“Feminism isn’t about making women stronger. Women are already strong, it’s about changing the way the world perceives that strength.” ― G.D. Anderson
Ten days ago, March 8, we celebrated the International Women’s Day, by recognizing the social, cultural, economic, and political achievements and contributions of women in our society. I would like to dedicate this piece to all the empowered women fueling our local insurance industry.
The insurance industry, is one of the many sectors, that has long been considered a male-dominated field. In our own family, those who were initially in insurance, were all male relatives. All the insurance proposals I received early in my life were also all from male insurance agents. When I first joined the insurance industry 32 years ago, the first thing I noticed was majority of the agents and especially the agency leaders, were from my opposite gender.
However, times are changing, and now, more than ever, women are finding their place and excelling in this dynamic and fulfilling career of life insurance selling and management. By estimate, women now comprise about 60% of the industry workforce and is even increasing yearly. And though they are not yet the majority, more women are now holding leadership positions, both in the agency and employee force.
What’s causing women to thrive in this industry and how have they impacted the local life insurance landscape? Let’s look into some of the factors driving this development.
GENDER EQUALITY AND DIVERSITY – The growing female representation is a positive sign that gender equality and diversity is very much recognized and given importance in the local insurance industry. It has shown appreciation to what women can bring to the table and has put value to their significant contributions. This has led to more industry programs and initiatives that are more inclusive and supportive for women to succeed. It offers tremendous access to career growth and advancement. The industry has created an environment where women are given voice to express their ideas and opportunities to showcase their skills and talents; where they are made to participate in problem solving and decision-making, in and outside the boardroom; and where they can demonstrate their leadership prowess. As insurance field practitioners, they earn without fear of unequal pay. Product commissions, incentives and bonuses are regulated which guarantees rightful compensation based on one’s actual performance and not on one’s gender. Such gender equality has allowed women to take on more active role in driving the industry forward and to the next level.
FLEXIBILITY AND ACCESSIBILITY – Through the years, women has always been regarded as the homemakers. Many women had to give up their career ambitions to raise their children and make a family. If ever they worked, most were on a part-time basis only. Or they have to wait for their children to be grown up before they can have a career. This set up has drastically changed over time. Understanding and appreciating that women can be a homemaker and a breadwinner at the same time, our local insurance industry is one to provide flexible work arrangements, in terms of work hours, work-from-home options, and income opportunities. As one lady manager shared, “Many working women still bear the burden of household duties and work responsibilities. I am just thankful that our company offers a hybrid set-up which makes it easier for me to accomplish both.” Furthermore, through digitalization, insurance companies have made their products, programs and services more accessible so that family women can still thrive in their insurance selling or management jobs without needing to compromise their family duties. It may be recalled that during the pandemic, the insurance industry was one of the earliest to adopt the digital and on-line technology enabling insurance practitioners to continue upskilling and providing protection to Filipino families amidst the lockdowns and quarantines. This flexibility and accessibility allowed women to achieve a healthy work-life balance or integration, making it an attractive career choice for those who want a fulfilling and rewarding career and personal life.
INHERENT QUALITIES FOR THE JOB – With much respect to our male counterparts, it is an accepted fact that women have shown to possess inherent qualities and traits required by the insurance job. Women are emphatic, good at building relationships and are effective communicators. They have this natural ability to connect and bond with people on personal level which makes it easier for women to earn the trust of others. Their good communication skills come handy in the constant discussion and persuasion required by their job. As may be needed, they can be firm without needing to lose their soft side. In an industry where building trust and keeping long lasting work relationships are crucial, having these qualities is a big plus.
Having to run the household in a daily basis, juggling between the role of a mother and a wife, women have mastered the art and skill of multi-tasking and problem-solving. Now, these qualities are useful because either as an advisor or agency leader or insurance executive, the job requires attention to different but simultaneous concerns. It presents situations, that require detailed analysis and creative solutions. Women have long been trained on that.
BRIDGING THE GAP
For the past many years, women have been underserved in the financial world. Lack of financial knowledge amongst women was a serious concern. Oftentimes, it’s the male members of the household who get financially educated, insured and protected. The participation of women in the family’s financial decisions was kept to a minimum, almost negligible. Statistics can readily show the huge gender gap for insurance coverage. However, this gap is slowly closing as more women become financially aware and independent. More women are now demanding for financial education and services and are making independent money decisions for themselves. This offers a unique opportunity for female insurance practitioners to help fellow women have a say on how to plan and secure their financial future and have a better chance in life. It’s a readily available market niche that allows women agents to bridge the insurance gap while thriving in their own female-led business. The more women enter the insurance agency and work force, the faster we increase financial literacy and awareness among women and their families. It will result to higher engagement with female prospects and more conscious effort to develop insurance products aimed at women.
There’s still much room for women in the local insurance industry. By continuing to provide the right environment and leverage on their strengths, we are empowering them to be formidable contributors to the industry’s success. When women thrive, their businesses thrive and the industry thrives. It’s a win-win situation to have women establish and grow a career in insurance.
Grateful to our determined female predecessors and mentors, for paving the way and for inspiring more women to join the industry. There’s so many of them but top of mind, I give honor and tribute to two female industry leaders: District Manager Lourdes “Tita Lulu” del Mundo of AIA-Philippines and former Sunlife Financial Philippines CEO, Ms Riza Mantaring, for their tenacity to break through the barriers of a predominantly male-denominated sector during their time. Amidst the gender related challenges and adversities they faced, they remained steadfast in bringing about meaningful changes in the industry and setting example for aspiring women leaders to follow. Their individual achievements and contributions can already be a book material. But all told, they opened so much doors of opportunities to many Marias and Juanas, like me. Now, the industry is benefitting from its many female agency leaders and female executives.
Cheers to the empowered women of the Philippine life insurance industry! May your tribe increase! (Jay Ledesma)