Conversation around women inclusiveness and increased presence in leadership positions in the insurance industry has received a boost with stakeholders pointing on the need for legislation as well as mentorship.
The stakeholders who gathered at the ‘Dive In the Festival’ for diversity and Inclusion in Insurance’ forum held in Lagos emphasized on the need to push a legislation like what is obtainable in the banking industry, that will make it mandatory to have a certain number of women in the board of insurance companies.
Also, it was agreed that there must be a conscious effort to mentor women, so that they can be prepared for such tasks, as corporate objective and goal of organisations should not be compromised for gender inclusiveness.
Dominic Christian, chairman of Inclusion Lloyd’s, and also Global chair of Aon Benfield who was the guest speaker at the forum said that Dive In festival was launched five years ago in London with the message that diversity and inclusion are good for business.
He said that the event has continued to offer opportunity to open conversations around topics such as gender equality, social mobility and cultural differences, physical and mental health and well-being.
“Since we launched in 2015, the festival message has spread across 4 continents and I am particularly proud to be invited to address you today, opening this milestone event in Lagos, the commercial heart of Nigeria – Africa’s leading economy and one that is full of potential, as a growth market for business services, and particularly insurance.”
Dominic noted that the Lagos event focuses on Empowering Women in Leadership, quoting the World Economic Forum, he said.
‘If you exclude 50 percent of the talent pool, no wonder you find yourself in a war for talent. Gender is one of the most apparent signs of diversity – walk into any workplace and it is immediately apparent that there is a problem if the room is almost exclusively male.”
Egbe Oyegun-Adeoye, moderator of the event said the conversation at the event is the first of the series of conversations that need to happen.
What I found while preparing to host and facilitate the event is that the industry globally is making a very constructive effort to move forward around the diversity and inclusion.
“And so my words to regulators and legislators is that, they should borrow the best practices examples around them like in the financial services sector where banking industry has shown the way.
Oyegun-Adeoye said “They had a conversation around it and they got it done. I advise the insurance industry to have this conversation and get it done.”
“But bringing women into leadership positions is the first thing, giving them a voice is second and making sure that their voice has power and can be effective is the third thing. But they need to be brought in first because if you don’t bring them in, nothing can follow suit.
“So, I think there is definitely room for reform. We want to see more women leading insurance, and being on the Boards. And i think the conversations needs to be started to say how many women we need and what need to shift, she noted.
Dive In is a global movement in the insurance sector aimed at supporting the development of inclusive workplace cultures. Its mission is to enable people to achieve their potential by raising awareness of the business case and promoting positive action for diversity in all its forms. Since its birth in 2015, Dive In has grown exponentially, reaching global heights with events taking place in over 50 cities across 27 countries world-wide, attracting more than 9,000 people.
Dive In promotes year-round best practice in diversity and inclusion with tools and advice that culminate in an annual festival in September. Events are hosted in insurance firms of all types and sizes, all around the world.
Funmilayo Omokhodion, regional director, Africa Re Lagos Office said getting into conversations around women inclusion in insurance industry is a welcome development. May be, what we should do is to copy what the banks have done, they have a legislation that mandates board of every bank to have at least three women directors on their board.
“When you use legislation to drive women inclusion, it definitely yields result than pushing it only by moral suasion. It is a cultural thing, so it takes long time to sink into psychology and consciousness of those who currently cut the shot across, Omokhodion said
She said, for me first is legislation, second is mentorship and this is where Professional Insurance Ladies Association (PILA) I think are doing a great job, mobilizing women in insurance, mentoring them and helping them grow in their career through training and empowerment.
Bekeme Masade – Olowola, CEO of CSR-In-Action, who was part of the Panel discussant said to break the barrier and assist women to leadership, there must be intention, strategy and commitment.
She noted on the importance of work place policy, advocacy and support women initiatives, stating that for everything in life there have to be intentionality so that strategy can be devised to drive it”.
Leadership must be convinced to buy into the idea through commitment for a good result to happen.
Yomi Badejo-Ogunsanya, managing director/CEO, CMC Connect who also was a member of the panel discussion identified the influence of culture and religion in women inclusinvess across all sectors of the economy.
He noted that this require reorientation of everyone involved including the men fold who should begin to have a new perception about women and accommodating.
