The mean gender pay gap at the Chartered Insurance Institute (CII) has almost halved in just two years.
The professional body had a gender pay gap of 28% in April 2017, whereas in April 2019 the gap had shrunk to 14.77%.
During the last two years the CII has re-evaluated roles to address the historic unfairness towards part-time workers; trained managers to recognise and overcome the unconscious biases; and encouraged social networks within the organisations to support people as they take on more responsibility.
Sian Fisher, chief executive of the CII, said the association can’t be complacent and will always have to be vigilant against bias and continue to monitor and evolve initiatives to support its colleagues.
“I also know what the insurance profession can achieve when it has a clear target and a reliable method for measuring process. I look forward to seeing many firms in our profession making progress in narrowing the gender pay gap,” she added.
To assist the profession to tackle the gender pay gap, the CII’s My Personal Finance Skills programme provides an opportunity to raise the profile of the profession and to encourage both girls and boys to consider the varied roles in the industry.
The CII has also led the Insuring Women’s Futures initiative, which has worked to raise awareness of the gender stereotyping of roles from a very early age and how this affects later pay disparities.
This month, Insuring Women’s Futures will unveil plans to tackle finances being affected by gender.