The Million Women Mentors Women in Insurance Initiative (WII) is committed to increasing diversity, equity and inclusion in the insurance industry and promoting insurance as a desirable, stimulating and opportunity-rich industry for women in STEM.
The deadline to register for the Driving Change for Women in Insurance data study is August 1st, and the data submission deadline is September 30th.
Why Women in Insurance
- Women comprise more than 60% of the insurance industry but hold only 19% of board seats, 11% of named insider officer positions and 12% of top officer positions are held by women.
- As of 2016, women in insurance earned 62 cents for every dollar earned by men.
Only 8% of insurance companies have formal programs to develop strong careers for women. - A Hartford study showed that as of 2015, only 4% of millennials are interested in working in insurance.
Organized for Action
Communications Committee
- Drives communications strategy and coordinates communications efforts across
Consortium companies - Writes, designs and produces WII reports and briefs, featuring data and analysis from the 2019 survey
- Leads social media efforts and identifies opportunities to promote WII work
Diversity, Equity & Inclusion
- Develops and promotes strategies that connect diversity best practices to the work of WII
- Ensures WII’s DE&I efforts align to the the overall goals and strategic plan of Million Women Mentors
Data Insights Committee
- Led a first-of-its-kind effort to collect data from insurance companies on issues and opportunities for women in the industry
- In 2019, WII surveyed a diverse group of companies in the insurance industry to investigate how salaries and roles relate to gender. The survey represented more than 30,000 insurance professionals. (See graphic below)
- Translates data into meaningful messages to inform and drive positive change
States Committee
- Identifies and creates leadership opportunities for women in the insurance industry at the state level
- Organizes events to expose girls and young women to STEM careers in the insurance industry
- Represents WII on the MWM State Leaders Committee to promote insurance as an industry that is rich in opportunity for women in STEM
Women in insurance are:
1. Underrepresented among executives.
29% of senior leaders are women.
2. Increasingly in the minority at higher salary levels.
$100,000 to $119,999 Men begin to outnumber women in the $100,000 to $119,999 salary range.
3. Highly loyal to their companies.
62% of employees that stay 20 years or longer at a company are women.
Insurance companies are also lagging in efforts to promote gender diversity.
4.
29% of insurance companies lack internal targets for gender diversity.
5.
61% of insurance companies with internal targets don’t publish their progress.
The results are clear.
- Women are working longer at the same company than men. That loyalty, through, is not aligned with promotions and increases in pay.
- Women tend to occupy the lower corporate levels and progress to the first managerial level, but fewer continue to climb the ladder to the next level.
A consortium of Million Women Mentors members, the Women in Insurance Initiative is committed to taking substantive and measurable action for positive change in the insurance industry.
Learn more about how your organization can lend its voice to this important work.