2018 Women in the Workplace report findings including specific analysis of the insurance sector.

1. WOMEN IN THE
WORKPLACE
Insurance Industry Overview
2018

2. 2McKinsey & Company
Corporate America is
not on a path to
gender equality
At current rates, it will take
more than 100 years
to reach gender equality
in the C-suite

3. 3McKinsey & Company
White men
Men of color
White women
Women of color
The insurance industry pipeline starts off better than the pipeline in other industries,
but is leaky—women of color face the steepest drop off
1%
3%
1%3%
5%9%12%
Entry level Manager
Sr Mgr/
Director VP SVP C-Suite Board
62%
25%
12%
71%
18%
8%
75%
17%
62%
25%
55%
30%
43%
10%
38%
16%
31%
10%
45%
33%
10%
7%
10%
MenWomen
% of employees by level in insurance industry EOY 2017
% of women, all
companies 48% 38% 34% 29% 23% 22% 25%
% of women,
insurance industry 57% 47% 35% 28% 18% 21% 26%

4. 4McKinsey & Company
51%
38% 35% 33%
18%
28%
49%
62% 65% 67%
82%
72%
SVPSr Mgr/ DirectorEntry level Manager VP C-Suite
External hiring is skewed toward men from manager level up
Women’s and men’s share of total external hires into each level
Insurance industry1
1 Aggregate results from in Insurance Industry Benchmark (10 companies in industry)
MenWomen
% of women,
insurance
industry
57% 47% 35% 28% 18% 21%

5. 5McKinsey & Company
5%
3%
6%
1%
5%
4%
5%
4%
Sr Mgr/ DirectorManager VP SVP
% of men% of womenPromotions as % of total male/female employees in previous level
1 Entry level not included because employees are typically hired externally into this level; 2 Aggregate results from in Insurance Industry Benchmark (10 companies included – outliers excluded)
Insurance industry2
Insurance industry promotion rates are uneven across genders
The unevenness of
promotions and
external hiring gap are a
primary driver of the
gender gap – not
attrition.

6. 6McKinsey & Company 6McKinsey & Company
To join: Text WOMENWORKPLACE in the body of the
text to this number: 22333 – this will open a thread on
your phone
To send responses: Text A, B, C, D, E or F
corresponding to your answer

7. 7McKinsey & Company
Have you ever felt that your
gender has played a role in
missing out on a raise,
promotion, or chance to get
ahead?
▪ A – Yes
▪ B – No
▪ C – I don’t know
7McKinsey & Company
To join: Text WOMENWORKPLACE to 22333
To send responses: Text A, B, C or D corresponding to your answer
THEME 1: MICROAGGRESSIONS

9. 9McKinsey & Company
SOURCE: 2018 McKinsey and LeanIn.Org Women in the Workplace study
% of women and men who think …
24% 8%
My gender has played a role in missing
out on a raise, promotion, or chance to
get ahead
My gender will make it harder to get a
raise, promotion, chance to get ahead
29% 15%
MenWomen
Theme 1: Women see the workplace as less fair

10. 10McKinsey & Company
WhiteAsian LatinaBlack Lesbian women Men% of women who think …
How women view opportunity
They have equal opportunity for
growth as their peers 57%54%55%55%45% 65%
Promotions are based on fair
and objective criteria
46%45%44%43%32% 50%
The best opportunities go to the most
deserving employees
45%45%44%42%31% 52%
And black women face even greater challenges

11. 11McKinsey & Company
Even though a similar proportion of men and women want
promotions MenWomen
Black women
All women
White women
Latinas
Asian women
Lesbian women
All men
% of employees who want to be promoted
75%
71%
68%
83%
76%
80%
72%

12. 12McKinsey & Company
Would you say your
network is…
▪ A – Mostly men
▪ B – Mostly women
▪ C – Pretty evenly
split
12McKinsey & Company
To join: Text WOMENWORKPLACE to 22333
To send responses: Text A, B, C or D corresponding to your answer
THEME 3: NETWORKS

14. 14McKinsey & Company
Because men typically hold
more senior-level positions,
this means women are less
likely to get access to people
who can open doors for them
14McKinsey & Company
Gender breakdown of women and men’s professional
networks
Women’s
networks
Men’s
networks
27%
Mostly
women
45%
Equal
split
27%
Mostly
men
9%
Mostly
women
55%
Equal
split
37%
Mostly
men
Theme 2: Networks
Numbers may not add to 100% due to rounding

15. 15McKinsey & Company 15
Women interact less with senior leaders
Numbers may not add to 100% due to rounding
I never have a substantive interaction with a
senior leader about my work
I never have an informal interaction with a
senior leader
27%
33% 32% 33% 34%
41%
32%
40%
49% 47% 45%
54%
59%
47%

16. 16McKinsey & Company
% of women% of men
Socializes with me outside of work 55 47
Provides the resources I need to succeed 49 45
Promotes my contributions to others 46 44
Helps me navigate organizational politics 41 37
Creates opportunities for me to showcase my work 45 42
And women receive less support from managers
% of employees who report their manager . . .

17. 17McKinsey & Company
Are you often the only
person in the room of your
gender, race or sexual
orientation in a workplace
setting?
▪ A – Yes
▪ B – No
▪ C – Rarely
17McKinsey & Company
To join: Text WOMENWORKPLACE to 22333
To send responses: Text A, B, C or D corresponding to your answer
THEME 2: ONLYS

19. 19McKinsey & Company
When you are the “only” in
the room, which are you
most likely to feel?
▪ A – Included
▪ B – Left out
▪ C – Fortunate to be there
▪ D – Under pressure to
perform
▪ E – No different
▪ F – None of the above
19McKinsey & Company
To join: Text WOMENWORKPLACE to 22333
To send responses: Text A, B, C or D corresponding to your answer
THEME 2: ONLYS

21. 21McKinsey & Company
Theme 3: Onlys Positive experience
Negative experience
% of men% of women
Under pressure to perform
That your actions reflect on people like you
Fortunate to be there
Included
Left out
On guard
Closely watched
38
31
25
25
23
22
22
10
11
26
11
7
8
10
Not clearly positive
or negative
▪ Nearly 20% of women
describe being an
‘only’ as an everyday
experience. This figure
is 45% for women of
color
▪ Women who frequently
experience being an
only are more likely to
experience
microaggressions and
more likely to leave
Being an only woman feels worse than being an only man

22. 22McKinsey & Company
And women face microaggressions more than men
% of employees who have these experiences during the normal course of business
Needing to provide more
evidence of your
competence than others do
Being addressed in a less-
than-professional way
Being mistaken for
someone at a much lower
level than you are at
Having your judgment
questioned in your area of
expertise
Hearing demeaning
remarks about you or
people like you
16%
31%
16%
26%
10%
20%
36%
27%
16%
10%
MenWomen

23. 23McKinsey & Company
Offer
employees
the flexibility
to fit work
into their
lives
Make senior
leaders and
managers
champions
of diversity
Make the
“Only”
experience
rare
Foster an
inclusive
and
respectful
culture
Ensure that
hiring and
promotions
are fair
Get the
basics
right—
targets,
reporting, and
accountability
1 2 3 4 5 6
Guidelines to
implement
change

24. 24McKinsey & Company
Thank
you
To read the 2018
report go to
www.womenintheworkplace.com
24McKinsey & Company