Insurtech, we've been told, is the next big thing: online and mobile insurance is set to shake up the fossilized insurance industry. While insurtech may be fintech's darling, however, women decidedly aren't. The lack of gender diversity in fintech is very real: women make up only 5% of the senior executives at top 50 EU Fintech companies in 2015.
This week, we asked top women executive in insurtech to share their advice for women (young and older) looking to enter the field. Here's what women CEOs from the U.S. and Germany have to say about breaking through insurtech's glass ceiling.
Jennifer Fitzgerald, cofounder of PolicyGenius
Know the customer and the problems you need to solve for them. This is critical knowledge, whether you're in marketing, product or operations, and is the most effective way to add value when you're new to an insurtech company.
Katelyn Gleason, CEO and Founder of Eligible
It's okay to stay sweet and sincere while remaining focused and driven. When I first started my company I became really hard and cold and it held me back from a lot of relationships and opportunities.
Ann Mond Johnson, CEO of ZestHealth
Think holistically about the problems you’re solving. When you think about insurance, think about both the ease of transacting business using technology and the ability to create a relationship for advice and services. Technology on its own doesn’t do the trick. You need a human component, as well.
Marti Ryan, CEO and Founder of Telematic
The insurance industry is changing at a time when the women’s movement is gaining momentum so the timing couldn’t be better for more women to enter the industry. The industry NEEDS fresh and diverse perspectives to help shape the next generation of insurance.
Marina Zubrod, CEO of Asuro
The insurance business is driven by men, even more than the banking industry. If in the banking industry 2 of 10 professionals are women, in the insurance industry, you're lucky if it's 1 out of 10. My advice to women looking to enter insurtech is that they shouldn't be afraid of presenting themselves in a particular way. Male colleagues will accept and respect women who stand up for themselves, as long as she is suitable for the job. Just speak up and present yourself.