Influential Women in Captive Insurance: Kara Ebanks
Kara Ebanks, Head of division of the Insurance Supervision Division, Cayman Islands Monetary Authority
Kara Ebanks has more than 21 years of experience in the insurance industry, beginning her career as an account administrator with various insurance managers in the Cayman Islands and later joining the Cayman Islands Monetary Authority in the Insurance Supervision Division as an analyst in 2007. Subsequent promotions resulted in her appointment as head of the insurance supervision division in July 2023.
Throughout her tenure, Ebanks has been actively involved in international engagements on various conferences and stakeholder meetings, including the International Association of Insurance Supervisors, the Group of International Centre Supervisors and the Caribbean Association of Insurance Regulators, where she is currently the association’s president.
Ebanks holds a Bachelor of Business Administration with a concentration in accounting from the University College of the Cayman Islands and a Master of International Business (cum laude) from Florida International University. Ebanks holds the designation of International Fellow of the National Association of Insurance Commissioners and the Toronto Centre and is a Re Scholar of the Reinsurance Association of America.
How did you get started in the captive insurance industry?
I stumbled upon the captives industry while job hunting after completing high school. Prior to this, I had no knowledge that the industry even existed. From that moment, insurance has dominated my career. Considering my passion for the industry, I do not foresee that changing in the near future.
Who inspired you or acted as a mentor in your career?
To narrow my influencers to just one person would be difficult as I seek to learn something new from everyone who crosses my path. The captive insurance industry is supported by an array of knowledgeable service providers and regulators, all of whom will offer their support at the drop of a dime, including some incredible women.
I’d like to especially mention the managing director of the Cayman Islands Monetary Authority—Cindy Scotland, who has been exceptionally supportive of me during my career.
What do you think deters people from entering the world of captives?
The lack of awareness of the captive insurance industry as a possible career avenue limits entrants. The insurance industry has long faced challenges in recruitment especially with the ageing population of the workforce and the threat to the knowledge gap. However, the impact on the captive insurance sector is more significant given students and young professionals are not aware of the career opportunities within the sector, impacting the drive for new talent to see the possibilities it presents.
People like me were introduced to the sector by chance. With global increases in captives growth, a greater focus on education and networking opportunities for young and new professionals in the captive insurance industry will increase the talent pipeline of attracting new professionals and talent to the sector so that captives remain a viable risk mitigation solution.
How can mentorship and sponsorship programmes be designed to better support the career development of women?
Mentorship and sponsorship programmes offer tremendous value to new and seasoned captive professionals, particularly for women, since insurance has traditionally been a male-dominated field. Through supportive communities, women can grow personally and professionally with new talent being able to leverage on the personal experiences of others.
Newer captives sector professionals are given the support to offer new perspectives and innovative ideas, creating safe spaces for the development of the sector’s future leaders and promoting gender diversity.
In what ways can companies in the sector create a more inclusive culture that actively promotes gender diversity at all levels?
With heightened recruitment competition and drive for top talent attraction and retention from a limited skill pool, companies should implement strategies that focus on diversity and ensure fair hiring and career development practices. A greater emphasis on employee engagement and fostering a positive work environment through effective communication and adaptability will create greater inclusivity, considering varying work models and changing skill requirements.
“Diversity embedded into the organisational culture creates higher productivity, greater innovation, better decision-making, and more engaged employees.“
What challenges are gender-specific to women in the captives industry?
The pathway for leadership roles for women in the captive insurance industry is difficult. While women have been in the insurance industry for hundreds of years, they hold fewer top management positions in the sector and remain under-represented. Disproportionally, women hold more entry level and administrative roles, indicating that while the industry is making strides towards gender equality, there is still significant progress to be made across all organisational levels.
The retention rates of women in the workplace are lower, given the under-recognition, pay gap, lack of career progression opportunities and lack of inclusive culture. The lack of diversity initiatives, strategies and investment creates an unconscious bias, whereas diversity embedded into the organisational culture creates higher productivity, greater innovation, better decision-making, and more engaged employees.
What solutions would you like to see?
Having transparent hiring and development practices, fair pay and compensation commitments and cultural practices that seek to engage and empower all employees to contribute, create goals that focus on improving gender diversity.
Providing leadership development programmes specifically for women, including mentoring, coaching, and training, facilitates the advancement of women to leadership positions. It’s far harder to walk the walk of diversity, equity and inclusion than it is to talk the talk. Through providing diversity training for all employees and demonstrating a shift in attitude and culture, a more inclusive workplace can be achieved.
What are your ambitions?
I’ve always aspired to be authentic. I recognise that the insurance industry is vast, with many global interactions, increased growth in formations and expansions of business or transactions that can present complex challenges. There is greater value in diverse perspectives and contributions so I share my experiences to contribute to the coordinated efforts in overseeing and fostering the growth in the industry with an aim that I may impact someone’s perspective in the same way so many others have impacted mine.
Women play an important role in the insurance industry, as we bring unique perspectives and drive positive change. I am also keen to help aspiring young professionals to develop their skills and knowledge in the sector, to create an empowered workforce that retains the current, and attracts the next, generation of insurance professionals.
Click here to read Captive International’s first Influential Women in Captive Insurance publication, celebrating the women transforming the captive sector through their sustained excellence and leadership.
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