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INSIDER
Issue 5 • March 2018 • Your Institute, Covered
The
The
Female
Edition
EXCLUSIVE
FROM LLOYD’S
OF LONDON
CEO, DAME
INGA BEALE
THE
FEMALE
LEAD
Why women need to believe in their
own ability if we are all to succeed.
INSURANCE? THE RISE OF A WOMAN'S
BORING!
Kubra Ozturk urges
THE ROBOTS
The influence of AI on
RIGHT
Why your own unconcious bias
you to think again. the insurance industry. may be ruining your career.
Issue 5
CONTENTS 24 Hesus
FEATURES
INSURTECH FEMALE INFLUENCERS
Inoma, CEO of WeSavvy, takes us
through the top ten female insurtech influencers.
28 We
A WOMAN'S RIGHT
Keep it
take a look at the evolution of women's
rights in the workplace.
Local
COVER STORY
THINKPIECES
THE FEMALE LEAD
Dame Inga Beale talks to
us about why women need
12 An
THE RISE OF THE ROBOTS
in depth look at the impacts,
to believe in their own consequences and ethics of AI.
abilities more.
32 Aude
THE INSURANCE ECOSYSTEM
Maisondieu look at the role of the
insurance ecosystem in a changing landscape.
PERSONAL DEVELOPMENT
3
10 18 How
WORK-LIFE BALANCE
to achieve it, maintain it and
use it to your advantage.
42 Our
WHAT ARE YOU READING?
new #goodreads initiative highlights
6 inspirational reads for this quarter.
Local institutes are regional hubs that don’t just deliver an extensive range CAREERS
of professional CPD events, but also provide their members with a variety of
networking and socialising activities with like-minded professionals within their 22 Kubra
INSURANCE? BORING!
Ozturk chats about why millenials
local community. should consider a career in insurance.
44 18
We have 5 regional institutes, each one run by a team of dedicated and professional
volunteers from the local area with your best interests and professional development
38 Aloise
EARN & LEARN
Robinson shares her story about the
needs at the heart of all they do. Earn & Learn program.
To find out more or to get involved with your local institute, firstly check which Institute 44 Fiona
GETTING TO KNOW
O'Gorman from Allianz give us
you have been assigned in your member area and email events@iii.ie with your enquiry. an insight into her career path to date.
Please note that your details will be passed on to your institute representative, who will
be in touch to discuss volunteer options or respond to your enquiry. BONUS
40 What
UNIFORM DRESSING
is it 5 ways it can make you calmer.
12
#YourInstituteYourWay
Issue 5 • March 2018 • The Insider
Featured A note from
INSIDER
Issue 5 • March 2018 • Your Institute, Covered
CONTRIBUTORS THE EDITOR
The
The
Female
Edition
EXCLUSIVE
FROM LLOYD’S
OF LONDON
CEO, DAME
INGA BEALE
THE
FEMALE
LEAD
The Insider is the official magazine AUDE MAISONDIEU Welcome to the first Insider of 2018, the official Why women need to believe in their
own ability if we are all to succeed.
of The Insurance Institute. The views SENIOR MANAGER, ACCENTURE
expressed by contributors should
magazine of The Insurance Institute. INSURANCE?
BORING!
THE RISE OF
THE ROBOTS
A WOMAN'S
RIGHT
A senior manager for Accenture, Aude has
Kubra Ozturk urges The influence of AI on Why your own unconcious bias
you to think again the insurance industry may be ruining your career
not be interpreted as those of The primarily worked in the Automotive and This edition’s release coincides with International
Insurance Institute or its members. Insurance industries. With a focus in recent
years on innovation and digital, Aude has
Women’s day and as a result we are delighted to Editor
The Insurance Institute been focusing on strategic development welcome a stellar line-up of female contributors and Anne Roberts
01 645 6600 | www.iii.ie of a new ecosystem, collaboration and (+353) 01 645 6605
Chief Executive: Dermot Murray performance. In her spare time, Aude is inspiring interviews for you, including our cover story editor@iii.ie
Some articles in this magazine contain
devoted to relief efforts, having completed from Dame Inga Beale, CEO of Lloyds London (The
six humanitarian missions in Madagascar, Bonus Programme Supervisor
general summaries and should not India and Zimbabwe. Female Lead, pg 10) talking about why women need to Tom Grace
be viewed as complete or definitive (+353) 01 645 6600
statements of the law. Specific legal believe in themselves in order to succeed bonus@iii.ie
advice should be obtained where Our wellness section is now restructured to focus on 4
appropriate. The Insurance Institute Art Direction
will accept no responsibility for any key sections; Mind, Body, Growth and Community. The Eamonn Dalton
loss occurred to any person acting or KUBRA OZTURK
refraining from action as a result of the
POLITICAL RISK AND STRUCTURED first, Mind, being the focus for March where we dive
CREDIT INSURANCE BROKER (LONDON) Digital Production
4 material included in this publication. into the benefits of meditation (pg 36) and what apps Stephen Hearn 5
The information in this magazine is With a Bachelor's Degree in Political
correct at the time of publication. Science & International Relations, Kubra and blogs are out there to help. Views expressed by contributors are
started her career in insurance as an As well as a new look and feel, you will also notice not necessarily those of The Institute
CPD: Reading some articles in Executive Trainee. Deciding to pursue her or the editorial team and The Institute
this magazine may count towards career abroad, she started her Master's a themed approach to features & editorial, some of will accept no responsibility for any
Unstructured CPD under the CII CPD Degree in Insurance & Risk Management in
Scheme for ACII and FCII members. Trieste, Italy. She completed an internship
which help to highlight the wide range of fabulous loss occasioned to any person acting
or refraining from action as a result
For more information please refer to the in the Allianz Headquarters in Munich, offers available to you through our Bonus section in the of material included within this
CPD section of the CII website www. writing her Master's thesis on Political Risk publication.
cii.co.uk/cpd & Structured Credit Insurance. Her blog member area (pg 40) as well as our usual thinkpieces.
"Q the London Broker" is an insight into o
Onettch As always we welcome your feedback and if you are All articles and advertisements
© 2018 The Insurance Institute of Ireland life in the insurance sector in London and is Wa within this publication are FOC and
gaining in popularity on Instagram. looking to get involved as a contributor or feel that you therefore the editorial team reserves
have a story to tell, email us, editor@iii.ie the right to remove any content
which is felt to be overly biased and
subjective in its nature.
