Key insights on women in independent insurance agencies

Representation: women in agency leadership

• Women make up 55% of agency employees, but only 26% of agency principals/owners. (Liberty Mutual)
• Companies that are in the top quartile of gender diversity on their executive teams have a 39% greater likelihood of financial outperformance versus their bottom-quartile peers. (McKinsey)
• 37% of women agency principals say they are often the only woman in the room. (Liberty Mutual)
• 30% of the women we surveyed said they sometimes feel uncomfortable about comments that are made about women. (Liberty Mutual)
• While nearly 90% of agency owners and principals feel they receive the credibility from peers and staff they deserve, many still reported feeling like they had to work harder than their male peers to prove themselves.(Liberty Mutual)
• 54% of women agency principals would like to learn how to recruit more women into leadership positions. (Liberty Mutual)
• Women leaders are twice as likely as men leaders to be mistaken for someone more junior. (McKinsey and LeanIn)

Women’s strengths and what consumers want from agents

• When asked about the traits they value most in an independent agent, consumers cited experience with insurance, responsiveness, ability to help them understand their insurance options, being proactive in knowing client needs and being an excellent listener as the top five. (Liberty Mutual)
• Women principals and owners are more likely than male principals and owners to report making it easy for clients to understand insurance options (67% compared to 59%) and being proactive in knowing their clients’ needs (38% to 24%) among their top strengths. (Liberty Mutual)
• 85% of the women we surveyed said they are primary decision makers for insurance purchases for their households. (Liberty Mutual)
• 90% of female consumers surveyed said they are primarily responsible for child and/or pet care. (Liberty Mutual)

Women’s career aspirations and development

• 62% of millennial women aspire to one day lead an agency, up from 50% in 2023. (Liberty Mutual)
  • 41% of women of all generations aspire to lead, up from 36% in 2023.
• 59% of millennial women say their manager is actively developing them for leadership, up from 38% in 2023. (Liberty Mutual)
• 88% of women of all generations say they have the skills to grow their career. (Liberty Mutual)
• 70% of millennial women say they are optimistic about their ability to grow their agency, up from 56% who said they were excited about their future in their agency in 2023. (Liberty Mutual)
• 85% of women who work frontline roles can picture themselves as a leader at an agency. (Liberty Mutual)
• 43% of women in frontline staff roles said they would be interested in resources to help them make the case to be considered for perpetuation planning. (Liberty Mutual)

Flexibility, stability and parental leave: what women value in a job

• 70% of frontline staff feel that the leadership in their agency recognizes them for their contributions. (Liberty Mutual)
• 77% of agency employees are satisfied with the flexibility their agency allows, and 92% of women in frontline roles say they receive flexibility when they need it. (Liberty Mutual)
• Women in insurance value flexibility, stability, parental leave and continuing education opportunities. They also want to work for agencies that are involved in the community. (Liberty Mutual)

• Among non-principal agency staff members, nearly one in four employees is a parent to young children, including more than half of all millennial team members. (Liberty Mutual)
• Female principals are half as likely as male principals to have young children. (Liberty Mutual)
• 58% of women in entry-level roles say they are responsible for most or all of their family’s housework and/or childcare, compared with 30% of their male peers. (McKinsey)
• 52% of women in senior manager or higher roles say they are responsible for most or all of their family’s housework and/or childcare, compared with 13% of their male peers. (McKinsey)
• More women left their jobs in 2022 than in 2020 and 2021 combined, and lack of flexibility around working hours was one of the top cited reasons. (Deloitte)

Compensation: the gender wage gap in insurance

• Across all industries in 2022, women earned an average of 82% of what men earned. (Pew Research Center)
• Female insurance sales agents – those in producer roles – make 66.7% of what male agents make. (U.S. Department of Labor) Data for service and other roles was not available.
• 64% of women in frontline staff roles feel they are paid somewhat less or significantly less than their male peers. (Liberty Mutual)
• 49% of principals feel they are paid about the same as their male peers. (Liberty Mutual)
• 57% of women in agencies think the gender wage gap in insurance is about the same as in other financial services. (Liberty Mutual)
• 30% of agency leaders feel the gender wage gap in insurance is actually better than in other financial service industries. (Liberty Mutual)