The Power of Mentorship in the Insurance Industry
Navigating the Path to Leadership Roles The journey to leadership roles can be challenging, especially for individuals from minority backgrounds. However, mentorship plays a pivotal role in navigating these challenges, acting as a crucial bridge over the barriers ethnic minority professionals often face in the insurance industry.
Barriers such as lack of representation and unconscious biases can significantly hinder
career progression. Through mentorship, seasoned professionals provide guidance, support, and practical advice, helping mentees overcome these obstacles and build successful careers in insurance.
What Is a Mentor?
A mentor is someone who provides support, advice, and guidance. They invest time in understanding the mentee’s challenges and leverage their own experience to help them improve. This relationship is distinct from that of a manager or boss, offering a more personal and confidential space for growth.
Why Is Mentoring Important for Ethnic Minorities?
Kishan Mangat, Co-Chair of iCAN, explains, “Ethnic minority professionals often face unique barriers in the industry, such as lack of representation and unconscious biases. A mentor can offer invaluable guidance and help mentees identify their strengths, set goals, and develop the skills they need to succeed. Mentors can also provide feedback on crucial decisions, such as career choices or seeking promotions.”
Another key advantage of mentorship is its potential to open doors to networking opportunities. A mentor can connect mentees with influential figures in the industry, facilitating introductions to key decision-makers that can help expand their professional network. These connections often provide insights and opportunities that might otherwise be out of reach, offering mentees a significant career boost – something that I’ve personally benefited from over the years.
Felix Wong, Diversity & Inclusion Consultant at Allianz, shares, “In my experience, mentors have the ability to share their industry knowledge and expertise with mentees, helping them understand the intricacies of the insurance world. This is especially valuable for newcomers or those aiming to expand their skill set. With so much talent leaving the industry, it’s critical that we tap into the wealth of knowledge mentors possess to secure the future of the industry.”
Gen Z and Mentoring
Despite the many advantages, mentorship in today’s post-pandemic world needs to evolve to cater to the unique needs of Gen Z workers entering the insurance workforce. Research from Indeed highlights a concerning trend: 82% of Gen Z respondents have never worked full-time in an office environment, and 85% are worried about networking, learning, and career progression. This indicates that mentorship must adapt to provide additional support in building workplace relationships and connecting with senior leaders.
Enam Islam, iCAN Manchester Lead, adds, “While the traditional mentorship model has its merits, it may not fully address the developmental needs of Gen Z professionals. The insurance industry must innovate its mentorship practices to ensure they are inclusive, accessible, and responsive to the challenges faced by minority professionals and the Gen Z workforce.”
How iCAN is Addressing Mentorship
Recognizing the power of mentorship, iCAN recently relaunched its INspire mentoring platform, designed to connect members with mentors tailored to their specific needs. Whether seeking short-term guidance or long-term support, INspire matches mentees with experienced professionals who are ready to share their insights and expertise. With over 100 senior leaders already committed to mentoring, the platform is a testament to the industry’s dedication to developing the next generation of leaders.
Claudia Critchley from Aviva, one of the members who benefited from the iCAN INspire platform, shared her experience: “So far, mentoring has been one of the best experiences of my career. My mentor and I have had numerous virtual meetings where we discussed topics like personal goals, self-belief, and how to challenge myself more. It’s been an invaluable process of growth and learning.”
Mentorship is a critical cornerstone of professional development in the insurance industry, helping individuals overcome barriers and progress in their careers. It also ensures the industry continues to flourish with a diverse and capable leadership pipeline.
As leaders in diversity, equity, and inclusion, we have a responsibility to champion mentorship initiatives, ensuring every aspiring professional receives the support they need to thrive.