HESUS INOMA
One of our regular contributors and only male in
this special edition, Hesus’ piece on insurtech female __________________________
influencers (pg 24) comes from his desire to raise
the profile of women working within the insurtech
and digital arena. Founder and CEO of WeSavvy, a
platform that enables Insurers and other Financial
Anne Roberts
Want to contribute? Services Providers to engage more effectively with Marketing & Communications Manager
We welcome suggestions Policyholders, he has extensive knowledge and
from potential contributors. experience of the insurtech landscape both here in The Insurance Institute Follow us on Facebook,
Ireland and globally. Twitter & Instagram to stay
Please send all suggestions up to date with the latest news
and feedback to editor@iii.ie from The Insurance Institute
NEWS
What's in
THE NEWS CHANGING LIVES.
INSURING FUTURES.
This year’s Insurance Charities Awareness
Week will take place between the 25-29
June across the UK and Ireland. As
always insurance and insurance related
employers of all sizes are invited to take
part to increase awareness of the charity
and ensure no one eligible for their help
YOUR INSTITUTE. misses out.
YOUR WAY. ‘RE-UNDERWRITING’ OUR APPROACH TO BUSINESS Getting involved is easy, just email
marketing@theinsurancecharities.org.uk
GDPR comes into effect on the Our latest lecture series kicked off with a lecture from FBD CEO to sign up and in June you will receive a
TUTE
Fiona Muldoon. A lively talk on the turn-around challenges she has
I
complimentary presentation box for your
T
25th May and to make sure that
UR INS
faced in her career involving organisations in crises and so been faced
O
office to display during awareness week.
Y You r Way
we are ready, we will be launching
our new - Your Institute, Your with the need to ‘re-underwrite’ their approach in addressing Irish
Way Campaign. Insurance consumer needs.
Over the coming weeks you Fiona’s slides are available to download within the member area.
will be receiving post and
email communications from us
explaining what GDPR means for
o effect
your relationship with us and how
6 GDPR comes int 7
on the 25th Ma
y. Find you can keep your preferences up
out more abou
GDPR means for
t what
you ►
to date. In the meantime, log into
the member area and check your
LATEST INSURANCE IRELAND
contact details are current. FACTFILE RELEASED
#yourinstituteyourway The Insurance Ireland Factfile is part of an annual series of
publications providing the key facts and figures on the Irish
insurance industry. Now in its twenty-fourth year of publication,
Factfile focusses on a range of trends from both a domestic and
international perspective.
To find out more visit the website and download your copy here.
THE INSURANCE
DISTRIBUTION DIRECTION
An update to our previous article, on 20 December
2017, the European Commission has proposed to
push back the application date of the insurance
distribution directive (IDD) by seven months to
1 October 2018.
For further information on the directive from the
European Commission, you can visit their website
and download any one of their resources.
Issue 5 • March 2018 • The Insider Issue 5 • March 2018 • The Insider
NEWS
What's happening in your
LOCAL INSTITUTE
AND THE AWARD
GOES TO...
Awards season may have stopped
for the acting community with
the Oscars earlier this month, but
here at The Institute our conferral
season is only just beginning. For
those of you who successfully
completed a qualification and
accepted your designation during in
2017, you should have now received
your invitation. If you want to find
out more, you can visit our website
iii.ie/conferrals
ANNUAL GENERAL
MEETINGS
As part of The Insurance Institute,
you are all invited to attend our
8 9
national AGM to be held on the
COME DINE WITH US 2nd May 2018 at our offices here in
Dublin. To find out more about the
Our 2017/2018 dinner season will come to a close with our Dublin dinner on March 23rd and national and regional AGM’s, you
as always has been very well attended. Highlights in the social calendars of all our local insurance can visit our website here
communities, we will be kicking off the 2018/2019 season with Sligo later in the year.
SNOW STOPPED CPD YOUR VOICE
With the arrival of Storm Emma
MATTERS
at the beginning of March, snow As with everything here at The
brought our Sligo CPD events to Institute, your voice and opinions
an abrupt halt as we postponed help to shape and inform the
to ensure the safety of both our products and services that we
members and lecturers. We are offer. We would love for you to get
currently looking at two new dates involved with re-shaping our CPD
in April, so keep your eyes on your offering through online feedback
inbox for more details. forums and maybe face to face
focus groups. If you are interested
in getting involved, please email
Amanda Dunne; adunne@iii.ie
Issue 5 • March 2018 • The Insider Issue 5 • March 2018 • The Insider
COVER STORY
O
n 6 February 1918 history new endeavours to get off the ground.
was made. After decades of Without us and the advice we provide, the
campaigning, women across wheels of global economic and societal
Britain and Ireland were given progress would grind to a halt.
the right to vote when the
Representation of the People With such an important purpose, it is
Act was passed. This legislation absolutely vital that we have leadership teams
enabled all men and some who represent the world we serve. We know
women over the age of 30 in the the business case speaks for itself, more
UK and Ireland to vote for the diverse teams are more successful in growing
first time, and paved the way for universal in new markets and are more innovative
suffrage a decade later. It was a milestone – both really important aspects for the
for women, and a breakthrough towards insurance profession. There are many reasons
achieving a more equal, inclusive world. why we still haven’t managed to significantly
THE
improve that diversity and many people are
Just a few years on, in 1921, the Chartered of the view that if we can solve the gender
Insurance Institute accepted its first female imbalance, we can solve the imbalance for
fellow, and the next year invited the first other under-represented groups.
women to address the London Institute.
However, it wasn’t until 1939 – almost two A recent survey found that many women
FEMALE
decades later – that a woman was appointed face a mid-career conflict – a point when
WOMEN NEED to a senior post at the CII. Still, when I look
at Lloyd’s, it wasn’t until 1969 that the market
they weigh up the costs of a career, and
what they are sacrificing in their personal
TO REALLY began allowing women to be involved in its lives. Now I wouldn’t say this is the case
BELIEVE IN business by passing a resolution to admit for all women, but many feel that the costs
LEAD
women as investors (also known as Names). seem too great in relation to the uncertain
10 THEIR ABILITY This development helped change attitudes benefits of pressing on. Insufficiently flexible 11
AND TAKE and in 1973 Liliana Archibald became the
first female allowed to conduct business in
working options, inadequate support for
family responsibilities, lack of clarity on
ON THOSE the Lloyd’s underwriting room. promotion processes and equal pay, and
unconscious bias were named as the most
CHALLENGING We have come a long way since then, with significant hurdles for women juggling
ROLES the insurance sector introducing a number family commitments, and their career. But
Dame Inga Beale talks to us about
of initiatives to build an increasingly diverse there are other factors too.
and inclusive profession, including the global
Dive In Festival. In 2001 the CII welcomed Throughout my career, both for myself and
why women need to believe in its first female president Lillian Boyle, and in
2014 I was hired as Lloyd’s first female CEO
in hiring people, I have noticed that women
tend to think that if they can’t tick all of the
their own abilities more. – something I’m incredibly proud of. These
milestones are evidence of the changing
boxes on the job description, then they are
not good enough for a role. The very first
face of the insurance profession, but it isn’t promotion I was offered I refused. I fell into
changing fast enough. the trap of thinking just that – I’m not good
enough to take on that role.
