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Insurance: Young women are challenged by insufficient opportunities – study

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DIVE In, a global movement in the insurance sector, in a recent study, has disclosed that insufficient opportunities in the insurance sector like gender bias and unequal pay are some of the challenges that discourage young female professionals in their ambition to attain a top-level career in the sector.

Dive In supports the development of inclusive workplace cultures.

It also revealed that female professionals in the sector face limitations on their rise to leadership amid other challenges.

The survey, which was disclosed at the Dive In Nigeria Festival webinar, further highlighted that females are willing and ready to take up more challenging roles within the sector and have to resort to professional bodies for support and guidance in their careers.

At the webinar themed ‘Promoting Inclusion & Diversify in the Nigerian Insurance Industry for a Quantum Leap’, the immediate past Managing Director, African Alliance Insurance Plc, Funmi Omo, one of the top 100 women CEOs in Africa, explained that equal opportunities, equal pay, female empowerment, and commitment from leadership in firms are crucial to the development of the sector in Nigeria.

“Women should be seen as the backbone of any economy, and as such, they need to be given more attention. From the insurance standpoint, we need to have a more structural and deliberate approach to thrive. Diversity is very good, it brings about balance. Leaders have to step up to make the insurance sector more welcoming and structured. They need to be flexible and avoid being rigid and also take advantage of the newness and freshness of the younger generation. Do not micromanage them, let them explore, allow them to breathe, and make their own mistakes so they can see a future in the industry,” she said.

Some leading females in the industry also lent their voice to the younger female professionals in insurance & finance in a campaign titled ‘Letters to my younger self’.

They shared lessons that would help the younger generation develop a mindset and character required for success within the sector.

MD, African Reinsurance Corporation, Dr. Corneille Karekezi, spoke on steps that were being taken to promote diversity and inclusion in hiring strategies.

“We are aware that women are not well represented in the workplace and as such at Africa Re Group, we make special provision for women inclusion in nomination for senior roles, provision for tribal diversity and inclusion to drive equality within the corporation,” Karekezi said.

He stressed that the mandate for them at his firm is, integrating Africa, and to achieve this, it is important that diversity and inclusion are promoted.

“Communications and the intention to achieve equality helps us ensure diversity and inclusion,” he added.

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