Article: Women are an integral part of the Insurance sector

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Women are an integral part of the Insurance sector

Indian women contribute just one-sixth to economic output, which is half of the global average. Imagine if a vastly populated country like India, where a major part of its population is young and agile, were able to utilize a substantial portion of its female workforce, the results it might fetch would be nothing short of ground-breaking.
Women are an integral part of the Insurance sector

All organizations today believe in gender diversity in the workforce. Yet women remain under represented in corporate India and their unrealized contribution is both a social and economic loss for the country. There is an increase in the women workforce at the entry level but as they move into different roles in their lives – balancing work and family makes them give up their jobs.

Indian women contribute just one-sixth to economic output, which is half of the global average. Imagine if a vastly populated country like India, where a major part of its population is young and agile, were able to utilize a substantial portion of its female workforce, the results it might fetch would be nothing short of ground-breaking. 

Gender diversity is about equal representation of men and women in the workplace. A topic that’s debated globally, gender diversity is something that both small as well as big organizations across the world are ensuring in their work cultures. From improvement in financial performances, better and newer skills to increase in customer base - the advantages of gender equality, on an organizational level, are many.

One of the challenging sectors where women are taking everything in their stride is the insurance sector. The change is remarkable considering there was a time when financial world was dominated by men and women were asked just to give their opinion. Today, however, women are representing the insurance sector at all positions right from the junior to executive level. In this sector, we need employees who can be empathetic, patient and caring. Women are joining this sector as financial advisors, agents and employees and are excelling in their career. 

Women have proved to be very efficient employees considering the skill set they bring in business. For example women are more sensitive, empathetic, intuitive and aware of the concerns of people, which make women very useful in claim processing roles. Furthermore, their ability to multitask have helped them excel in critical departments such as underwriting in the insurance sector. 

Women are also relationship experts and great at networking. These qualities help them to excel as agents and financial advisors. Insurers prefer women as they have all qualities that make for ideal insurance agents ranging from hard-working, productive to good persuasive skills. It also gives women agents flexibility to work from home, supplement income of the family and the ability to manage the household as well. 

Studies and researches have also proved that women employees excel in certain skill sets, which not only gives them an edge over their male counterparts but also make them greatly advantageous to businesses. Not only in the field of operation, but their dedication, management skills, and nurturing qualities also make them very capable leaders as well. 

Companies also offer flexible working hours to female employees so that they can balance between their work and family lives. Considering the rise in nuclear families, crèche facilities are also offered so that female employees can continue with their jobs even after having a child. 

Not only big towns and cities but insurance companies also offer growth opportunity for women in rural areas where they can work at their own convenience while looking after their household. 

The corporate sector unanimously agrees on this, and as a result has become more serious on the gender diversity front. Although opportunities for women are growing all across the corporate sector, the insurance industry, in particular, has a lot to offer to the womenfolk of the nation.

Conclusively, gender diversity can be hugely beneficial to the management. Women add significantly to the performances of the company in terms of adding to the business growth, acquiring new customers as well as servicing existing customers well. 

Topics: Leadership

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