High ranking officials meet for panel discussion

Gauteng Women In Insurance (GWII) recently arranged an event with Julia Graham President of FERMA, Director of Risk Management and Insurance at DLAPiper. The event took place on the 17th of September and was hosted by Cliff Dekker & Hofmeyer in which high ranking insurance officials met for a panel discussion.

Panel speakers included Graham, Caroline da Silva, Deputy Executive Officer for the Financial Advisory and Intermediary Service (FAIS) at the FSB, Wayne Abraham Managing Director of AIG Africa and Board Member of the Insurance Institute of South Africa (IISA) and the South African Insurance Association (SAIA), Thokozile Ntshiqa Executive Management: Stakeholder Management at SASRIASOC Limited and Seamus Casserly Past President of the Financial Intermediaries Association of Southern Africa (FIA) and Director of First Equity Risk Management.

The intention of the discussion was focused around women in the financial services industry, opening communication at a senior level of some of the key issues faced by women and what the potential solutions are.

Jacquie Cassette, Director: Pro Bono and Human Rights Department at Cliffe Dekker Hofmeyr facilitated the discussion by asking these panellists, who have many years of experience to share their journey and the challenges they have faced based on gender equality issues in organisations. 

Going back to basics

Since the beginning of time there has been a distinction between men and women and what role they play in society. It was often said that a woman’s place was at home, raising children and maintaining the household, while the man served as the breadwinner for the family. 

However, gone are the days where women sat at home, managing the house and looking after the children because today, the tables have turned and most women have more opportunities. Although this is very exciting and rewarding for women, one wonders if it has been challenging.

A word of the wise

Da Silva started off the conversation by mentioning that she has been working in the insurance industry for 28 years. “I am a mother, a wife and a working woman. I would like to say I am very grateful to be working in the financial services industry in a democratic society where equality is entrenched within the constitution.

Through drive and determination, I am where I want to be, which I think is very important for women. I have never really faced discrimination and I think it is because the picture has changed from 20 years ago. Before there was no choice, today we have a choice. ” 

“The gap for me is identifying where women want to be in the workforce, if women can determine this then we can expect the structure that we work with to recognise this. Another important issue to me is the balancing act. Women should never feel guilty for leaving their children at home. I have made choices in my career, and I think to lose the gap it is up to women and how they perceive themselves. It is only up to us how we move forward and what choices we make,” she concluded. 

Casserly added that women play a significant component to society. He says, “the biggest mistake that people make is to generalise by saying women cannot and will not succeed. Yet there are a couple of wonderful people who have succeeded. Take Da Silva for example, and the position she is fulfilling now. She is a person that has demonstrated a clear drive and desire to succeed and has not stood back because of any male. I do not accept that there is any reason why any generalisation should happen if women’s skills are equivalent. Nobody should be restricted on what they want to do and how they do it.” 

Recently the Durban Chamber of Commerce 2014 Annual Report was released and statistics show that the number of senior business positions filled by women in South Africa declined by 2% to 26% during 2014, while 21% of local businesses had no women in senior management positions.

Like Casserly, Abraham gave credit to women in the workforce. He went on to mention that he conducted some research and found stats showing that of 51% of the insurance industry globally, 51% are female, however when you start to break up the layers from junior to senior levers it falls away incredibly. “The lack of women in management positions is disturbing. This makes you realise that there is a lot more work that needs to be done. From my perspective I think women have many opportunities and choices available to them. however, they need the support in terms of balancing life, work and family.” 

“Another key aspect that is important is mentorship.” He goes on to give an example of how people tend to look up to their role models for direction. “When you are making important decisions in life do you not ask the person you trust the most what they think? It is wise to ask your mentor or role model for advice, sleep on it, then make the decision tomorrow. It is important to mentor, educate, empower and guide each other.” 

Women should sing louder

Having gained an intense amount of experience, Graham pointed out that the lesson she learned is to ‘never try to please other people’. “You should always choose a career that gives you fulfilment and happiness. I have taken chances and opportunities which I think is a great analogy for women. You have to take risks and convert them into opportunities which is what got me where I am today.” 

Speaking about gender inequality, Graham goes on to give an example of how she once worked in a company where she and another lady were the only two females in the organisation. “It was tough because no matter how hard I performed, it was never ever good enough. However, as the years have gone by women are being recognised and applauded. It is evident that organisations where women are strongly represented at senior levels are also organisations that perform best. I think women need to have courage and come out of there comfort zone. Women naturally do not sing their praises but I encourage them to sing louder.” 

Da Silva agrees that women should sing louder. She says “women are capable of achieving a lot. In order to succeed women need to be strategic and have balance between pushing and knowing their limits.” 

Jack of all trades

On the other hand, Ntshiqa touched upon the challenges she has faced being a woman of colour. She joined the industry in 1999 at a very young age without any support or coaching of the corporate world. “I had to learn things on my own. From a cultural and ethnic perspective I was told to call elders aunt or uncle which I eventually learned was not appropriate in the corporate world. We need to develop these basic soft skills at an early age so that women are prepared. I do not think we have the strategies at hand to get women to senior levels,” she said. 

“Also, the roles I play every day are important to me. However, they are also challenging. At work I put on my Executive hat, handle budgets and have authority. As soon as I get home I remove that hat and revert to being submissive to my husband, I then become a wife, a mother and a homemaker. So it is challenging, but with determination any woman can do it,” says Ntshiqa. 

Women’s roles have definitely been redefined in the 21st century. They are fast becoming forces to the governing world of men as they graduate from college and move up the corporate ladder to managerial positions.

However, despite the commitment to correct gender diversity within organisations, most women are still underrepresented.The World Economic Forum's Gender Gap Report reveals that South African women earn 33 % less than their male counterparts, compared with the rest of the world which is in the region of 13 %. At present, South Africa does not have strong legislation enforcing companies to remunerate women the same as they do men. 

Therefore, it is pivotal that women are aided in the transition from junior and middle positions to senior positions, it is only through this that organisations can improve on gender diversity. 

Senior level individuals should take leadership in initiatives and programmes to drive change and diversity. 

A platform for young voices

It is also critical that the younger generation is educated and empowered on gender diversity issues in order to instil the values of change and development in them. 

All the proceeds from this event amounting to R55 000 where donated to United Nations International Children's Emergency Fund (UNICEF), a leading advocate for children. UNICEF was created to work with others to overcome the obstacles that poverty, violence, disease and discrimination place in a child's path. 

Lyle Jacobs Sports for Development Specialist at UNICEF said, “children make up 37% of South Africa’s population, yet young voices are seldom heard. Every child has the right to education and I would like to thank you for giving me the opportunity to share our story with you because you are helping us turn ideas into a reality.”

“Your support is at the heart of our drive for change; real and lasting change which can only be secured through the realisation of children’s rights,” concluded Jacobs.

Editor’s Thoughts:
From the above it is evident that women are starting to become major contributors to the industry and are being recognised and applauded for their efforts. However, it is still prevalent that a lot of work needs to be done. Please comment below, interact with us on Twitter at @fanews_online or email me your thoughts myra@fanews.co.za.