Women empowerment in the insurance industry

Feminism isn’t about making women stronger. Women are already strong; it’s about changing the way the world perceives that strength.

– G.D. Anderson

TEN days ago, March 8, we celebrated International Women’s Day by recognizing the social, cultural, economic and political achievements and contributions of women in our society. I would like to dedicate this piece to all the empowered women fueling our local insurance industry.

The insurance industry is one of the many sectors that has long been considered a maledominated field. In our own family, those initially in insurance were all male relatives. All the insurance proposals I received early in my life were also all from male insurance agents. When I first joined the insurance industry 32 years ago, the first thing I noticed was the majority of the agents, especially the agency leaders, were from my opposite gender.

However, times are changing, and now, more than ever, women are finding their place and excelling in this dynamic and fulfilling career of life insurance-selling and management. Estimates are that women now comprise about 60 percent of the insurance industry workforce, and this is increasing yearly. And though they are not yet the majority, more women are now holding leadership positions, both in the agency and employee force.

What’s causing women to thrive in this industry, and how have they impacted the local life insurance landscape? Let’s look into some of the factors driving this development.

Gender equality and diversity. The growing female representation is a positive sign that gender equality and diversity are very much recognized and given importance in the local insurance industry. It has shown appreciation for what women can bring to the table and has put value to their significant contributions. This has led to more industry programs and initiatives that are more inclusive and supportive for women to succeed. It offers tremendous access to career growth and advancement. The industry has created an environment where women are given a voice to express their ideas and opportunities to showcase their skills and talents, where they are made to participate in problem-solving and decision-making in and outside the boardroom, and where they can demonstrate their leadership prowess. As insurance field practitioners, they earn without fear of unequal pay. Product commissions, incentives and bonuses are regulated, which guarantees rightful compensation based on one’s actual performance and not on one’s gender. Such gender equality has allowed women to take on more active roles in driving the industry forward and to the next level.

Flexibility and accessibility. Through the years, women have always been regarded as the homemakers. Many women had to give up their career ambitions to raise children and make a family. If they ever worked, most were only parttime. Or they have to wait until their children are grown up before they can have a career. This setup has drastically changed over time. Understanding and appreciating that women can be homemakers and breadwinners at the same time, our local insurance industry is one to provide flexible work arrangements in terms of work hours, work-from-home options, and income opportunities. As one lady manager said, “Many working women still bear the burden of household duties and work responsibilities. I am just thankful that our company offers a hybrid setup, which makes it easier for me to accomplish both.” Furthermore, through digitalization, insurance companies have made their products, programs and services more accessible so that family women can still thrive in their insurance-selling or management jobs without needing to compromise their family duties. It may be recalled that during the pandemic, the insurance industry was one of the earliest to adopt digital and online technology, enabling insurance practitioners to continue upskilling and providing protection to Filipino families amidst the lockdowns and quarantines. This flexibility and accessibility allowed women to achieve a healthy work-life balance or integration, making it an attractive career choice for those who want a fulfilling and rewarding career and personal life.

Inherent qualities for the job. With much respect to our male counterparts, it is an accepted fact that women have been shown to possess inherent qualities and traits required for insurance jobs. Women are emphatic, good at building relationships and are effective communicators. They have this natural ability to connect and bond with people on a personal level, which makes it easier for women to earn the trust of others. Their good communication skills come in handy in the constant discussion and persuasion required by the job. As may be needed, they can be firm without needing to lose their soft side. In an industry where building trust and keeping long-lasting work relationships are crucial, having these qualities is a big plus.

Having to run the household on a daily basis, juggling between the role of a mother and wife, women have mastered the art and skill of multi-tasking and problem-solving. Now, these qualities are useful because either as an advisor, agency leader or insurance executive, the job requires attention to different but simultaneous concerns. It presents situations that require detailed analysis and creative solutions. Women have long been trained on that.

Bridging the gap

For the past many years, women have been underserved in the financial world. Lack of financial knowledge among women was a serious concern. Oftentimes, it’s the male members of the household who get financially educated, insured and protected. The participation of women in the family’s financial decisions was kept to a minimum, almost negligible. Statistics can readily show the huge gender gap in insurance coverage. However, this gap is slowly closing as more women become financially aware and independent. More women are now demanding to get financial education and services and are making independent money decisions for themselves. This offers a unique opportunity for female insurance practitioners to help fellow women have a say on how to plan and secure their financial future and have a better chance in life. It’s a readily available market niche that allows women agents to bridge the insurance gap while thriving in their own female-led businesses. The more women enter the insurance agency and workforce, the faster we increase financial literacy and awareness among women and their families. It will result in higher engagement with female prospects and a more conscious effort to develop insurance products aimed at women.

There’s still much room for women in the local insurance industry. By continuing to provide the right environment and leverage their strengths, we are empowering them to be formidable contributors to the industry’s success. When women thrive, their businesses thrive, and the industry thrives. It’s a win-win situation to have women establish and grow a career in insurance.

We are grateful to our determined female predecessors and mentors for paving the way and inspiring more women to join the industry. There are so many of them, but top of mind, I give honor and tribute to two female industry leaders: district manager Lourdes “Tita Lulu” del Mundo of AIA-Philippines and former Sunlife Financial Philippines CEO Riza Mantaring, for their tenacity to break through the barriers of a predominantly malede nominated sector during their time. Amid the gender-related challenges and adversities they faced, they remained steadfast in bringing about meaningful changes in the industry and setting an example for aspiring women leaders to follow. Their individual achievements and contributions can already be book material. But all told, they opened so many doors of opportunities to many Marias and Juanas like me. Now, the industry is benefiting from its many female agency leaders and female executives.

Cheers to the empowered women of the Philippine life insurance industry! May your tribe increase!