Addressing the gender gap in insurance and financial services
March 6, 2024 by John Forcucci
While insurance and financial services have traditionally been male-dominated industries, some progress has been made in recent years to address the gender gap, according to several studies.
Women now make up roughly 50% of the workforce in the insurance industry, but they represent only 18% of C-suite positions. In the financial services sector, the proportion of women in leadership roles is 24% and is projected to grow to 28% by 2030.
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Wink’s Moore on the Market: I have to thank John Forcucci at InsuranceNewsNet for this month’s issue of the magazine, which focuses on advising women through the seasons of their lives.
John points-out “the reality for women”:
1. Lack of professional development opportunities
2. Gender bias
3. Work-life balance
4. Lack of gender diversity targets
These are things that we are going to have to do better on. According to McKinsey & Company, women are expected to inherit much of the $68 trillion in wealth that baby boomers are passing down.
I’ve seen a lot of home offices putting in hard work to change these norms. I need to see more work in distribution, and certainly we need more female advisors.
