KPMG Shares How Insurers Can Attract and Retain More STEM Women

KPMG ranked No. 6 on the Fair360, formerly DiversityInc Top 50 Companies list in 2023.

 

KPMG shared ways insurers can attract and retain more women in science, technology, engineering and mathematics (STEM).

The company shared an action list of must-do items for both insurance organizations and individual leaders at all levels:

  • Culture: “It’s really about working culture first, since women need to be treated fairly and equally, and given the respect and appreciation they deserve,” says Holly Ou, Partner and Actuarial Lead, KPMG China. “Culture, from the top down, drives a lot of things, like encouraging work/life balance and flexibility for individuals.”
  • Build the pipeline: Insurers can plant the recruitment seed early, from scholarships and student work placements to sponsoring girls’ STEM competitions and college hackathons.
  • Rethink organizational structures: “Typically, you see the life and data sciences people assigned to a data analytics team as part of IT or Tech departments, but we’re starting to see more companies place their data scientists within the business to bring their perspectives to business decisions. It helps a company connect the dots better and creates more opportunities for STEM women,” said Jessica Hong, Digital Transformation Director, KPMG China.
  • Help STEM women evolve in their roles: “Insurers need to start evolving role definition to encourage more STEM inclusion in job profiles. For example, much of the underwriting and broker role is traditionally viewed as judgement and relationship-based but we need to recognize the importance of data skills across these roles in the future,” said Jeanne Johnson, Principal at KPMG’s US member firm.
  • Representation: “Young women need to see role models and see that they can enjoy healthy work/life balance,” said Helen Stijnen, Partner and Head of Insurance at KPMG in the Netherlands. “We need to spark their interest and show them that this isn’t only an older white man’s world.”

Other ways organizations and leaders can help support STEM women is to be a mentor or sponsor, improve local representation and develop potential talent.

Read more at kpmg.com.