Insurers implement gender equality programmes amid persistent challenges

Realising that a significant number of women leave the workforce during maternity, some insurance companies in India have proactively designed specialised programmes. (Illustration by Suneesh Kalarickal)

Kavita Peddinti, a senior manager based in Mumbai, was relieved to know that her employer, ICICI Prudential Life Insurance, offers a ‘Sparkle’ programme for new mothers. “The conversations with the mentor assigned to me were free flowing and the mentor was extremely patient and understanding of what I wanted to convey and understood my challenges as a new mother and gave me valuable feedback and ways to navigate through my development areas,” she told Moneycontrol.

In a significant push towards gender equality, insurance companies in India are taking steps to enhance female representation within their full-time workforce and roll out women-centric policies.

These efforts come amidst a broader societal and corporate recognition of the need for gender diversity. Companies are implementing flexible working hours, leadership development programmes for women, and supportive maternity policies to attract and retain female talent.

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Despite these promising initiatives, challenges such as ingrained cultural biases and a limited pool of qualified female candidates in the sector persist, underscoring the complexity of achieving true workplace equality.

Unique programmes

Women made up 29 percent of ICICI Prudential’s workforce as of FY24. This marks an increase from 27 percent in FY22.  Similarly, at Aditya Birla Health Insurance (ABHI) over 27 percent of the workforce were women as of FY24, an improvement from 24 percent in FY22 and 25 percent in FY23 respectively.

There is also a push for women to take up senior positions. For instance, ABHI’s ‘Springboard’ programme is designed to spot high-potential women and help accelerate their growth into senior-level roles. Ninety-seven percent of the women who have been through Springboard have taken on senior roles within the company.

“We also stand at the industry highest concerning the number of women employees in Operations and Sales. This marks a stark difference in the percentage of women who are hired in customer-facing roles across the industry as compared to ABHI. Over 1,600 women are currently working in such roles in ABHI at the present date,” said a spokesperson for the company.

Diversifying workforce composition 

Bharti AXA Life Insurance observed that women employees fare comparatively higher than their male counterparts across metrics such as productivity, persistence, and complaints, and they stay longer, thereby creating a career for themselves. The company's ‘She Leads’ programme invites women to come on board as Relationship Officers and Agency Building Managers.

“We had a male-to-female ratio of 22 percent (direct distribution) when we started working on this initiative, with the vision to add more women to our sales force…,” said Dhanashree Thakkar, head of human resources at Bharti AXA Life Insurance. She added that currently,women make up 29 percent of the company's workforce, less than the industry benchmark of 31 percent. The aim is to increase this percentage to 40 percent by FY25 and expand women branch and cluster managers by 15 percent through internal promotions.

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From chief financial officer (CFO) to Chief Compliance Officer, Renewals Head to Company Secretary, Pramerica Life Insurance said women leaders exemplify excellence and contribute significantly to its success.

Currently, over 27 percent of the sales workforce consists of women. Overall, The percentage has grown from 20 percent in FY22 to 26 percent in FY24.

“Recognising that the insurance industry is traditionally perceived as male-dominated and sales-driven, we are committed to diversifying our workforce even further,” said Sharad K Sharma, chief human resources and ethics officer of Pramerica Life Insurance.

Special focus on maternity leaves

Realising that a significant number of women leave the workforce during maternity, some insurance companies in India have proactively designed specialised programmes. This initiative aims to address the unique challenges faced by female employees during and after pregnancy, ensuring a smoother transition through this critical phase of their careers.

ICICI Lombard’s Maternity transition guidelines provide flexibility pre and post-birth of the child through various interventions, such as working from home, flexible work hours etc. This programme also provides touchpoints between the employee, her manager and HR to ensure that the transition is smooth.

“We also provide an option to hire a replacement for the female employee proceeding on maternity leave so that there is business continuity and the female employee can focus on herself. This also helps her transition back smoothly into her role once she joins back,” said Shraddha Pradhan, head of human resources at ICICI Lombard.

In the last financial year, around 85 women employees availed of the benefits of the maternity transition programme.

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As women usually bear the brunt of childcare, eldercare and domestic support, Marsh McLennan India said it has created a flexible and hybrid work environment that contributes “significantly” to fostering gender equality. Going by employee feedback, flexible working hours and hybrid work arrangements, have allowed employees, especially women, to better manage their professional responsibilities alongside family commitments.

“The current male-to-female gender ratio at Marsh India sits is a 60/40 split along with 88 percent retention of female employees, which is a testament to the success of these initiatives,” said Kadambini Joshi, People Leader at Marsh McLennan India.

Challenges remain

Despite the positive strides, significant challenges remain for both employees and HR departments in increasing the percentage of women in the insurance industry in India. One persistent issue is the deep-seated cultural bias that often relegates women to secondary roles, both at home and in the workplace.

This bias can manifest in subtle but pervasive ways, such as women being passed over for promotions in favour of their male counterparts in the insurance sector. An HR executive from a leading insurance firm recounted, "We've seen instances where despite having the same qualifications and experience, women are not considered for leadership roles due to an unfounded perception that they might not be as committed as men in the insurance sector."

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Additionally, there is the challenge of creating a truly inclusive work environment where women feel supported and valued. While policies like Maternity Transition Guidelines are a step in the right direction, they must be implemented effectively and accompanied by broader cultural change within the organisation.

A senior female employee, shared her experience, said, "Policies are great on paper, but without a genuine commitment from the top management and a supportive workplace culture, they can often fall flat."