years in, her focus has transitioned from personal ambitions to mentoring the next generation. Legacy takes center stage. Mattle's experience shows that even seasoned professionals must remain open to learning.
Reverse mentorship brings fresh perspectives, technologies, and ways of thinking. Courtney Davis, at HUB International, embodies the middle-career leader, straddling both mentorship and sponsorship. Her journey has evolved from being a mentee to a mentor and now, increasingly, a sponsor. Sponsorship demands intentional acts and courage.
Davis recounts a pivotal moment during COVID-19, when an executive vice president advocated for her in a different room, reshaping her career path. A transformative experience for Elizabeth Mertel, AVP at Crum & Forster Insurance Brokers, came through a formal international mentorship program.
The underrepresentation of women in leadership positions within the insurance industry is a pressing concern that warrants attention. Despite comprising a significant portion of the workforce, women remain woefully underrepresented in executive roles. According to recent studies, this disparity can be attributed to a multitude of factors, including a lack of networking opportunities, limited access to professional development resources, and an absence of female role models in senior positions.
To address this issue, insurance companies are increasingly implementing initiatives aimed at promoting diversity, equity, and inclusion.
These efforts include targeted mentorship programs, leadership training, and flexible work arrangements designed to support the career advancement of women. By fostering a more inclusive work environment, insurers can tap into a broader talent pool, drive innovation, and enhance their competitiveness in an increasingly complex market.
The business case for promoting women in insurance careers is clear.
Companies with diverse leadership teams tend to outperform their less diverse peers, with improved financial returns and enhanced reputation. A diverse workforce enables insurers to better understand and serve the needs of their customers, who are increasingly diverse themselves.
By prioritizing diversity, equity, and inclusion, insurers can position themselves for long-term success while making a positive impact on the communities they serve.
Related perspectives: Check hereIn a rapidly evolving insurance landscape, mentorship can guide careers, but sponsorship moves them.◌◌◌ ◌ ◌◌◌
