27 There are too few women in senior positions within InsurTechs Analysis of Startupbootcamp InsurTech’s application data has shown that only ensure that talent practices recognise this capability - through promotion 16% of those that applied had a female CEO, founder or co-founder. This gen- and retention policies - with a view to improving gender balance in senior der imbalance is, perhaps, not surprising when we look at the bigger picture. positions. 3 6 PwC research ‘Mending the Gender Gap’, indicates that women only held TheCityUK report into the Future of Financial and Professional Services, 19% of senior level positions, 14% of board seats and 2% of CEO roles in produced in conjunction with PwC, highlights the important role of insur- financial services firms. The recently published London Matters 2017 re- ance in society and goes on to identify talent diversity and technology as port by the London Market Group, cites the proportion of female executive two key areas critical to the future success of the UK insurance sector. The directors at just 5%.4 The picture is equally concerning in the FinTech arena move to more technology based distribution channels as a means of im- - research by Inno Tribe indicates that female executives at the top 50 Fin- proving customer engagement is considered by many insurance business- 5 es to be the key to future success. The low levels of female representation Techs make up just 4.95% of all executives. in the boardroom at InsurTech start-ups, in keeping with the current trend This pattern of declining gender balance towards senior levels within in- in the more traditional parts of the sector, is concerning. surance businesses is consistent with data from the Chartered Insurance Institute, which indicates that of those members holding Associateship or Jane Portas, Insurance Partner at PwC, commented “These findings clearly Fellowship status, only 26% and 13% respectively are women, whereas indicate that considerably more needs to be done to attract female talent among those holding Certificate status, the balance is far more even at to the insurance sector, and to improve gender balance through retention 46%. However, this imbalance also reflects the date at which the qualifica- and promotion strategies. A profession that is not representative of society tion was obtained. Considering only those who obtained the qualification will be less equipped to relate to its customers and their needs, to inno- within the last 10 years, women constitute 38% and 29% of those holding vate relevant solutions, and attract diverse talent. Creating a more diverse Associate and Fellow titles. This increase in younger women achieving qual- and inclusive profession is a business imperative, it’s simply no longer an ifications is encouraging. It will be important however for the profession to option.” 3 PwC, Mending the Gender Gap, 2013 • 4 LMG &BCG, London Matters 2017, 2017 • 5 Inno Tribe, Power Women in FinTech Index, 2015 6 TheCityUK &PwC, A Vision for a Transformed World-Leading Industry, 2017