Dive Brief:
- Currently, the average life insurance agent is a 57-year-old, white male, nearing retirement, GAMA International reports. This opens up more opportunities for women to get into the profession. Susan Cooper, president and CEO of Empire Wealth Strategies says that her company "needs to fill 237,000 jobs with new advisors in the next 10 years."
- Cooper indicates that as of 2014 estimates, "women made up only 34% of the recruits." This is a great opportunity for women to find jobs in the life insurance markets and for women in general. She readily admits that the life insurance industry has not done a good job of attracting more women to jobs here, a problem that needs to be solved now in order to avoid serious staffing shortages later.
- There are some barriers to hiring women in the life insurance industry, such as the perception of the sales aspect of the job, the culture of the industry as being less family-friendly, and general lack of knowledge about the skills needed to be successful. However, Cooper points out that women in the profession can make an impact by reaching out and educating others about the benefits of the life insurance industry and the above-average career opportunities available.
Dive Insight:
Just like many male-dominated industries, the life insurance and financial markets are continually finding it difficult to attract very capable women to start their careers here. The author points out that the life insurance industry hasn't always been very female-friendly, but that it is evolving and improving as more women take their place as advisors and leaders.
Something to consider in any diversity-based recruitment plan is if the corporate culture is authentically working for women or if there are problems. Is the culture providing enough work-life balance, promotional opportunities, and avenues for learning? Once these matters are addressed, any organization should find recruiting a more gender-diverse workforce more productive.
