Dyna Management Services
Ahead of the 2018 Bermuda Captive Conference, which will focus on diversity in the industry, Nicole Rozon of Dyna Management Services discusses women and equality in the captive industry
Ahead of the 2018 Bermuda Captive Conference, which will focus on diversity in the industry, Nicole Rozon of Dyna Management Services discusses women and equality in the captive industry
How well represented do you think women are in the captive industry?
It appears that women are well represented in the captive/insurance industry with over 61.3 percent employed in the captive/insurance market or 1.7 million, according to the latest US Bureau Statistics for 2016. Although, the industry is at parity, only 13.8 percent of women are represented in senior management. The vast majority of women remain in administrative jobs such as claims and policy processing. The industry tends to follow suite with the finance industry that is significantly lagging in leadership representation.
In Bermuda, we have seen women in the captive industry taking on more leadership roles especially within industry bodies such as Bermuda Insurance Managers Association, and Bermuda International Long Term Insurers. Unfortunately, there remains a lack of women being appointed as CEOs or managing directors at the executive insurance level.
What challenges do you face as a woman in the captive industry?
Women continue to be faced with a ‘men’s club’ culture. It was noted that women earn only 81 percent of what men earn and the captive/insurance is no exception. The insurance industry continues to reflect the gender pay gap with gross deviations anywhere from 57.2 percent to 17 percent for bonus and pay.
The captive/insurance industry remains unattractive to the future generation of women as a result of poor senior representation. Insurance, and in particular captives, are the last bastion of male dominated industry. This makes it difficult to recruit and retain women at a senior level.
Men have been encouraged to believe they’re natural leaders and achievers, women have not, and this dynamic gets reinforced in the workplace.
This imparity has led to the inequity in pay and advancement for women. Women can end up in the ‘pink ghetto’—that level of management seniority that may have the title, but doesn’t have the progression to the c-suite.
What can be done to address those challenges?
The challenges can be addressed by first changing the mindset for those in the c-suite and management.
Bring the industry parity with those who have achieved income equality. This will attract senior management and directors that can provide representation of the female gender. There is no excuse for ignorance and apathy; the data is indisputable.
Organisational change has to start at the top; the executive teams should lead in the change culture by addressing the challenges for example; have HR audit pay and position, then address the gaps. Human resources can incorporate training programmes company wide.
Women can address these challenges by ‘leaning in’ and taking their place at the executive table, speak up and advocate for yourselves. Women should identify key assignments and lobby for them; they are critical if the goal is a place in the c-suite.
How can the captive insurance industry push to establish equality?
Senior managers and executives are the catalyst for change and can create equality in the industry. They can do so by encouraging women to apply for jobs for which they may not think they are qualified. They can ask younger women where they think they will be in 10 years.
In addition, they can provide women with opportunities to lead and have a voice in a decision making process including the board, advisory and industry committees. Lastly, they can invite one to two junior young women to attend industry, education and social events; expose them to new professional circles.
Does the Bermuda Captive Conference provide a good platform for conversation about diversity and equality in the captive industry?
Yes, like all conferences it’s a great opportunity to invoke conversation and ideas. It’s a venue that allows for access to key stakeholders and decision makers. It’s a way to reach the target market and provoke thought and change at the ground level.
Truth Passes Through Three Stages: First, It Is Ridiculed. Second, It Is Violently Opposed. Third, It Is Accepted As Self-Evident.
