As the industry continues to address gender disparities, Australian and New Zealand Institute of Insurance and Finance CEO Katrina Shanks writes an exclusive article for insuranceNEWS.com.au

As we mark this year’s International Women’s Day, I find myself reflecting on how far we have come.

Across the insurance industry in Australia and New Zealand, there is a palpable sense of progress. In many organisations, women today have far greater opportunities than they did even a decade ago.

We are seeing more women stepping into leadership roles, stronger expectations around inclusive workplaces, and a level of transparency regarding gender equality that was once unthinkable. 

One of the most encouraging shifts I’ve witnessed is that first step of getting women into management – the “broken rung” on the ladder – is finally being mended.

Recent data from the Workplace Gender Equality Agency reveals promotions from non-manager to manager roles have reached parity.

This is a milestone worth celebrating. It tells us our talent pipelines are healthy and that, at the entry and mid-levels, the scales are starting to balance. 

But, if we are truly honest in our assessment, we must acknowledge that getting women into management is only half the battle. 

The new front line for our industry is retention. While women are taking on manager roles at equal rates, they are resigning from them at disproportionate rates.  

Currently, women account for 46% of manager resignations, despite making up only 43% of the manager cohort. 

This suggests that while we are getting women through the door, the environment they find does not always encourage them to stay. There are still cultural barriers that reinforce the “ideal worker” archetype – the person who is always available, works long hours and has no outside caring responsibilities.  

When career-defining conversations happen in settings that exclude people with family commitments, we inadvertently signal that seniority is reserved for a specific type of person. 

This systemic failure to retain women at higher levels is directly mirrored in our financial metrics. 

In financial and insurance services, the average total remuneration gender pay gap sits at 21.4%. Perhaps more telling is that 85% of insurance workplaces still have a gap above the overall national average, according to WGEA’s 2024-25 Employer Gender Pay Gaps Report. 

The good news is that change doesn’t happen by chance. Research shows that companies that set measurable gender targets for leadership have 11% higher representation of women in executive teams and are 2.7 times more likely to achieve gender balance. Targets drive the accountability and momentum needed to move from good intent to measurable impact. 

In my role, I am a firm believer that balancing the scales is a strategic imperative. Professional generosity – giving time, voice and opportunity to a diverse and vibrant mix of people – is not “soft” and it’s not “feminine”; it is a tool for building a stronger industry. 

When we elevate perspectives from those who have historically been overlooked, we expand our collective intelligence, sharpen decision-making and build an industry that is more resilient, innovative and prepared for what comes next. And right now, we need to be preparing for what’s next.

From a professional development perspective, one of the most powerful ways to advance women is through lifelong learning. When we open doors to skills, qualifications and strong professional networks, we create pathways for women to step into roles where their talent can shine.  

As a professional body, ANZIIF’s role is to champion that capability-building, helping women deepen their expertise, strengthen their leadership confidence and play an equal role in shaping the future of our industry. 

As we wrap up another International Women’s Day, let’s remember that fair systems require intentional design. Leadership happens at every level, and the responsibility to balance the scales belongs to all of us.

When we invest in our people and commit to cultural change, we don't just strengthen the opportunities for women, we strengthen the entire insurance profession.