COVER STORY
10
THE
FEMALE
LEAD
Dame Inga Beale talks to us about
why women need to believe in
their own abilities more.
O
n 6 February 1918 history
was made. After decades of
campaigning, women across
Britain and Ireland were given
the right to vote when the
Representation of the People
Act was passed. This legislation
enabled all men and some
women over the age of 30 in the
UK and Ireland to vote for the
first time, and paved the way for universal
suffrage a decade later. It was a milestone
for women, and a breakthrough towards
achieving a more equal, inclusive world.
WOMEN NEED
TO REALLY
BELIEVE IN
THEIR ABILITY
AND TAKE
ON THOSE
CHALLENGING
ROLES
Just a few years on, in 1921, the Chartered
Insurance Institute accepted its first female
fellow, and the next year invited the first
women to address the London Institute.
However, it wasn’t until 1939 – almost two
decades later – that a woman was appointed
to a senior post at the CII. Still, when I look
at Lloyd’s, it wasn’t until 1969 that the market
began allowing women to be involved in its
business by passing a resolution to admit
women as investors (also known as Names).
This development helped change attitudes
and in 1973 Liliana Archibald became the
first female allowed to conduct business in
the Lloyd’s underwriting room.
We have come a long way since then, with
the insurance sector introducing a number
of initiatives to build an increasingly diverse
and inclusive profession, including the global
Dive In Festival. In 2001 the CII welcomed
its first female president Lillian Boyle, and in
2014 I was hired as Lloyd’s first female CEO
– something I’m incredibly proud of. These
milestones are evidence of the changing
face of the insurance profession, but it isn’t
changing fast enough.
Collectively we have an incredibly important
purpose. Businesses, governments, and most
importantly people – individuals – rely on us
to be there when it matters most. We keep
economies going and help build financial
security and resilience in what increasingly
feels like a fragile, rapidly changing world.
Together we pay trillions of euros of claims
each year – helping people to get back on
their feet when disaster strikes, and enabling
Issue 5 • March 2018 • The Insider
new endeavours to get off the ground.
Without us and the advice we provide, the
wheels of global economic and societal
progress would grind to a halt.
With such an important purpose, it is
absolutely vital that we have leadership teams
who represent the world we serve. We know
the business case speaks for itself, more
diverse teams are more successful in growing
in new markets and are more innovative
– both really important aspects for the
insurance profession. There are many reasons
why we still haven’t managed to significantly
improve that diversity and many people are
of the view that if we can solve the gender
imbalance, we can solve the imbalance for
other under-represented groups.
A recent survey found that many women
face a mid-career conflict – a point when
they weigh up the costs of a career, and
what they are sacrificing in their personal
lives. Now I wouldn’t say this is the case
for all women, but many feel that the costs
seem too great in relation to the uncertain
benefits of pressing on. Insufficiently flexible
working options, inadequate support for
family responsibilities, lack of clarity on
promotion processes and equal pay, and
unconscious bias were named as the most
significant hurdles for women juggling
family commitments, and their career. But
there are other factors too.
Throughout my career, both for myself and
in hiring people, I have noticed that women
tend to think that if they can’t tick all of the
boxes on the job description, then they are
not good enough for a role. The very first
promotion I was offered I refused. I fell into
the trap of thinking just that – I’m not good
enough to take on that role.
Women need to really believe in their ability,
to get out there and take on those challenging
roles. It is a matter of authenticity and self-
belief. Having teams made up of all sorts
of different people provides a more diverse
and holistic approach to business and to
customers – an approach that is vital if we
are to continue to build public trust in our
united profession.
Issue 5 • March 2018 • The Insider
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