Women in insurance
In honour of it being Women’s Month, PSG Insure chatted to a few of its top female advisers for their insights on the industry, tackling client challenges and growing their businesses successfully.
Men and women each bring their unique strengths to a team dynamic. “Women might have a better eye for detail overall, but not always,” says Luzanne Wait from PSG Jeffrey’s Bay. “Your advisory style has a lot to do with who you are as a person and who you were mentored by. I was able to learn a lot from my mentor, including how important it is to follow the correct processes and that there are no shortcuts in this industry.”
Almariè Büchner, Principal and Adviser at the PSG Centurion Short-Term office, shares these sentiments on mentorship. “By focusing on career development and upskilling women, it can make way for more to come into the short-term industry,” she says.
“There are many fields of expertise to choose from, so if you want to make your mark, concentrate on giving it your best and you will excel regardless of your gender,” adds Luzanne. “The industry focuses on your product knowledge, ability to work with clients and drive for growth.”
Isabel Teixeira, Principal and Adviser at the PSG Insure Bedfordview office echoes this. “I am passionate about my job. In the end, you get out what you put in. This is a principle I try to instil in my staff as well.”
In difficult times, the value of good advice and service is priceless
Drought in various parts of the country, poor service delivery by local municipalities and the current economic climate have all contributed to heightened price sensitivity. “We find clients are looking at premium before service and product benefits,” says Luzanne.
Jacqui Mayne from PSG Simbithi Office Park in Ballito shares these concerns. “Clients are looking at ways to cut costs, so the challenge is to assist them to be adequately covered.” Riana Wiese from the PSG Insure Meesterplan office in Pretoria (and ten-time winner of PSG’s Insurance Adviser of the Year award) agrees. “As advisers, we have a huge responsibility to help clients make the right decisions. We need to anticipate their needs before they even mention them.”
Almariè says that clients in Gauteng are generally educated about what is available in the insurance industry, as well as what premiums cost in the market. “You always need to be on your A-game. Know your products and build good relationships with service providers to negotiate the best premium for your client, while offering the best possible service.”
A personalised approach is essential
When it comes to working with female clients versus male clients, there are some differences. “Women want to know exactly when, who, where, why and what happened,” says Riana. “Men generally prefer a solution-driven approach, whereas women like being updated throughout the process, even when there is no outcome yet.”
Jacqui believes that women are naturally more risk averse. “Women generally ask more questions and require the information to be confirmed. Female clients are more interested in the additional covers beyond just insuring their assets.”
However, it’s difficult to generalise. Luzanne notes that the real difference between clients is based on personality type, occupation and how the client sees insurance. “At the end of the day,” Isabel adds, “if you know your product and what you are talking about, that’s what matters – irrespective of your gender, or the gender of your client.”
If you keep your head down, the way forward is up
“In my opinion, the future may see direct insurers targeting lower market segments successfully. However, the high-end and commercial market segments will always need specialised advice,” says Riana. “Perseverance and hard work coupled with continuous professional development and product-specific training paves the way for success.”
We’re thankful to all the women who help to make PSG a balanced and well-rounded advisory network and wish everyone a happy Women’s Month.
