CICA Task Force Will "Amplify Women" in the Captive Insurance Industry

The Captive Insurance Companies Association (CICA) has launched "Amplify Women™," a new task force focused on connecting women with opportunities for education, networking, and influence in the captive insurance industry.

"Creating a group to help women advance their captive insurance careers is one more component of helping to prepare the next generation of captive leaders," said CICA President Dan Towle.

The task force chose the name "Amplify Women™" to represent their efforts to address the gap in women leaders. Insurance industry studies show women make up over 60 percent of the workforce in the industry, but when it comes to officers and other senior-level positions, those numbers drop below 20 percent.

A recent McKinsey & Company study, titled "Closing the Gap: Leadership Perspectives on Promoting Women in Financial Services,"¹ suggested that the steep drop-off of women between entry-level and middle-management positions in the industry is the result of a number of factors. "Most notably," the report said, "many women early in their careers do not aspire to top positions, and even when they do, they often lack the support needed to rise to the top."

Among other conclusions, including the importance of rebranding the industry to make it more attractive to women, the report maintained that "moving toward gender parity at the top will require corporate leaders—both male and female—to view gender equality as a strategic priority and one that is integrated into the organization's day-to-day work."

For its part, CICA's Amplify Women™ will focus on representing women in educational opportunities such as speaking at conferences, publishing articles, teaching, and academic partnerships. The group will also address opportunities for influence, such as serving on captive association and industry boards.

Developing in-person and online networking opportunities will be another core component of the group's efforts.

"As we look at developing future leaders to replace the many senior-level individuals in the captive industry who are retiring, it is a perfect time to encourage and support women leaders," Mr. Towle explained.

In support of Amplify Women™—and all of CICA's NEXTGen and professional development initiatives—CICA is continuing to make changes to provide more education and leadership opportunities within the organization.

"We've been making changes to the CICA Conference for several years, starting with our professional development track. In our 2020 call for presentations, we increased our emphasis on having speakers diverse in gender, race/ethnicity, location, and employment, as well as diversity in thought and opinion," Mr. Towle said.

A group of founding members is developing the framework and identifying initial opportunities for Amplify Women™. To sign up for updates from Amplify Women™ or to learn about all of CICA's professional development programs for members, visit the CICA website.

1. Stacey Chin, Alexis Krivkovich, and Marie-Claude Nadeau, Closing the Gap: Leadership Perspectives on Promoting Women in Financial Services (McKinsey & Company, September 2018) https://www.mckinsey.com/industries/financial-services/our-insights/closing-the-gap-leadership-perspectives-on-promoting-women-in-financial-services.