The influence of women in the insurance industry is bright
ZIMRE Holdings Limited says the future of women’s involvement and influence in the insurance industry appears to be promising and full of opportunities as there is a healthy balance of female and male students in universities offering insurance degrees and courses, indicating a growing interest and participation of women in the field.
In an interview with The Standard at the International Women’s Day High Tea event held in Harare by ZHL last week, ZHL head of group marketing Valerie Ndudzo stated that the future of women's involvement and influence in the insurance industry is bright, provided that women continue to show determination, ambition, and a proactive approach towards their professional development.
The event was held under the theme:
“The future is certainly bright, especially when you go around to the universities that offer the insurance courses and degrees. You find that there is a good balance of female and male students, and also just looking at the industry as a whole, the future is bright. I think it is upon us as women to know what we want and how far we want to go in the industry because it also has to start there. Certainly the opportunities are there, we can't keep crying that the opportunities are not there. So I feel that the future is definitely bright," she said.
Ndudzo stated that the insurance industry has undergone significant transformations, including the increased involvement and influence of women.
She went on to say that the pioneers and advocates in the sector paved the way for women to hold prominent positions, and legislative changes have shaped the industry's landscape. She highlighted that the industry acknowledges and embraces these transformations, recognising the valuable contributions that women bring to the field.
Speaking at the same event, Insurance and Pensions Commission (IPEC) director of Insurance and Micro-Insurance Sibongile Siwela (pictured) called for women empowerment and financial inclusion that everyone should get equal chances to succeed.
“To inspire inclusion, we must recognise and address the barriers that stand in the way of women and other marginalised groups from acquiring financial services. Prejudice, discrimination and unconscious biases often hinder our progress towards building inclusive societies. It is essential to challenge these barriers by promoting education, awareness, empathy and sensitivity. By actively dismantling systematic inequalities, we can create a more equitable world where everyone has an equal chance to succeed and get the services they require or have no idea they need it.
“Let us come up with programmes that aim to empower women by promoting their financial inclusion. This will acknowledge the unique challenges women face in accessing products and services. It is important to recognise the significance of addressing these barriers and supporting initiatives that economically empower women," she said.
Siwela called for regulators and stakeholders to work together to bridge the inclusion gap and to curb the challenges that women face in accessing financial services.
“This objective to reduce inclusion by improving women's to products services. It will ac
“Inspire Inclusion”. aims the gap access and knowledge that women often have limited access or are excluded from coverage, which can have significant implications on their financial security and resilience. This gap will align with the regulator's role in promoting fair and inclusive financial markets, emphasising the regulator's responsibility to address this issue. Collaboration and partnerships are important among insurers, regulators and other stakeholders to work together to overcome the challenges women face in accessing financial services in a bid to advance gender equality and financial inclusion,”she said.
Siwela highlighted that to effectively meet the needs of women, it is important to foster innovation and develop customised financial products and services.
“To effectively cater to women’s needs there is need for innovation and development of customised products, this may acknowledge that traditional offerings may not adequately address the unique risks and requirements women encounter. As financial services regulator, we are ready to support and facilitate the creation of innovative products by establishing a regulatory environment that enables the development of products, tailor-made for women. As we speak, we are working on a micro-insurance framework for the insurance industry, and we will soon be releasing it, and we hope that it will promote financial inclusion,”she said.