Empowering Women in Insurance: Launch of Women in Insurance Network (WING)

The Women in Insurance Network of Ghana (WING) has been officially introduced to boost the involvement of women in the insurance sector. The network aims to provide a platform for exchanging information and ideas, accelerating skill acquisition, and promoting professional and personal development.

The establishment of such an all-inclusive women's network becomes crucial in light of the latest findings from the Future One Agency Universe Study, suggesting that despite women constituting more than 60 percent of the global insurance workforce (1.6 million workers), only 19 percent hold board seats, and merely 12 percent occupy high-ranking officer positions such as Chief Executive Officer (CEO), Chief Operations Officer (COO), and Chief Financial Officer (CFO).

Furthermore, the study reveals that only 8 percent of insurance companies have formal programs dedicated to strengthening the career growth of women. In independent agencies, women agency principals or senior managers lead only 35 percent.

At the launch event held in Accra, Acting Commissioner of Insurance, Michael Kofi Andoh, stressed the significance of engaging women across all levels and connecting with the younger generation, including tertiary students. He emphasized the need for mentorship and educational opportunities to debunk misconceptions surrounding the insurance landscape.

Mr. Andoh highlighted the benefits of powerful networks for women, stating that through the cultivation of strong relationships, women can sharpen their skills by learning and sharing best practices and inspiring others to reach higher on the professional ladder.

Additionally, Emerita Professor of African Studies at the University of Ghana, Prof. Takyiwaa Manuh, outlined the 'three Cs' essential for a successful network: connection, competency, and confidence. She encouraged women to evaluate what connections, competencies, and confidence a network offers before joining.

Lena Adu-Kofi, CEO of Safety Insurance Brokers Limited and Chairperson of WING, elucidated that WING is a network encompassing all stakeholders within the insurance industry – from insurance companies and brokerage firms to reinsurance companies, loss adjusting firms, underwriters, agents, administrators, and other service providers.

Mrs. Adu-Kofi extended a warm invitation to women in various sectors, including health, banking, and law, whose work involves insurance, urging them to join WING and actively participate in promoting women's leadership within their professional spheres. The emphasis was on the belief that through cultivating robust relationships, women can enhance their skills, share best practices, and inspire others to climb higher on the professional ladder. Participants at the launch also expressed their confidence that WING will celebrate, inspire, and empower the remarkable women in the Ghanaian insurance industry.

WING stands out as the first all-inclusive women's network in Ghana, determined to reshape the narrative of women's underrepresentation and foster professional growth within the insurance industry. Its mission is to bridge the gender gap at all professional levels and collaborate with other insurance associations to champion the development of women in the field, encouraging younger women to join and thrive in the insurance sector.

Source: thebftonline.com