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New Zealand

Why We Need More Female Advisors

Do you need a nice suit and a math brain to work in the insurance industry? WRONG.

Saturday, July 15, 2023, 12:43pm

The persistent gender gap in life insurance in New Zealand can be observed through two key indicators.

One is that women are significantly underrepresented in the advisory industry. According to the Financial Markets Authority (FMA), as of June 2021, women make up around 28% of New Zealand’s financial advisors.
The second, which may be at least partly the result of the first, is that in countries with overall underinsurance (according to the Financial Services Council study), women are significantly less covered. , they are 14 to 25 percent less insured for injuries than men. life insurance, income protection insurance, etc.

Gemma Vivian (pictured), General Manager of Advisor Engagement Distribution for Partners Life, knew nothing about insurance when she started working in the insurance space about 14 years ago.

“At that time, Naomi-san [Ballantyne] was one of the only female CEOs. The invitation list included about 15 women, as they are actually the only women in the industry when it comes to hosting events for women. When I joined her BDM team six years ago, she was the only two women, now she’s half women on a team of 15 people. ”

“But what I would like to see is more women, especially young women, in the field as insurance advisors because they have a big role to play in education and a big force for change. She points out that, according to anecdotes, about one-third of those receiving PartnersLife Income Security are women.

According to Vivant, a common misconception is that working in insurance requires a good suit and a mathematical mind.

“You are in the human resources industry, not the financial services industry. You are changing people’s lives. There will be more equal insurance protection.”

Vivian points out that insurance advisors have the flexibility to get the most out of their hard work. For example, women caring for young children have flexible hours and can be authentic in meetings (many of which are now online). Attract clients who are attracted to it.

“Dealing with rejection is also a big part of the job, as is the tenacity required to approach and seek connections with people who might be able to help. and a field in which the vocabulary of young girls whose place within it is shaped decisively at a young age by contemporary connections should be more comprehensive.”

The relatively low profile of women in the advisory sector no doubt undermines awareness of what insurance can do, even among policyholders. Her self-employed CPA, Raelene Reese, has extensively covered herself, her family, and her accounting practice over the years, and has spent the last 20 years working with her friends and industry-leading women. I have used the services of one of her advisors. Steph Wiki.

When switching from her previous advisor to Wiki, Reese said, “It was really reassuring to have an insurance representative who knew our family so well and was there to support us. I fell off my bike and pelvic floor. I broke my leg and told Steph about it.” “She was on crutches. She was like, ‘You can claim it. I didn’t even think about it.”

Due to her professional background, the procedure for filing an insurance claim was not difficult, but the strength of the relationship between Ms. Reese, who mentioned that she had been involved in an accident in casual chat, and her advisor, helped her to file an insurance claim. It tells us that it was a necessary trigger for

Reese has ideas on how to improve New Zealand’s dire statistics on personal insurance. “I think people who start a job and join KiwiSaver should also buy insurance. I don’t understand.” If the risk of injury is very high, use a trauma cover. ”

Sheryl Bowie, Director and Executive Coach of Mind Coach, also works with Steph Wiki, having previously hired another advisor, but given her experience, credibility and rapport. He said he chose her. Regarding her specific advice for issues she was unaware of, Bowie said:

“Steph has done a great job of finding ways to get more compensation for pre-existing conditions that no longer exist and risk factors that in my opinion are really unfair to be punished. I was.

“I feel strongly that there is a need to add more financial literacy to the school curriculum, especially for girls and young women, as financial literacy and knowledge will enable them to have more choices later in life. I need to be able to have it.”

What can the industry, and wider society, do about this gender gap across wages, insurance and even kiwi saver inequality? Data collected by the Retirement Commission Te Ara Ahunga Ora show that women’s average balance is 20 percent lower than their average balance. Man?

Getting more women on board and providing guidance to like-minded people is the first step.

The PartnersLife team believes that closing the gender pay gap and properly calculating the value of all work women do, both inside and outside the home, will lead to more equitable insurance outcomes. . The disparity in benefits between men and women is partly due to the fact that men earn more on average than women, and have a higher replacement income if they die or are unable to work.

tag: partners life woman

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