Overall, the insurance industry is a great place for women.
Women outnumber men in insurance agencies, making up nearly 60% of agency employees, according to data from Liberty Mutual. Many women in the industry say they enjoy the flexibility insurance allows and love that they get to spend every day helping people protect the things that matter to them.
However, the insurance industry has an opportunity to better embrace gender diversity moving forward. As in other industries, women are underrepresented in leadership positions, with women making up just 31% of agency principals and owners. While women have made immense strides in the industry, they still face unique challenges.
At Liberty Mutual and Safeco’s Agent for the Future, we want to see all independent insurance agents win. And studies make it clear that hiring, promoting and retaining more women is good for business.
As companies adapt to the big shifts happening in workplaces in the aftermath of the pandemic, it’s a great time for agencies to reexamine how to create workplace cultures that make every employee feel like they belong and are valued.
We surveyed more than 350 women in independent insurance agencies to learn about the challenges and opportunities they face. In this report, we’ll dig into the findings, show women making great strides in the channel and provide resources to empower women to succeed.
The goal of this report is to support all agents – regardless of gender – in better understanding their own experiences and those of their co-workers and learn practical steps to empower women (and, consequently, their agencies) to thrive. Even if you have not personally experienced some of the challenges covered in this report, we encourage you to “try on” others’ perspectives and consider how you can make your agency a great place to work for everyone.
Keep reading below the infographic to learn more.
The state of women in insurance
Customer Service Representatives
(Source: Liberty Mutual)
Resources for your role and career stage
Along with providing stats and insights into the state of women in agencies, this report also includes resources and action items for anyone who wants to empower women to succeed in insurance. Everyone – no matter their role, age, gender or any other factor – plays a part in building diverse and inclusive workplaces.
While every individual has a unique perspective and differing needs, we recognized some commonalities in our research findings that we’ve used to provide targeted takeaways. You may use these resources for yourself or to better understand other members of your team and share helpful materials with them.
Throughout this report, you’ll find action items for each of the four categories of insurance professionals below. Choose which description(s) most resonates with you; then follow along with the action steps for that group as you progress through the report and view a complete list of resources at the end of the report. Keep in mind that you or your staff members may identify with more than one of these groups and will likely move between them throughout your career.
Four key areas to support women
When we asked women what they would change about working in insurance, four key areas emerged. The numbers from our research back them up and give us a framework to understand the unique challenges women face and opportunities we all have to lift up women in the channel. Keep reading this report to learn more about each of these areas.
Representation: Fostering women’s career development
Recognition: Appreciating women’s contributions
Compensation: Creating pay equity
Satisfaction: Why the IA system is a great place for women