What advice would you offer somebody joining the insurance profession today?

In a recent interview with Insurance Business, senior leaders from across the full gamut of the insurance ecosystem shared what they wish they had known before joining the profession. In this follow-up feature, these trail-blazing women in insurance share the advice they would offer new market entrants today – and whether it has changed since they started their careers.

For Anna Beadsmoore (pictured above, left), partner – real estate at McGill and Partners, who underscored the importance of the insurance profession as something she wishes she had known before she joined, her message to young talent considering insurance remains the same.

“Be proud of the work that you do,” she advised. “We are so lucky to be part of a wonderful industry which is trying to change. Upholding ethical standards and speaking out against discrimination or unethical behaviour is crucial for driving positive change and fostering a culture of integrity.”

How the tone of the insurance market is evolving

Beadsmoore noted that, over the years, she has seen a shift in the market’s mindset, with more focus on regulation, insurtech, diversity and inclusion and general ESG. This has been extremely positive, she said, and though there is still some way to go, she does believe that the profession will achieve this, so long as the focus remains.

Offering her key advice to new entrants, she encouraged them to: “Enhance your network [and] engage with industry associations, not just in insurance but within the sectors you work with as well. Consider having an informal mentor, who can provide valuable guidance and support.

“The one piece of advice, and it is usually one that women struggle with, relates to self-advocacy. You should be encouraged to confidently assert your own worth and push back against unequal expectations – you are the only one who can advocate for your own career advancement.”

The message shared by Sophia Pilkington-Miksa (pictured above, centre), group VP of product at ManyPets, was that when times are good it’s easy to get distracted by delivering ‘something different’ or even what customers like or say they value.

She advised young talent to: “Stay focused on delivering what really matters to your customers – enough to drive what they do – stay, leave, complain, advocate. It means you are focused on the fundamentals they care about and which drive your P&L, setting you up for tougher times. In short, ‘brilliant basics’ doesn’t have to be un-innovative or unexciting.”

Understanding the power of people in insurance

Cyber product leader at CFC, Philippa Berry (pictured above, right), highlighted that she personally gets the most enjoyment from her role from the people she works with. While the increasing use of technology in the market is welcomed, she said, there is a risk that face-to-face meetings diminish and Teams/Zoom calls dominate. 

“My advice to anyone joining the industry is to spend as much time with your colleagues and peers as possible. Take the opportunity to travel to meet with clients, brokers, vendors,” she said. “It is the most effective way to develop your knowledge and understanding of the product, while building a network of people that you will hopefully have a long career with.”  

Özlem Özüner (pictured directly above, left), head of operations & finance – e-commerce at Allianz Trade, also pointed to the importance of strong interpersonal relationships. Now more than ever, she said, it is important that insurers build teams that are representative of the businesses they work with.

“That will include being flexible in terms of changing work patterns, fostering diversity and inclusion in the workplace and embracing collaborative ways of working so everyone has the opportunity to thrive,” she said. “The industry has certainly made progress in recent years, but the job is not over.”

Seize the full wealth of experiences made possible by insurance 

For Caroline Dunn (pictured directly above, right), chief underwriting officer at Zurich UK, who has spotlighted how much the industry has changed since she joined almost 25 years ago, it’s important to look at career as a “series of building blocks”. Different types of roles give you different skills, she said, so moving around can be incredibly beneficial.

“I’ve always looked to say ‘yes’ to things that give me a different skill or perspective,” she added. “The biggest insurance companies allow you loads of opportunities to do this; I’ve worked overseas, in risk functions, in underwriting, front line functions, and I’ve had the opportunity to learn from all of them.”

Dunn noted that it’s also useful early in your career to get a solid understanding of something that is at the core of what the profession actually does, for example in underwriting or claims. In addition, she advised on the importance of mentoring – something she has been involved with both as a mentor and a mentee.

“[Mentoring] can also be really beneficial, especially for women,” she said. “I would encourage young women to actively take control of their careers and keep in mind that there’s nothing wrong with being ambitious. In general, I find that if you ask for help in your career people rarely say ‘no’. It’s a great thing for women to have the confidence to advocate for themselves, and finding the right people to mentor and support you can be hugely helpful in that.”