Collectively we have an incredibly important
purpose. Businesses, governments, and most Women need to really believe in their ability,
importantly people – individuals – rely on us to get out there and take on those challenging
to be there when it matters most. We keep roles. It is a matter of authenticity and self-
economies going and help build financial belief. Having teams made up of all sorts
security and resilience in what increasingly of different people provides a more diverse
feels like a fragile, rapidly changing world. and holistic approach to business and to
Together we pay trillions of euros of claims customers – an approach that is vital if we
each year – helping people to get back on are to continue to build public trust in our
their feet when disaster strikes, and enabling united profession.
Issue 5 • March 2018 • The Insider Issue 5 • March 2018 • The Insider
THINKPIECE
THE RISE
OF THE
ROBOTS
12 13
The Impacts, Consequences
and the Ethics of it All
As the role of Artificial Intelligence in our daily
lives continues to grow, Caitriona Somers
explores the impact and ethical consequences of
us adopting these technologies so willingly and
dispels some of the myths surrounding them.
Issue 5 • March 2018 • The Insider Issue 5 • March 2018 • The Insider
THINKPIECE
“S
uccess in creating effective Blade Runner, the Terminator franchise, & stage in evolution is the introduction of cog- positive experience. Pypestream another new
Artificial Intelligence ( AI) iRobot. These movies depict a future world nitive technology which involves AI natural Insurtech is offering ready-to-go business
could be the biggest event in the where artificial intelligence in the form of language and empathic processing ability as process automation with chatbots and artifi-
history of our civilisation or the robots take over the world and seek to replace well as analytics of super data sets. Forrester cial intelligence. Its smart messaging platform
worst. The problem is that we humans. But that's Hollywood. In many Research describe a mature AI system as a integrates seamlessly with insurance claims
just don’t know”. These are words ways AI refers to the replacement of human self-learning system able to interact with processing. DAS Group UK, launched an app
spoken by the renowned physicist activity and tasks with digital technology. AI humans naturally, understand the environ- in January 2018 which allows the public to
Stephen Hawking’s at the 2017 within a business, ranges from basic process ment, solve problems and perform tasks that ask Alexa, Amazon’s virtual personal assistant,
Web summit and are words that particularly automation of repetitive and routine manual normally require human intelligence, qualities a variety of questions. The information pro-
resonate with me. Like most, I can see AI’s tasks, to enhanced process animation based and abilities. Advances in AI are predicted vided covers a range of common legal issues
immense potential while at the same time I around machine learning where the applica- to a point where we will finally see machines such as disputes with neighbours, employ-
am uncertain… there is a niggle. Something tion actually learns from experience and its that are able to learn enough about a situation ment tribunals and redundancy, harnessing
tells me that as a society we need to take performance continually improves. The next to make reliably predictable recommenda- the exponential increase in voice search over
more of an active interest in AI develop- tions that we as humans will trust. the last 12 - 18 months and leveraging AI to
ment and influence the digital journey to deliver a service.
ensure ultimately the world remains a place WHAT CAN WE EXPECT IN
where we would like to live. THE WORLD OF INSURANCE? AND THE LIKELY CONSEQUENCES?
Although an evolving technology AI is Current focus is on AI augmenting tradition-
WHAT IS AI? also very much present in today’s working al processes rather than a case of machine re-
When you mention AI, an immediate reac- environment. Theresa May spoke at the placing man. Nonetheless concern exists that
tion can be that you are referring to robots WEF in Davos about the rate of AI start-ups the successors to AI
replacing humans, as has been the focus of created in the UK over the past 3 years, one techniques available
numerous Hollywood blockbusters such as a week. Exponential increases in computing
power and the availability of vast amounts of
today could automate
qualities considered in- even experts
can’t agree as to
data, which is being generated at a faster pace trinsically human and
than ever are driving these developments. An creative activities may
IBM study has found that 90% of the data not remain beyond
14 on the internet has been created since 2016.
AI applications and their algorithms excel at
the capacity of the
machine. It is under-
whether AI will 15
understanding the large amounts of complex
data now created.
standable that concern
is heightened when ultimately benefit
or harm society
AI is finding its way into all sorts of even experts can’t agree
endeavours, language translation and robotic as to whether AI will
assistants, Chatbots and Robo advisors to ultimately benefit or
Cobots who work alongside humans. It harm society.
powers the technology behind Google maps A 2017 PwC report
and search engines, Apple voice controls, suggests that because of the nature of back
Facebook and Amazon. office Financial services work undertaken in
Insurers equally recognise the potential Ireland automation here will have a greater
AI has to create value enhancing key process impact than in other European econo-
lifecycles as well as product innovation and mies. This reflects a common theme in the
are working to harness the technology. Octo a narrative associated with AI and how it could
telematics platform streams data from a cus- displace a significant share of the workforce
tomer’s car allowing an insurer to proactively globally.
reach out and offer tailored assistance almost McKinsey reported in December 2017
immediately if an accident happens. Cogito that 50% of current activities are techni-
is an application which combines AI and cally automatable while 6 out of 10 current
behavioural science to provide an always-on occupations include 30% of activities that are
AI-powered assistant to support an insurance technically automable. Dramatic headline
employee/ broker in engaging with a custom- figures but technical feasibility alone will not
er empathetically. By constantly listening into determine adoption of AI and work force
a call to detect if the conversation becomes displacement. Cost of development, labour
strained, the AI nudges the employee/ market dynamics, regulatory and social
broker to overcome emotional fatigue, and acceptance will also determine the pace and
transform that customer engagement into a extent of AI adoption.
Issue 5 • March 2018 • The Insider Issue 5 • March 2018 • The Insider
THINKPIECE
way needed to maintain the confidence of
customers, stakeholders and wider population,
important to define
while at the same time delivering outcomes
in the best interests of all. Google, Amazon,
Facebook, IBM and Microsoft, as well as
individuals like Stephen Hawking and Elon
Musk, believe that now is the right time to a set of values and
talk about and consider ethical dilemmas as-
sociated with AI. Deepminds, the AI start-up principles that will
guide the further
acquired by Google in 2014, made headlines
as a condition of the sale was that Google
agreed to establish an ethics board to ensure
DeepMind’s AI technology isn’t abused.
