Underwritten by bias

Despite increasing year on year, the number of senior insurance roles held by women remains stable at less than a third. The gender gap in underwriting isn’t just a statistic, it’s a systemic failure.

Only last year, Penny James [former Direct Line Group CEO] observed that every other senior position available would have to be taken by a woman, if the Financial Conduct Authority’s 40% target for women was to be met.

While I’m delighted that QBE had hit this target at a global level by 2023, we’re not seeing an even distribution across all functions, a challenge that is mirrored across the industry.

If the sector wants to enjoy all the benefits of a truly representative workforce, we must go beyond just ‘making space’ for women at the top or plotting new routes for them to get there. Most importantly, we need an environment women choose to stay in.

Underwriter dynamic

At a senior level, underwriters juggle an intense balance of stakeholder demands, increased workload and added (sometimes daunting) responsibility for profit & loss.

Managing priorities can become more precarious with caregiving duties at home, and often I find women do not apply for senior roles, in favour of stability. When women do apply, I still see more focus on perceived gaps or self-criticism than is fair or accurate. Rarely do they approach me with the same direct requests or ambitions as men.

QBE utilises ‘Women in Leadership’ focus groups to maintain the conversation and track internal change via employee feedback. Personally, I speak to as many women as possible to remind them that if we’ve only ever seen a senior role ‘performed’ one way, we might forget that we’re free to do it our own way.

We need to invite a (calculated) risk mindset in women that allows them to say yes to promotion too, confident they can fill gaps along the way, with support to learn on the job.

Flex appeal

Female underrepresentation isn’t a pipeline issue. Until we change the employment model to support more steps up, we’ll continue to lose talented candidates at every stage of their careers. These missing rungs in the middle of the career ladder slow progress, rather than accelerating action.

There is a prevailing assumption that senior underwriting roles must be full-time and office-based, but it’s possible – dare I say, necessary –to adapt them for greater flexibility.

Remote work, compressed hours, equalised parental leave, and part-time or job-sharing options should be normalised at senior levels. Hybrid working supports productivity, increases opportunity for promotion, and boosts retention – which is exactly how we see it working in practice at QBE, C-Suite included.

Sporting chance for all

Networking events that exclude up to half the talent pool is an astonishingly short-sighted approach when it comes to building a diverse, engaged and motivated workforce. So if your idea of networking still involves after-work drinks, it’s probably time to sober up.

Networking focused on drinking and sporting events excludes women(and many men too) who do not share similar interests, or who have responsibilities that prevent them staying late. A more inclusive approach to networking is in everyone’s best interest.

Prioritising spaces where everyone feels welcome results in equal access to career-building opportunities without having to conform to outdated social rules.
Team-building activities, volunteer days, lunch and learn workshops, alcohol-free social events, wellness sessions and networking breakfasts are some of the initiatives our employee networks run at QBE, alongside a network of external partnerships and thriving early careers group, who have enjoyed inclusive networking from the outset.

Unconscious bias

In underwriting, where precision, risk and strategy are key, it’s time for us to apply the same rigour to dismantling the systemic barriers and biases that have held women back.
If we’re not actively and consistently addressing unconscious bias, the glass ceiling will remain invisible to decision-makers.

And in an industry where the P&L statement is never far from mind, closing the gender gap isn’t only the right thing to do, it’s also a strategic business advantage.

Our challenge is to change culture, not women – the tone of which is set by our CEO
s in what they believe, say and do.

The power to #AccelerateAction can be championed by leaders who guarantee women’s access to the same resources, mentorship and opportunities that have historically been reserved for their male counterparts. With that action, gender parity will become the blueprint for sustained success.

This article first appeared in Insurance Post