What International Women’s Day 2024 Means to Our Business
Roots Automation's Co-founder & CEO discusses the contributions and challenges of women working in AI for Insurance
To observe International Women's Day (#IWD2024), I thought it would be a good opportunity to reflect on the progress made towards gender equality and the work that still lies ahead – especially in insurance and technology fields.
Right now, the statistics around gender diversity paint a clear picture: while efforts are being made, there is room for improvement when it comes to equity and inclusion for women in these male-dominated spaces.
Women make up roughly one-half the US workforce and among workers with college degrees, women outnumber men.
While the insurance sector’s total workforce is approximately 60% female, only around 29% of senior leadership positions in insurance are occupied by women. In tech fields, women represent only around one-third of the workforce — perhaps relatedly, according to an Accenture study, 50% of women leave their jobs in the tech industry by the age of 35.
As an Insurance AI business, Roots Automation is committed to creating opportunities for women not only because it’s the fair thing to do but because it’s also a business imperative that can yield a significant competitive advantage.
Here's why:
Numerous sources have shown diverse teams flat-out perform better. A recent McKinsey study conducted by that company's insurance practice reported that businesses in the top quartile of gender diversity for their industry are 36% more likely to outperform other businesses.
Also, businesses that embrace gender-diversity have the advantage of unlocking the value that comes from a wide variety of perspectives, experiences, and viewpoints. Enabling a fusion of ideas is crucial to our businesses’ capacity to solve complex problems and drive innovation.
Beyond top-line and bottom-line success, gender diversity ensures a business’s workforce reflects the communities it serves. Speaking from experience, knowing the needs and values of our customer base helps to connect Roots Automation to our customers and makes us a more agile and responsive business team.
The insurance industry is facing a talent crisis. If current trends persist, we could be in danger of lacking skilled professionals to tackle emerging challenges and capitalize on new opportunities.
From managing climate risks to navigating the Fourth Industrial Revolution to the transition to a green economy, the world looks to the insurance industry for leadership and solutions. Having a diverse, innovative workforce is critical to us meeting these expectations. By embracing gender diversity and creating an inclusive culture, we can attract and retain top talent.
Since its inception in 1977, International Women's Day has been an occasion to inspire positive change, gaining momentum from the achievements of those it has inspired. At Roots Automation, we are excited to do our part by embracing this year’s campaign theme, #InspiringInclusion.
We are committed to continually building an environment where women can thrive and contribute their talents and unique perspectives to shape the future of AI for Insurance.
So, as we observe IWD, Let’s celebrate remarkable women who have broken barriers and paved the way, while intensifying our focus on creating more inclusive and equitable workspaces where talent and potential know no gender boundaries.
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