In Nigeria today, women are redefining leadership in the insurance industry by driving positive change through increased representation and diverse perspectives by advocating for gender equality and inclusion within the insurance industry and beyond.
A current analysis by Insurance
People Magazine is the Professional Insurance Ladies Association
(PILA) the first female professional body in Nigeria, established in 1973, is an affiliate
of the Chartered Insurance Institute of Nigeria (CIIN), encompassing all the
Chartered female Insurance Professionals in Nigeria.
The body PILA serves as
an advocacy group to promote gender mainstreaming and equal opportunities in
the Insurance sub-sector of the financial services industry. The association is
keenly concerned with promoting forthrightness in women in the insurance
industry.
When it comes to raising the bar, PILA provides opportunities for continuing education, intellectual growth, and professional knowledge of members both nationally and internationally; whilst at the same time, supporting the Insurance Institute in ensuring insurance awareness and campaign programs are taken to relevant nooks and cranny of our society including schools and markets.
As a professional industry group, the Association has come a long way and it has produced Presidents of the Chartered Insurance Institute of Nigeria (CIIN), the President of the Nigerian Council of Registered Insurance Brokers (NCRIB), DG of the Nigerian Insurance Association (NIA), Managing Directors/Chief Executive Officers of both Insurance Companies and Insurance Broking Firms.
Here's a deeper dive into the ways women are redefining leadership in the insurance industry:
Increased Representation:
Initiatives to promote and hire women into leadership roles are yielding results, with some institutions reporting successful promotions and hires of women into 30% of their leadership positions, including board members in Nigeria.
Diversity of Perspective:
Women leaders bring unique perspectives and experiences to the table, which can enhance problem-solving and decision-making processes and foster a more inclusive workplace.
Challenging the Status Quo:
Women are actively challenging traditional norms and biases within the insurance industry, advocating for gender equality and creating a more equitable environment for all.
Driving Business Results:
Research suggests that women leaders can positively impact organizational performance, increasing productivity, collaboration, and employee dedication.
Advocacy for Change:
Women in the insurance industry are not only leading within their organizations but also advocating for wider systemic change, including breaking down barriers to leadership and promoting gender diversity.
Embracing Mentorship and Support:
Many women in the industry actively mentor and support other women, building a network of role models and fostering the growth of future leaders.
Focus on work-life balance and well-being:
Initiatives are underway to support female leaders with work-life balance and prioritize their well-being, acknowledging the challenges they face in a demanding industry.
Conclusion: Advocating for Women in Insurance
Achieving true gender equality and equity in insurance, especially in leadership, is not only a strategy for growth and innovation—it’s also simply the right thing to do. Overcoming the broken rung and eliminating gender bias in insurance is critical in order to better serve both employees and customers.
What strategies has your insurance firm taken to advocate for women in leadership?
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