Future Generali India Insurance Company, a leading private general insurance provider in India, was recognised as the “Best Organisation for Women Empowerment” at the 6th Women Empowerment Summit and GIWL Awards 2024. The company has consistently prioritised building a diverse and inclusive workplace. By creating fair opportunities for women in insurance, the company puts a strong focus on gender diversity. More than just increasing the number of women in their workforce, Future Generali is committed to promoting women in managerial roles. Currently, the company has 25 women in leadership positions and 17 women as managers. These numbers are expected to grow.
How Future Generali’s #DontBeAPlus1 campaign is changing women’s health coverage
For International Women’s Day 2024, Future Generali India Insurance launched the #DontBeAPlus1 initiative. This campaign raised awareness about the importance of having health insurance that addresses women’s unique needs. These issues come at various life stages and the campaign shows that women do not have to be a ‘plus one’ on a man’s policy. It also seeks to close the gap between what women need and what is currently offered in health insurance.
The campaign is a thoughtful step in the company’s commitment to diversity, equity, and inclusion (DEI). It moves beyond traditional reliance on a man’s coverage. This change ensures that women receive more fair and adequate health insurance, rather than just being an extra on a male-centred policy. The #DontBeAPlus1 campaign also won silver at the prestigious Abby One Show Awards for Innovative Use of Branded Content and Innovative Use of Integrated Media.
Opportunities for women in insurance: Empowering women
In India, most insurance agents at the ground level are women. However, there is a limited representation of women in leadership roles within the insurance sector. Men traditionally dominate the insurance sector. It is especially true in top management roles. That creates a cycle where men are more often promoted to leadership positions.
To address this imbalance, FGILI has implemented various initiatives throughout the year. These initiatives aim at attracting, retaining, and developing women’s talent. Moreover, they ensure equal opportunities for growth and leadership positions. At FGILI, women leaders currently make up 25% of the company’s strategic roles.
These initiatives include mentorship programs like ‘She Leads’. it has completed two seasons and positively impacted over 200 female colleagues. Additionally, the company offers leadership development and networking forums. Furthermore, they offer specialised training programs for women. FGILI also encourages the next generation of women leaders through initiatives like FG Cub, a scholarship program for the daughters of employees.
Opportunities for women in insurance: Future Generali’s commitment to promote women in sales leadership
It is a concerning reality that sales managers often overlook women job candidates, assuming they won’t be as successful in closing deals. A study by Wharton Professor Janice Madden at two large stock brokerages revealed that female salespeople earned less than their male peers. It was due to companies assigning women less profitable accounts and not providing them with the necessary support, such as staff and mentorship. While this study is on a small scale, it raises concerns about the broader prevalence of such discrimination in a patriarchal society like India.
Future Generali already has a significant representation of women in both sales and non-sales management roles. However, the company is committed to further increasing this presence, particularly in sales leadership positions. One key initiative is the FG Shakti program, an all-women sales channel. This program aims to address the challenges faced by women with personal and familial commitments. It helps them balance their professional careers with their responsibilities at home.
Celebrating and developing women leaders
Women currently make up 30% of Future Generali’s workforce. However, Reena Tyagi, CHRO of Future Generali India Life Insurance, noted the need for more women in management roles. To address this, the company uses a two-part approach: developing internal programs like FG Lead and recruiting talented women from outside.
The FG Lead program, which lasts two years, aims to develop high-potential employees. The company identifies candidates based on their performance and potential using the Lifetime Partner (LTP) behaviour framework. After selecting candidates, they receive personalised development plans to prepare them for future leadership positions.
Another key initiative is the SheRise program, which builds a strong community for women managers. It focuses on four main areas: community building, promoting well-being, enhancing business impact, and professional development. SheRise encourages collaboration and sharing experiences, helping women learn from each other’s successes and challenges. Within SheRise is the Be Bold program, which celebrates the achievements of Future Generali’s women by sharing their inspiring stories both in and out of the workplace.
The final thoughts
Future Generali India Insurance Company is setting a strong example in empowering women and creating a supportive work environment. Their recognition as the “Best Organisation for Women Empowerment” shows their commitment to not just hiring more women but also promoting them into leadership roles. The #DontBeAPlus1 campaign, along with initiatives like FG Shakti, FG Lead, and SheRise, highlights the importance of addressing women’s unique needs and supporting their professional growth. The approach taken by Future Generali shows how organisations can improve gender diversity, support women’s careers, and create fair opportunities for all employees.
Disclaimer: The views expressed in this article are based on the writer’s insights, supported by data and resources available both online and offline, as applicable. Changeincontent.com is committed to promoting inclusivity across all forms of content, which we define broadly to include media, policies, law, and history—encompassing all elements that influence the lives of women and gender-queer individuals. Our goal is to promote understanding and advocate for comprehensive inclusivity.