Human dominance is almost entirely due development of AI
to our ingenuity and intelligence, for example
we use physical and cognitive tools to control
the animal kingdom. AI could eventually
have the same advantage over us. This is the ethical dilemma is the positive impact of
known as the “singularity”: the point in time AI systems. For instance, the advent of the
when human beings are no longer the most self-drive vehicle will make roles redundant
intelligent beings on earth. It is important but on the other hand will lower the risk of
that we recognise this potential and guard accidents, and therefore seems like an ethical
against unintended consequences. choice.
AI systems are created by humans, who People must be supported to adapt and
can be biased and judgemental. Precautions ensure higher educational attainment while
must be taken at the outset of development to at the same time concentrating on activities
ensure that the machine performs as planned that require creativity, high level cognitive
16 and does not turn against us, as it were, by capabilities and other skills relatively hard to 17
carrying out instructions with terrible unfore- automate. It will also be important to define
seen consequences. This could include people a set of values and principles that will guide
overpowering the system for their own ends. the further development of AI and Theresa
In the case of AI, there is unlikely to be May spoke in Davos of global governments’
malice at play, only a lack of understanding of responsibility to ensure this happened.
the full context in which an instruction was
AI can replace mental labour used for rou- employment can have painful consequences given. Imagine an AI system that is asked to CONCLUSION
tine middle-skilled structured tasks capable for some who do not or are not capable of eradicate cancer. After a lot of computing, it Artificial intelligence has vast potential, and
of definition. Therefore, mid-career, middle upskilling to find roles at comparable salary spits out a formula that brings about the end its responsible implementation is up to us
management employees are most likely to levels. Wage reduction and average wage of cancer by killing everyone on the planet. through the involvement and education of all
be a significantly smaller cohort within the stagnation over an extended period may occur The computer would have achieved its goal of sectors of society. Notwithstanding that, it is
future workforce. In 2014 Oxford University should the pace of change and reduction "no more cancer", but not in the way intend- the right thing to do, it also makes financial
researchers ranked insurance underwriters as in available work outstrip ability to secure ed. We must therefore better understand how sense. PwC have estimated that Ireland’s
the fifth highest occupation at risk of replace- alternate employment. to interact with machines and how in turn GDP could be 11.6% or €48 billion higher in
ment by computers and robots. When considering consequences, we they affect our behaviour. 2030 as a result of AI.
AI focuses on tasks and the expectation should not overlook the pressure on Insur- Rudimentary forms of algorithmic As the Nobel Prize-winning economist
is that while some job categories will be ance business models to adapt to reflect the optimization to capture our attention already Wassily Leontief said in 1983 “the role of
redundant, increasingly roles will adapt to bespoke, intuitive and streamlined customer exists. Technology that is effective at directing humans as the most important factor of pro-
work alongside Cobots, robotics that will experience that customers now expect and re- human attention and triggering certain duction is bound to diminish in the same way
become increasingly capable. This is already ceive from the technology giants like Amazon actions, such as addictive mobile games, is that the role of horses in agricultural produc-
happening within Insurance. and eBay. Of course, any technological an example. Care will be needed to ensure tion was first diminished and then eliminated
New roles will be also created. Forrester advancement of this scale will also give rise to that these techniques as they evolve are used by the introduction of the tractor."
Research indicate that 15 million new jobs new and additional insurable risks. positively, nudging society towards more If the transition is successful, one day we
will be created in the US over the next decade beneficial behaviour. might even look back and think that it was
as a direct result of automation and that ETHICAL DILEMMAS We have already discussed the displace- “barbaric” that we were required to sell the
equates to 10% of the workforce. The ethical question is how to build and ment of the global workforce and consequent majority of our waking time just to be able
Notwithstanding such sectoral shifts in deploy AI in the responsible and transparent financial inequalities. Whilst this is a negative to live.
Issue 5 • March 2018 • The Insider Issue 5 • March 2018 • The Insider
PERSONAL DEVELOPMENT
Achieving the right
‘W ork-life balance’ is a
concept relating to the
proper prioritisation
between work (career and
ambition) and lifestyle
(health, pleasure, leisure,
family). The expression was first used in the
UK in the late 1970s to describe the balance
between a person's work and personal life.
• Put first things first: take steps every day
that get us nearer our goals.
So is this where we have been going wrong?
Is acknowledging the various rotating
demands in our lives and determining how to
give them the required time and energy the
key to success, to not being overwhelmed, to
achieving balance?
WORK-LIFE
Rapid advances in communication technol-
ogies have blurred the boundaries of the tra- Juggling the demands of work, family, sports,
ditional workday and workplace; resulting hobbies, community and social life can be
in a consequential blurring of the work-life overwhelming; particularly if you are the
boundaries. The more these boundaries blur, primary carer in the family. The recession saw
the more challenging it is to find the elusive considerable brain drain in the insurance and
work-life balance. finances services sector as cutbacks demanded
early retirements. The Central Bank’s focus
Amber Hurdle is President and CEO of her on consumer protection saw the introduction
own training and coaching organisation. The of minimum levels of competency and a focus
BALANCE
unique selling point of Amber’s coaching is a on continuing professional development.
promise to help people to be personally and Both of these factors mean that employees
professionally successful while remaining free are being encouraged to pursue qualifica-
of guilt and overwhelm. This goal is not a tions alongside their day-jobs and the other
new one for many of us; particular working demands of modern life.
18 mothers and parents. 19
So if studying is another demand in our lives,
In her book ‘The Bombshell Business how can we, as suggested, give our insurance
Woman: How to Become a Bold, Brave, and studies the required time and energy? The
Successful Female Entrepreneur’, Amber key lies in our attitude. Seeing the benefit in
takes a slightly different view on this work- our studies, acknowledging how this relatively
life balance goal. “The concept of ‘work-life short-term effort will impact positively on
balance’ is a fleeting idea for a Bombshell. our future, will minimise reluctance and help
Studying for a professional qualification can place strains on Instead, a focus on work-life success - where us focus on the long-term benefits to both
our already demanding lives, but if you plan your study and take her time and energy shifts based on the ourselves and our families.
rotating demands of each area of her life - is
advantage of the supports on offer, that elusive work-life balance far more realistic.” Think about it, knowing that your studies
may not be as difficult to achieve as you might think. Siobhan and the qualification you will achieve at the
A similar message can be taken from Stephen end of it will create a sustainable career and
Wynne, FCII discusses how we can help support you in taking Covey’s famous ‘7 Habits of Highly Effective a more secure financial future for your family
back control and the long-term benefits to you, your family and People’. To live balanced and effective lives, makes tucking yourself away for two hours’
we must ensure that we identify and dedicate study after the kids are gone to bed a bit more
your career from doing so. time to the most important ‘roles’ in our lives. bearable. This mind-set is in keeping with
According to Covey, in order to do this, we Covey’s habits of taking responsibility and
need to: identifying our goals. It is likely this attitude
• Be proactive: take responsibility for our own that led Alain de Botton to say “There is no
actions and lives such thing as work-life balance. Everything
• Begin with the end in mind: envisage what worth fighting for unbalances your life.”
