A survey has revealed that despite the ambition to attain a top-level career, young female professionals in the insurance sector are constrained by inadequate opportunities relative to gender bias and unequal pay.
The survey, which was conducted by Dive In team, also found that female professionals in the sector face limitations on their rise to leadership amid other challenges.
The survey, which was disclosed at the Dive In Nigeria Festival webinar on Thursday, further highlighted that females are willing and ready to take up more challenging roles within the sector and have to resort to professional bodies for support and guidance in their careers.
At the webinar themed ‘Promoting Inclusion & Diversify in the Nigerian Insurance Industry for a Quantum Leap, which was attended by Nairametrics, the immediate past Managing Director, African Alliance Insurance Plc, Funmi Omo, one of the top 100 women CEOs in Africa, explained that equal opportunities, equal pay, female empowerment, and commitment from leadership in firms are crucial to the development of the sector in Nigeria.
She said, “Women should be seen as the backbone of any economy, and as such, they need to be given more attention. From the insurance standpoint, we need to have a more structural and deliberate approach to thrive. Diversity is very good, it brings about balance. Leaders have to step up to make the insurance sector more welcoming and structured. They need to be flexible and avoid being rigid and also take advantage of the newness and freshness of the younger generation. Do not micromanage them, let them explore, allow them to breathe, and make their own mistakes so they can see a future in the industry.”
Some leading females in the industry also lent their voice to the younger female professionals in insurance & finance in a campaign titled “Letters to my younger self.”
They shared lessons that would help the younger generation develop a mindset and character required for success within the sector.
Other speakers included Adetola Adegbayi, Executive Director, General Insurance Business Division, Leadway Assurance Company Ltd, a Legal Practitioner with extensive experience in Legal Research, Corporate Legal Practice, Insurance, and Financial Services; Nike Anani, Co-Founder African Family Firms, a firm dedicated to assisting second-generation family members (“NextGens”) in identifying and implementing new opportunities, shortening the journey from identification to impact.
On steps being taken to promote diversity and inclusion in hiring strategies, MD, African Reinsurance Corporation, Dr. Corneille Karekezi said, “We are aware that women are not well represented in the workplace and as such at Africa Re Group, we make special provision for women inclusion in nomination for senior roles, provision for tribal diversity and inclusion to drive equality within the corporation.”
He stressed that the mandate for them at his firm is, integrating Africa, and to achieve this, it is important that diversity and inclusion are promoted.
“Communications and the intention to achieve equality helps us ensure diversity and inclusion,” he added.
About Dive In
Dive In is a global movement in the insurance sector to support 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.