CII reduces gender pay gap by almost half
The mean gender pay gap at the Chartered Insurance Institute has almost halved in just two years.
It is two years since organisations in the UK started publishing figures on the gender pay gap.
The CII can now report while the professional body had a gender pay gap of 28 per cent in April 2017 in April 2019 the gap had shrunk to 14.77 per cent.
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, CEO of the Chartered Insurance Institute, said:
“Understanding the scale and nature of the problem and mastering the tools that can help us resolve it means that progress can be – and is being – made.
“I'm very proud that the CII has reduced its own mean gender pay gap. I know that we can't be complacent, that we will always have to be vigilant against bias and continue to monitor and evolve our initiatives to support our 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.”
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 our profession and to encourage both girls and boys to consider the varied roles in our profession.
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.
Next month (November) Insuring Women’s Futures will unveil plans to tackle finances being affected by gender.
The Chartered Insurance Institute (CII), the leading professional body for the global financial services profession, exists to promote higher standards of integrity, technical competence and business capability. With over 115,000 members in more than 150 countries, the CII is the world's largest professional body dedicated to insurance and financial services.
Our membership covers all disciplines within the insurance industry (claims, broking, underwriting), those working in the life and pensions sector, the mortgage advice market and financial advisers (under the Personal Finance Society brand).
Our Royal Charter requires us "to secure and justify the confidence of the public" in our members and in the insurance and financial services sector.
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