we want for our future (in all areas of our Rather than consider it as an imbalance,
lives) so that we can plan towards it reframe it like Sylvain Pendaries (Head of
Issue 5 • March 2018 • The Insider Issue 5 • March 2018 • The InsiderPERSONAL DEVELOPMENT
Data Management at Franklin Templeton GET FAMILIAR WITH YOUR SYLLABUS AND TEXT-
Investments) who says that for him rather BOOK. Armed with your plan of attack, the
than focussing on the balancing, it is moreso next thing to do is study. Your syllabus iden-
about focussing on ‘purpose and passion’.2 tifies the main topics and the level of detail
you will need to go into for each one. It is
With this sense of purpose, how can we apply a hugely valuable resource which can ensure
Covey’s third habit of ensuring that every that you are focussing your time and effort
step we take gets us nearer our goal? What in the right direction. Your syllabus and
steps can you take each day to pass that exam, textbook will allow you to grasp the extent of
get that qualification, complete your CPD work you’ll need to put in.
and future-proof your career?
STUDY SMART. For days when you are caught
GET A PLAN. Your module-specific learn- for time but still want to put some effort in,
ing plan, which can be downloaded from don’t despair. You can use the key points,
Connect, has already done all the planning available per chapter, which are summary
for you. This is a weekly high level study notes of the chapter’s main topics (and can
schedule which you can adapt around other also serve as revision notes), or read through
life-events, holidays or busy works periods. the study advice or exam preparation tech-
This enables you to make your study schedule niques. Every small bit helps.
work for you, not against you. Keep this plan plan allows times for the things that you
visible so that it doesn’t slip your mind. Be USE TECHNOLOGY WISELY. The advances in tech- like to do; meeting friends or going to the
flexible, if you’re too tired to study after the nology may have blurred the workday-work- gym. Ultimately, this will better prepare you
kids have gone to bed, change it up and try place boundaries, but on a welcome note for mentally to achieve your study goals. Read
getting up an hour before them (if that’s pos- students, they also mean that you can study the many Institute blog posts, such as ‘Work
20 sible!!). Sylvain Pendaries gives wise advice on the go. Using your tablet or smartphone wellness: how to boost your performance 21
when he says that ‘It is going to be virtually you can access Webinars while you commute, through a healthy diet’ or ‘Food for thought:
impossible to achieve complete balance every listen to your eBook as you walk the dog powering your brain at exam time’ on In
day of your life. There will simply be days and or take the learning styles quiz during your Dialogue to make sure that you are giving
weeks when your work requires more time lunch break. However, also remember that yourself the best chance possible.
from you. There will also be days when your the digital world can also act as a massive
family requires more of your time. Instead distraction, so make sure you use it wisely. FINALLY, STAY POSITIVE. If you have had a
of driving yourself crazy trying to achieve a Download as much content as you can in TRIED AND TESTED. When you have some study bad week of study, don’t fall off the wagon.
work/life balance every day, look at your life advance and only go online when necessary. under your belt, take the mock MCQ exams Readjust your study plan to catch up on the
on a weekly, monthly, and yearly basis. And or review the sample written exam papers. material you might have missed and keep on
schedule times to work hard, recharge, renew, Familiarity with the exam structure will help going. If you think you have overshot with
play, and engage whether with your colleagues
or with your family and friends.3
Advances in you to consider how you will be asked to
reproduce the material you are studying and
the amount of study you’ve scheduled in each
week, you might need to reassess your plan to
technology may will help you manage your exam timings. Also make your goals more achievable.
FIGURE OUT YOUR LEARNING STYLE. Everyone
learns and studies differently – some like
have blurred the check back with the InDialogue blog posts
such as the one on the 10 most common Patrick Dunne Geraghty from Aviva earned
graphics and diagrams, some learn what they workday-work- exam mistakes and how to avoid them. his ACII designation in less than 12 months,
hear, while others need to read to under-
stand. By doing a simple quiz such as our
place boundaries, LOOK AFTER YOURSELF. Perhaps the most
no mean feat on its own, but even harder with
a young family at home. His advice on how
learning style one available in Connect, you but also mean important advice of all, take care of yourself. to balance study with a busy work schedule
can discover what works for you, before you
even start. You’ll also be advised as to which
that students can Remember the proverb ‘a healthy mind in
a healthy body’. If you don’t take care of
and personal life was “Try not to do every-
thing at the same time. Work is for during
study methods and study supports will study on the go. yourself by sleeping, exercising and eating working hours, lunch is for lunch time, family
benefit you most; ensuring that your study well, then you and your study time is going to time is family time and study time is study
hours are well spent. be less productive. Make sure that your study time. Try not to blur the lines.”
Issue 5 • March 2018 • The Insider Issue 5 • March 2018 • The Insider“I
CAREERS
’m going to be an insurance broker produce humanoid robots and Elon Musk is
when I grow up!” said no one ever! sending a Tesla car to Mars, why bother with
As a broker I
Neither did I! Yet here I am, right a career in insurance? Why?
in the heart of the City of London
as a young insurance broker wear- We are in an age where everything we
ing away my high heels rushing
between Gracechurch Street and
know is changing , including the risks we
are facing. Even our terminology is different. strive to completely
“
understand the risks
Lime Street on a busy Monday We talk about longevity, shared economy,
afternoon trying my best to place some cyber security, cryptocurrency, autonomous
business with Lloyd’s of London. As I enter cars, rockets and robots. A career in the
Insurance?
the market, I see the Lutine Bell standing
there right in the middle of the building
reminding me how traditional our sector is,
insurance industry is open to anyone from
any sector or background who is willing to
contribute to changing the course of this
that my clients face
juxtaposed against the fervent discussion sector in this exciting new age.
