Young people coming into the local insurance sector have begun to rewrite this industry's history. Take a look at The Insurance Apprentice competition for example; in the past six years they have seen an equal split in male and female winners, which, for an industry that is historically known to be predominantly male, is quite telling.

The local insurance industry has done well to open up spaces for previously marginalised groups, and women specifically as the group in the spotlight this month.

Though we must continue to thrive for inclusivity and diversity, it is also worthwhile to step back and observe how far we've come. Our industry currently offers opportunity for all, regardless of one's gender, and we are seeing more and more women taking up these opportunities and developing themselves.

The Insurance Institute of South Africa (IISA) offers professionals within the sector the skills and knowledge to be ready when opportunity comes knocking as well as to be equipped when looking for opportunity.

While it is true that the opportunities abound in the industry, who gets them and who doesn't is not a matter of gender but of individual character, passion and determination. Here are a few things that can help set you apart in your pursuit of these opportunities:

All genders should upskill
Getting into any career and assuming that the knowledge you attained while studying will carry you through until retirement is short-sighted to say the least. Professionals who see the bigger picture and have a genuine passion for the industry and those they serve will find ways to improve themselves in order to improve their sector. Upskilling sets you apart, it tells of your character as well as your work ethic and vision.

All genders should focus on Continuing Professional Development
Upskilling and professional development is not a once off thing, more so now in a world that is changing, what we knew yesterday may not be relevant for tomorrow. This is why continuing professional development is important. We need to remain in a constant state of learning if our industry is to continue growing in an upward trajectory. This requires men and women within the industry to lock hands, it is no one gender's responsibility and it is not prescribed to one gender above the other.

All genders should aspire to become a Fellow
The IISA awards professional designations to qualified practitioners within the industry, and the Fellow designation is the highest award. It is an aspirational level among IISA members because it is a testament of the highest knowledge and experience within the sector. It lets those who come in contact with the Fellow know that here is a man or a woman who regards their career and profession with the utmost care and respect. For clients it communicates that you have them at the centre of what you do and care enough to improve yourself to the ultimate designation in order to give them the ultimate service.

There are no doors within this sector and the opportunities to grow inside of it that can only be opened by one gender and not the other. For those professionals seeking to build solid careers in insurance, they would do well to grasp that any opportunity put on the table is theirs to take, regardless of their gender. Male and female, we encourage you to go for every opportunity that is aligned with your position in this sector.

There is a growing appreciation of diversity and inclusion as a means of enhancing organisational performance.

This is the word from Thokozile Mahlangu, CEO of the Insurance Institute of South Africa (IISA), who says that diversity and inclusion have become key discussion points in boardrooms across the world as leaders recognise the significance of “innovation revenue” to their overall organisational performance.

“Innovation revenue” is earnings derived from the introduction of a new product or service in a business’ market offering.

Citing a study by the Boston Consulting Group, Mahlangu says innovation revenue was up by 19% in companies with above-average diversity on their leadership teams. This percentage increase was arrived at by comparing growth to those companies with below-average diversity at a leadership level.

“Study after study, we are seeing overwhelming evidence that diversity, both from an ethnic and gender perspectives amongst others, is a major contributor to an above-average financial performance by businesses in insurance as well as in other sectors of the economy,” says Mahlangu.

However, she cautions that in building teams that are diverse and inclusive, companies should not simply observe the narrow definition that only looks at gender and race.

“True diversity extends past gender to encompass experience, age, race, sexual orientation, background, ethnicity, skills and much more,” explains Mahlangu.

She says insurance industry players must make a deliberate effort to instill a culture shift, where diversity and inclusion are not cosmetic elements of their PR posture, but rather a strategic intervention that will see “the insurance sector grow sustainably in leaps and bounds”.

Mahlangu says a report by auditing and consulting firm Deloitte also added another voice to the growing momentum acknowledging the lasting impact of diversity on organisational performance.

“The study clearly shows that a greater sense of inclusion leads to an increase in collaboration, quality of decision-making and team performance,” says Mahlangu.

She adds global consulting firm McKinsey also echoed these sentiments in a study that showed companies in the top quartile for racial and ethnic diversity at the leadership level are 32% more likely to outperform their peers on profitability.

“All these narratives paint a picture that says unequivocally that diversity and inclusion are too important to ignore,” says Mahlangu.

“Our industry cannot afford to simply pay lip-service to change if it is serious about growth and sustainability in an age where it is almost impossible to predict the nature and impact of the next competitive force.”

No one can fully imagine the new world we will enter when the Covid-19 pandemic is over. We can try, we can speculate and use what is true today as a guide for what tomorrow will look like.

We, fortunately, have a blueprint to work from, especially in the world of work.

Life and economic industries pre-Covid-19 exemplified the importance of integrity and clout both for individual and organisational brands. This, we don’t expect will be any different going into the future.

One can list numerous reasons as to why this is the case, among which is human nature, we are attracted and give authority to things and people that we can trust. But often, trust exists through the backing of credentials and other trustworthy people vouching for a person or a thing.

This is the offer made by industry professional membership opportunities, like the Insurance Institute of South Africa for example. The institute provides designations after a person has completed their insurance qualifications and can show that they have the necessary experience, in so doing, vouching for their career competence.

Being part of such a body is crucial for anyone looking to advance their career as it gives them good standing within the industry and it enhances qualifications with experience and continuing professional development. It shows current and potential employers that one is committed, curious and serious about the career path that they have chosen. This builds confidence in what the professional can offer, both in the work place and for the industry.

Going into the ‘new normal’ we will still need assurances. Institutions that have been the pillar of industries in the past, will continue being stamps of approval in an uncertain ‘new normal’. They will give confidence and direction as well as equip the workforce for operations in the new world. It is a no brainer then, to want to associate with such organisations, especially in times of uncertainty.

As a professional then, this is the time that you begin mapping out your career in a world that has been disrupted. Our vision for our professional success has to have shifted with all that has happened in the world these past few months. It is therefore no longer viable to use a plan that was set a few years ago on how to advance your career. It is also not feasible to rely solely on your own expertise for progress.

What a professional member gains from an industry professional body, among other things, is a front row seat in rooms, seminars, online sessions and elearning platforms filled with experts who would otherwise be inaccessible. These experts make it easier for the professional to grasp where their industry is going and what matters now and what will matter going forward. We, in our own capacities, cannot factor for everything, which is why continued learning is vital for career and professional growth.

Those who become professional members in their industries set themselves apart in that sense. They are constantly and consistently sifting through the best knowledge their industry has to offer and positioning themselves to be the best the industry has to offer while at it. In a world of uncertainty, that will be invaluable.

Reputable association in a world that is just emerging will fare well for anyone trying to build a name for themselves in any industry. This is why belonging to a professional body will be crucial in tomorrow’s economy.

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