In an exclusive roundtable during the Casablanca Insurance Rendezvous, moderated by Najwa El Iraki, Lloyd’s General Representative for North West Africa, key stakeholders from the (re)insurance sector discussed issues around gender diversity and inclusion in the industry.
The event, hosted by Lloyd’s, introduced a transformative model programme sponsored by Lloyd’s which harnesses existing initiatives in place to support women in the industry and to assist them to further grow their activities, and to see how it can be adapted to the insurance industry in Morocco.
The discussions centred around employment HR/family policies, recruitment strategies, and narrowing the gender pay gap. However, participants noted a significant gap in addressing the developmental aspects crucial for fostering a truly inclusive environment in Morocco.
Petra Hielkema, chairperson at European Insurance and Occupational Pensions Authority (EIOPA), emphasised that it is imperative not to dilute women’s identities but rather build upon their strengths and perspectives.
Overcoming social barriers necessitates a multifaceted approach, encompassing policy reforms and educational initiatives. One prevailing sentiment echoed throughout the discussions was the recognition that the issue of diversity in the workplace is deeply rooted in upbringing, education, and cultural norms.
“We have incredible women as leaders already, we just don’t have enough, and that could be from our social and cultural norms. We should not expect women to become men at the workplace to succeed, we need women to maintain their uniqueness at the workplace” said Salaheddine Aji, director of FMA (Fédération Marocaine de l’Assurance).
“Employers should provide managerial training for both men and women, guiding them in effective management practices while supporting them through mentorship,” said Souad Ghanemi, vice president at International General Insurance.
She suggests that HR teams at companies should “advocate for diversity discussions at the executive level, urging leaders to take responsibility for delivering optimal outcomes”.
Attracting and retaining female talent emerged as a key priority. The group also highlighted the importance of re-evaluating job specifications and descriptions to appeal to a diverse pool of candidates as they thought they are not adapted sufficiently to apply to women.
The roundtable also underscored the need for policy interventions to promote gender equality, such as equitable maternity leave policies for men. Additionally, industry leaders emphasised the importance of proactive hiring practices, including interviewing a diverse range of candidates to ensure a more inclusive workforce. As Amit Khilosa, Lloyd’s regional head for Africa, mentioned: “If you want to hire more women, you have to quite simply interview more women until you find the right candidate.”
Furthermore, the discussions explored the potential for leveraging women’s purchasing power to drive industry growth. Siham Ramli, international relations and communication’s director at Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS), highlighted that the Moroccan insurance penetration rate is currently around 4% and is one of the highest in Africa.
“Tailoring insurance products and communications to meet the needs of female consumers could significantly enhance the insurance penetration rate,” she said.
Najwa El Iraki, proposed the creation of a Women in Insurance Morocco Network as a tangible next step towards advancing gender diversity and industry development. Participants envisioned a network or club focused on setting clear objectives, fostering collaboration, and driving tangible outcomes—something they believed could be a catalyst for meaningful change with the support of Lloyd’s.
In conclusion, the roundtable served as a platform for insightful discussions and potential action towards promoting gender diversity and inclusion in the Moroccan insurance industry. By addressing systemic barriers and championing proactive initiatives, stakeholders are committed to driving positive change and shaping a more equitable future for all.
COMMENTS