Boring!
going on about Blockchain as I pass by an
underwriter’s box.“Insurance? Boring!” I Anything we want to learn and don’t fertile for innovation and growth. I believe, and financial burden of loss also it flourishes
urge you to think again! want to learn is all available at the touch of as a millennial, my generation and the gen- the freedom for investment, innovation and
a screen. What we are after in this peculiar eration Z have so much to make use of and creation of value." My everyday experience in
So why do I do what I do? What is it time on earth is “experience”, and a “story” alter in this sector. I would like to be a part of the sector verifies the definition.
that makes me get up early in the morning to tell others about ourselves and the things the story as both an actor and a contributor. I
and go to this place called “the office” where we have done in our lives. This is why we go believe that my peers should seriously look at As a broker I strive to completely under-
I urge you to think again! I spend the majority of my time? In one of on Pinterest to be inspired, upload stories on what a career in this sector offers. stand the risks that my clients face. After
his TED talks, the author Alain de Botton Instagram to show off, check on Facebook analysing their risks and needs I do my best
refers to the question of “What do you do?” to compare our lives, or update our job status So what is the purpose of this industry? to tailor the insurance products available on
as the iconic question of the 21st century. on LinkedIn to show everyone what we have What can the insurance sector offer to the the market. Sometimes I am lucky enough to
In a world where you can do anything and be anything, He says according to how you answer, people accomplished recently. We want to be the world, to doctors, scientists or to business- get to design the appropriate product from
why would you be in the insurance sector? Our newest are either delighted to hear more about it or author/presenter of our lives. On my blog I men like Elon Musk? I have recently come scratch. It is my utmost priority to make sure
contributor, Kubra Ozturk explains why she feels so they look at their watches before they come write about my experiences in the insurance across what I feel is the most accurate and my client gets the exact insurance coverage
passionate about a career in insurance and how up with their excuses to leave. Oh boy! How sector in London. My reason for this is to empowering definition of the purpose of our they need with a price that is competitive
this industry is anything but boring. many times have I witnessed those puzzled tell the story. I believe that the stories in the sector by Dan Glaser, the president and CEO and fair enough to all parties involved in
22 looks on the faces of my family and friends’, insurance sector are either untold or conveyed of Marsh and McLennan Companies. I may this business. In this sector we are privileged 23
I've lost count! “So what does an insurance in a boring and sometimes wrong way, thus be biased as I have a Bachelor’s Degree in to have this history and tradition providing
broker do again?” often misinterpreted and resulting in a disen- Political Science as Glaser rightly refers to immense data and knowledge and when it
gaged audience. political theorist Isaiah Berlin’s concepts of is combined with those talented colleagues I
In a world where you can do anything and negative and positive liberty but here it is for work with every day, we make magic happen
be anything, why would you be in the insur- Why do I care? Well I am an industrious you to evaluate: "Insurance has a protection through our motivation, dedication, techni-
ance sector? When doctors save lives every day, business woman who would like to have a purpose together with an enabling purpose. cal skills, and creativity. Insurance? Boring! I
cool tech guys apply Artificial Intelligence to successful career in this sector which is so Insurance provides freedom from emotional urge you to think again.
www.qthelondonbroker.com • @qthelondonbroker
Issue 5 • March 2018 • The Insider Issue 5 • March 2018 • The InsiderFEATURE
Top Ten;
INSURTECH
SABINE VANDERLINDEN
COMMUNITY BUILDING
The CEO of Startupbootcamp InsurTech,
Sabine works with leading insurers, investors
and mentors to bring the innovation of
FEMALE
cohorts of start-ups to market within a three
JANTHANA KAENPRAKHAMROY month-period.
SHARING ECONOMY
Janthana is the founder of Tapoly, the first on-demand insurance provider for the
gig economy in Europe and Top 100 European Fintech Award winner in 2017.
24 A former investment banking professional and chartered accountant, Janthana 25
has worked for a number of top-tier investment banks and is one of the authors
INFLUENCERS
of The InsurTECH Book.
WHAT EXCITES YOU MOST ABOUT THE SHARING some immediate insurance needs for our
ECONOMY? consumers. However, as the sharing economy
Tapoly offers on-demand products for grows and consolidates, the incumbents will
freelancers and SMEs within the gig inevitably move into this space. Some are
economy space as well as to participants in already forming partnerships and investing in
the sharing economy. What excites us the insurtech startups.
most is how the sharing economy solves
economic, social and environmental issues WHAT ARE THE BIGGEST CHALLENGES YOU SEE THE
which many counties are currently facing, INDUSTRY FACING WHEN IMPLEMENTING SHARING
whether those are lack of housing, traffic ECONOMY PRODUCTS APART FROM THEIR LEGACY
congestion or simply making enough money SYSTEMS AND CULTURE? SHEFI BEN-HUTTA
Hesus Inoma, CEO of WeSavvy, takes to support one's family. We see Tapoly as an
essential part of the growth of these markets,
Based on my experience setting up Tapoly,
product design and developing partnerships COMMUNITY NEWS
us through the top ten female InsurTech we want to help the sharing economy solve
world-wide issues by allowing people to
is one of the hardest tasks. Many insurers
do not have spare resources or experience Building optimistic and informed com-
influencers from around the EU. mitigate their risks when sharing their assets in working with startups, and in the worst munities of insurance professionals via
Coverager, an online insurance plat-
or know-how. case they have no risk appetite to enter this
space. Finding the right insurers that have the form, featuring news, insights and data.
WHAT AREAS DO YOU SEE THERE BEING IMMEDIATE ability and willingness to work with startups Coverager claim to connect the dots, read
VALUE IN THE SHORT AND MEDIUM TERM in our space isn't easy. The sharing economy between the lines and deliver what matters
WHEN LEVERAGING THE SHARING ECONOMY IN also has more variation in risk, so the most in a way that keeps readers informed,
INSURANCE? standard models that insurers have been using intelligent and surprisingly interested.
At the moment the sharing economy is too until now are difficult to apply. They will need
fragmented for large incumbent insurers to to bite the bullet and embrace features such
address the under-served customers in cost as shorter policy durations, hybrid personal/
effective ways. Insurtech startups have the commercial categories, and smaller more
opportunity to be on the front lines in solving numerous data-driven risk pools.
Issue 5 • March 2018 • The Insider Issue 5 • March 2018 • The InsiderFEATURE
"THE AUTOMATION OF
SIMPLE TASKS MEANS
THAT RESOURCES CAN BECKY DOWNING
DOROTA ZIMNOCH BE MORE VALUABLY LEANNE KEMP ALTERNATIVE INSURANCE
STRATEGY SPENT WHERE THERE BLOCKCHAIN DISTRIBUTION
A Top50 global Fintech & Insurtech IS MORE FRICTION After 20+ years in the tech sector, Leanne CEO and founder of buzzGroup,
influencer and #WomeninTech, expert
with 20 years of international experience
IN THE CUSTOMER turned her mind to expanding horizons
and focused on the insurance industry
Becky has a legal background and was
recognised in 2015 as ‘One of the 200
in the financial sector, Dorota helps ENGAGEMENT (fintech) as the next deep blue. With the Most Influential People in Tech (UK)’ by
organisations develop and deliver complex industry undergoing what she describes as TechCity Insider. In 2016, she won the
digital transformations, reinvent and a metamorphosis, with an unprecedented WCIT Emerging Entrepreneur Award
relaunch traditional brands, to deliver scale of innovation taking place, Leanne and also won a silver Stevie Award for her
customer-centric strategies and insights believes that new technologies represent business in the women in small business
driven value propositions. opportunities to re-think legacy systems. category.
