Breaking the glass ceiling: Cayman Forum flags women in leadership
The Cayman Captive Forum 2024, taking place in Cayman this week, has hosted a panel discussion on ‘Shaping the Future of Insurance: Women in Leadership’, that looked at the evolving role of women in insurance – and what still needs to be done.
Moderated by Alanna Trundle, president of GCM, the panel featured Faith Dube, deputy chief operating officer at Nassau Re (Cayman); Lisa Marecki, senior vice president at Arch Insurance Company; Kara Ebanks, head of division, Insurance Supervision Division at the Cayman Islands Monetary Authority; and Jessica Powell, senior vice president at Aon. They addressed pressing issues, including challenges women face in the insurance industry, mentorship, work-life balance, and leadership qualities.
Powell highlighted the industry's lack of visibility. "No one grows up thinking, ‘I want to go into insurance.’ It’s not something people are comfortable with unless they’ve had some exposure or a mentor guiding them," she remarked. She stressed the importance of early education and awareness about the field, particularly for women. “We need to be deliberate in raising awareness through associations and regulatory frameworks,” she added.
Dube agreed, pointing out how the limited representation of women in leadership roles creates barriers. "It’s daunting for women to juggle family and career, and the lack of relatable role models can deter them from entering or advancing in this rewarding industry," she said. However, she noted that mentorship and targeted education could help bridge the gap and inspire confidence in women to pursue careers in insurance.
Mentorship emerged as a cornerstone for career development. Dube shared how mentors have shaped her career, helping her navigate challenges and develop transferable skills. "Mentorship provides a safe environment to acquire leadership skills and build professional networks," she explained.
Marecki highlighted the value of having multiple mentors. "I had a technical mentor to help me learn the intricacies of captives and another mentor focused on management. They pushed me to apply for roles I didn’t think I was ready for," she said. Marecki’s approach underscores the importance of seeking diverse mentors who can guide different facets of career growth.
Balancing career and personal life is a perpetual challenge, particularly in demanding roles, the panel agreed. Ebanks discussed the importance of building a strong support network. "I’m fortunate to have my family here in Cayman, but for those who don’t, outsourcing childcare or creating a support system through networking can make a difference," she noted. She also urged organisations to foster work-life balance through policies such as mental health days and flexible work arrangements.
Marecki shared her own experiences managing a career while raising two children. "I had a great support system at home, including a reliable daycare provider who was like an extra set of grandparents. But I also learned to prioritise self-care, particularly during the pandemic," she said.
Powell offered a unique perspective as someone without children. "Work-life balance isn’t just about family; it’s about accountability to your own mental and emotional well-being. Sometimes that means therapy, watching a football game, or simply stepping back," she said.
On leadership, Ebanks emphasised the distinction between managing and leading. "Leadership is about developing your team, setting the tone for succession planning, and being inclusive and adaptable," she said. She also debunked the myth that great leaders are born, advocating for deliberate capacity-building and mentorship to develop leadership skills.
"Leadership isn’t just about technical skills; it’s about showing up and being strong in your capabilities, even in areas outside your comfort zone," she concluded.
Trundle summarised the panel’s message on leadership: "Leadership isn’t about having all the answers; it’s about creating an environment where others can contribute their strengths and ideas."
The discussion underlined the need for structural and cultural changes to support women in insurance. Early education, diverse mentorship, and organisational support systems are critical. As Powell said: "We need to take ownership of our own success and well-being while building supportive ecosystems for others."
By fostering inclusivity, mentorship, and adaptability, the industry can create a more equitable and dynamic future the panel stressed.
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