In an unusually positive twist for the ongoing ‘gender parity’ debate, South Africa is making significant progress when it comes to women occupying roles across categories within the finance and insurance sectors.
This is according to recent findings in a global Deloitte study, which showed that South Africa is one of the few countries in the world that is predicted to come close to achieving gender parity within the finance sector as a whole by 2030.
However, as is the case with the most traditionally male-dominated fields, the study notes a considerable lack of women in senior roles across finance. Many women in insurance feel similarly; Julian Maduray, divisional managing director of Aviation at GIB Insurance Brokers, agrees that the industry has come a long way but that that the status quo is not yet where it should be.
“Men are still respected to a greater degree and are placed on a pedestal compared to women in the industry,” says Maduray. “You have to be twice as great to get half the respect that men get. Most times we are not seen, recognised for the hard work, or even heard the way a man would be, which has been a challenging part of my career.”
Despite this, Maduray has seen a gradual shift towards more women entering the industry, not just from an insurance perspective but in the aviation space too, with female pilots and airport managers becoming more common. She adds that women supporting women is key to driving change across industries.
Tracy McLaughlin, Regional Managing Director for coastal regions at GIB, shares these sentiments, adding that industry bodies play a big role in upliftment and empowerment of women in the space.
“While I do agree that there has been major progress for women in our industry over the past 30 years, I still believe we have a long way to go,” says McLaughlin, whose career in the insurance industry spans three decades. “Industry bodies like Gauteng Women in Insurance (GWII) in particular have done so much in the past 10 years alone to empower and educate women in the industry, showing how far women can climb when they have the right support.”
Support in professional and industry environments are key, but McLaughlin says that the having a network of people to lean on outside of the office is just as key for women in the industry to achieve success in their careers.
“Along with a great team at GIB, I am fortunate to have an amazing support system at home, which always reminds me of the importance of maintaining a good balance, and to allow myself some slack – sometimes the balance in favour of home, and other times in favour of work, and that’s okay,” she says.
Maintaining healthy boundaries is what is key to achieving this balance and ultimately success, says Kareena Inder, who holds down the high-stress role of Chief Financial Officer at GIB.
“Plan for what matters to you,” she advises. “And be intentional with your time. You alone are responsible for your balance. For me, when things are vey stressful, watching reruns of my favourite series, such as Friends is my comfort. It’s up to you to find and prioritise yours.”
Where the pursuit of ‘having it all’ and juggling home, family and career responsibilities can start to take a toll for women and stand in the way of success in many instances, Inder says that taking it all one day at a time is key.
“When I was six weeks away from writing my final strategic case study exam for CIMA, I got TB and it turned my world upside down. I faced a lot of uncertainty and anxiety, but instead of giving up, I stuck to my routine, prioritised my health and took the journey as it came. To this day, passing that exam remains one of my top achievements and I wouldn’t be where I am today if it wasn’t for that approach,” says Inder.
As women continue to break glass ceilings and strive towards stepping into leadership roles in the insurance industry, the ‘rules’ to success, especially from the unique position and perspective of women, are evolving too. This evolution is setting the precedent for future generations, creating a platform of support empowerment, and encouraging more women to pursue careers in these fields.