A Senior Manager on the Risk & Regulation team
26
CIARA O'GRADY at Deloitte, Ciara works on a range of projects within
the insurtech and wider market on topics such as
She believe that Everledger, her latest
startup, can do just that. 27
REGULATION insurance mediation; business processes; Solvency II;
claims and complaints handling projects and event
organisation. An extremely professional, very techni-
cally knowledgeable individual, Ciara’s worked within
the corporate governance field for almost a decade.
HAVE YOU SEEN ANY SIGNIFICANT CHANGE IN VALUE IN THE SHORT AND MEDIUM TERM? It’s an area that firms continue to get wrong
REGULATORY LANDSCAPE THAT COULD HELP For me the key point in this question is and is, in my opinion, the backbone to con-
ACCELERATE THE GROWTH IN INSURTECH? the immediate and short term. In order to sumer-related financial services regulation.
I don’t necessarily think that there has been generate meaningful value and market share,
a significant regulatory change that would the solution needs to be simple and customer WHAT ARE THE BIGGEST CHALLENGES YOU SEE
trigger immediate accelerated growth in the centric. The most adopted technology to date
PHOEBE HUGH sector, however I do think there has been has been robotics. Robotics has generated
THE INDUSTRY FACING WHEN IMPLEMENTING
INSURTECH SOLUTIONS APART FROM THEIR LEGACY
more of an appetite by regulators to engage value through the automation of processes
MACHINE LEARNING & AI with new entrants using new technologies to and digitalisation of customer sales. This is
SYSTEMS AND CULTURE?
There is not, nor should there be, different PATRIZIA COZZOLI IRENE VAN DEN BRINK
promote new insurance service offerings and likely to see enhancements in the quali- rule sets for technology driven financial
Phoebe is CEO and Co-founder of
existing players utilising technology advance- ty of complaints and error management, services businesses versus existing, more IOT COMMUNITY INSURANCE
Brolly, the UK's first artificially intelligent
ments to offer their services and enhanced claims handling, record keeping and more traditional, financial services businesses.
insurance advisory app. Brolly enables
dialogue between regulatory authorities and transparent and meaningful information While newer regulations and legislation take With a breadth of experience in
customers to have all their insurance in
Fintech firms. While I don’t think that the disclosure to customers. Not without its risks, account of technology developments and seek Investment Banking and InsurTech, Irene joined InShared after 15 years of
one place, and facilitates easy access to and
Irish regulator has taken a stance one way the automation of these simple tasks means to address risks posed by same, older legis- Patrizia spent several years in innovation and business development
management of their policy details and
or another on whether Fintech is good or that resources can be more valuably spent lation and regulation is written on the basis Investment Banking before co-founding for banking and insurance companies in
documents. The app also claims to deliver
bad for the sector, what I have found helpful where there is more friction in the customer of the product or service that is provided. Its Domotz, an award-winning remote Europe and the Americas. As Director of
contextually relevant insights that will
in supporting my Fintech clients is that the engagement and to more smoothly iron out application to InsurTech businesses may vary network monitoring and management Business Development she is responsible
empower customers to make informed
Central Bank of Ireland has stated what they issues that require, for the moment, human but firms will need to work through its appli- solution. She is also Head of Business for the international expansion of
decisions about their insurance.
perceive the benefits and risks posed by the intervention. cation to their solution, conscious of what the Development for Fing, which develops InShared and fintech entity OutShared,
Fintech industry generally to be. In addition to the above, a particular special regulatory/ legislative objective actually is. network scanning, network security and which provide an insurance-in-a-box
interest of mine is the appropriateness and Wi-Fi troubleshooting tools built for the SAAS solution to existing insurers or
WHAT AREAS DO YOU SEE THERE BEING IMMEDIATE suitability of products being sold to customers. To read more of Ciara’s interview, visit the blog Internet of Things. greenfields within the insurance industry.
Issue 5 • March 2018 • The Insider Issue 5 • March 2018 • The InsiderFEATURE
If we are to achieve true gender parity and not
just pay it lip service, then we all need to
question our assumptions and work on our own
unconscious bias. But first, we need to understand
A
what that is. Dr Kimberly Fitzgerald, Chartered
S
Psychologist, looks at how the landscape is
changing and what we can all do to help.
28
WOMAN'S hirley Chisholm was the first African American congress-
woman, and was the first woman in the United States to
run for the Democratic Party presidential nomination.
29
RIGHT
One of her famous quotes is: “The emotional sexual, and
psychological stereotyping of females begins when the
doctor says, ‘It’s a girl’.”
International Women's Day was initiated in 1910 and this
year takes place on March 8th. It is a global day celebrating
the social, economic, cultural and political achievements of
women. The day also marks a call to action for accelerating
gender parity.
Many things have occurred in the first few months of 2018 to put the topic of
gender disparity in the news. On January 1st, Iceland brought in a new law to
enforce equal pay between genders. In Iceland, it is now illegal to pay men more
than women. Under this new legislation (announced on International Women’s
Day 2017), companies that employ more than 25 people are obliged to obtain a
certificate from the government to demonstrate pay equality (or face fines). A
small country with a population of under 350,000 has made a very strong state-
ment about the gender pay gap. February 6th of this year marked the centenary
of women’s right to vote in Ireland. Although this was limited to women over
30 with property rights or a university education, it was a start for Irish women’s
rights. Sexual harassment in Hollywood was brought into focus with the Harvey
Weinstein scandal, initiating the Me Too campaign which will not go away any
time soon. Oprah Winfrey’s powerful Golden Globe speech further highlighted
the current and future needs for women of all ages and will have a long lasting
impact for years to come.
The McKinsey & Company Women in the Workplace study (2017) collected data
from over 70,000 employees across more than 222 companies. The study identi-
Issue 5 • March 2018 • The Insider Issue 5 • March 2018 • The InsiderFEATURE
fied that women hit the glass ceiling early:
Women are 18% less likely to be promoted at
(51%), and family conflicts (44). For female
respondents: Family conflicts (25%),%), Men-
have an impact on professional relationships.
These can be small and unintentional acts
From a social perspective, changes in
workplace culture can make a difference.
ACTIONS MEN CAN
first step up opportunities compared to males. toring from senior leaders (24%), Shortage of designed to degrade and a target of such be- Culture is defined as a system of values,
TAKE TO SUPPORT
Young men (aged 22-29) were far less likely female candidates (8%). six percent haviors may have difficulty in discerning insen- attitudes and reactions within a society FEMALE COLLEAGUES:
than young women to say gender diversity
was a top personal priority. The biggest gap It’s important to consider future generations of insurance sitivity and intentional hostility. Little things
build up over time and cause stress and distress
that determine appropriate behaviour. This
is a about a set of shared beliefs, ideology If you champion gender
in personal commitment to gender diversity
was in this younger age group- young women
of staff. A survey by PWC (2015) of more
than 10,000 millennials found that more
respondents expect eventually having an impact on self-esteem. and modes of behaviour (both verbal
and non-verbal). It is also about the sum
diversity, encourage others
to do the same.
were the most committed while young men than 80% of the 122 participants working in a significant Leaders have an important role. Workplace total ways of living built up by a group of
Become a sponsor and
were the least. This study also identified that
women of all generations do more household
insurance businesses (86%) of the respon-
dents indicated that an employer’s policy on uptick in female environments offer modeling influences
which have an impact on behaviors. Accord-
human beings which is transmitted from
one generation to another. Social identity mentor; share your
experience and knowledge
work, are less likely to receive advice from
managers and senior leaders on career ad-
diversity, equality and workforce inclusion is a
decisive factor when choosing a new job.
leaders over the ing to social cognitive psychologist Albert
Bandura, (best known for social learning
is a process by which we define ourselves
in terms of categories that we share with with female colleagues and
vancement, (yet employees who do are more next five years. theory): "Social learning influences shape other people. Social identities assume endorse them within your
networks.
likely to be promoted). Also, women are less Hidden barriers exist and these can be the the form of cultural evolution by favouring commonalities with others, and strengthen
likely to interact regularly with senior leaders, most difficult to tackle. Unconscious bias behavioral variants that are efficacious in group memberships. (This is why company
Consider whether your
(yet employees who do are more likely to is about having internal prejudices that you particular milieus” (p. 73). Bandura (1998) values are important and this needs to
team has sufficient diversity
aspire to be top executives). This study cites aren’t consciously aware of. Several studies considered that (a) people learn by observa- be agreed from the top). Companies that
of thought and experience
World Economic Forum (WEF) research have identified that unconscious bias is a tion through modeling, and the consequences commit to diversity programmes, with buy
to avoid “groupthink”
which identified that across all industries contributing factor to women making less that the model receives affect the behaviour of in from senior leaders can make a differ-
and develop innovative
globally, women are 28% as likely to reach money and occupying fewer leadership roles the observer, if punishment is involved, a be- ence. Changes start on a personal level-by
solutions.
leadership positions as men. They estimate than men. These biases float under the surface haviour is less likely to take place; (b) people tackling your own unconscious bias,
that, based on current trends, it will take 117 on a deeper psychological level (think of an are more likely to perform the behaviour they you can increase your awareness, accept Make certain that
years to achieve global gender parity. iceberg) and have an impact on a person’s ACTIONS WOMEN CAN observe if the model is similar to them; (c) an where you can make a difference, question networking and social
The Ernst & Young study Navigating Dis-
attitudes and reactions. They are under the
surface and we can’t really “see them.” It’s
TAKE TO ADVANCE error in evaluating the context of a situation
can have negative consequences.
assumptions, and work with others to
change attitudes.
opportunities involve
ruption Without Gender Diversity: Think important to confront our own unconscious
THEIR CAREERS: activities and environments
that make everyone feel
Again noted that gender parity has been biases as awareness of these internal predis- welcome and comfortable.
Take charge of the next
linked to innovation and better financial positions can help us change our perspectives
phase of your career.
performance, (especially during times of and challenge belief systems and understand
Don’t wait to be noticed
u r o wn Create a culture of diversity
30 transformation and disruption). Highlighting reactions on personal and social levels.
o n . 31
udes
and inclusiveness that
ng y s, you ca ccept
-- put your hand up for
that “diversity is a business imperative,” key
k l i s t i o n t t i t encourages both men and
opportunities.
c a e a
By ta cious bia areness, rence, qu change
research findings are mentioned: We spend a lot of time at work (one of the women to excel.
• An analysis of the S&P Composite many social environments that we interact in)
ns e to
If board service is on the
w
unco se your a ake a diff h others
1500 found that firms with women in top and we take our attitudes and belief systems horizon even later in life, Consider critically where
management roles experienced an increase in with us. In 1974, Massachusetts Institute of unconscious bias impacts
START today.
a m it
incre you can work w
“innovation intensity” – and were worth, on Technology (MIT) economist Mary Rowe your decisions about who
average, about US$40m more than companies was given the task of analysing areas where to hire, who to collaborate
nd
Understand what it takes
re
whe ptions, a
with only male leaders. the workplace at MIT could be improved. She to serve on a board and with and who to promote.
• Teams with more women have been shown observed behaviours that had an impact on what skills and experience
m
assu
to be better at logical analysis, coordination, men and women of colour, women in general, you need.
planning and problem solving. people with disabilities, and a person’s sexual
• A report from the Peterson Institute found orientation. “Little issues” such as acts of disre- Seek mentors, coaches
that 30% female representation on boards can spect, failures in performance feedback, names and sponsors, both men
increase company net profits by 6%. being left off of a list, people not introduced and women, and sponsor
at meetings, inequitable job assignments and and mentor other women
The EY study (2016) found that six percent inappropriate comments were observed (Rowe, yourself.
of insurance respondents expect a significant 2008, p.1). Rowe defined micro-inequities
uptick in female leaders over the next five as “apparently small events which are often Consider more-focused
years. Only 17% of banking and insurance ephemeral and hard-to-prove, events which networking or targeted
leaders expected to see a significant increase are covert, often unintentional, frequently board-readiness education
in the number of women in leadership roles in unrecognized by the perpetrator, which occur that helps you achieve the
the next five years, and only 39% of insurance wherever people are perceived to be ‘different’” next step in your career.
companies surveyed were formally measuring (p. 2). She compared the corrosive effect
their progress towards gender diversity. In re- of cumulative remarks to bits Spread the word about Want to check your own
gards to barriers for women in leadership, men of sand and ice which what you want, seek beliefs attitudes and
and women were asked: “What do women guidance and have a plan. opinions? Check out
and men think is getting in the way?” Male Harvard’s Project Implicit
respondents scored (from highest to lowest): Gender-Career Implicit
Mentoring from senior leaders (60%), Asociation Test (IAT)
Shortage of female candidates
Issue 5 • March 2018 • The Insider Issue 5 • March 2018 • The InsiderYou can also read
