Mentorship programs for women in insurance have proliferated in recent years. Efforts to help women navigate the industry and overcome barriers in the workplace by connecting them with women in senior roles have been an important tool in diversifying leadership in insurance.
However, a new report reveals gaps in mentorship and allyship for women that may be reinforcing the gender “glass ceiling.”
EY Canada’s latest women in insurance study, which surveyed more than 1,000 participants, showed women are somewhat dissatisfied with participation in networking and mentorship events. The category netted the lowest score in the online survey, with a 2.87 out of 5.
With a score of 3.97 out of 5, the women surveyed agreed they had advocates in their organizations who could vouch for them. But there appeared to be little to no opportunity to take advantage of such support.
While lack of confidence played a role in this dissatisfaction, women surveyed by EY Canada also noted challenges in finding the right connections to build rapport and skillsets.
At the same time, limited resources and investment in these events lead to them not taking place frequently enough, preventing women from fully enjoying the benefits of these opportunities.
Cassandra Chowdhury (pictured below), senior manager at EY Canada, said some pitfalls in women’s mentorship programs are tied to the lack of female representation in C-suite and senior roles.
“In our research, we found that the glass ceiling and lack of women in leadership create a ripple effect,” said Chowdhury. “With fewer than 20% of leadership roles filled by women, those in such positions are stretched thin. They often mentor many mentees, but the relationships become surface-level check-ins rather than meaningful guidance.
“One interviewee shared, 'I see my mentor once every three months. It feels more like a check-in than a relationship that can help advance my career.' Female mentors simply don’t have the capacity to deeply invest in numerous mentees while balancing their responsibilities. This isn’t their fault – it’s an imbalance caused by the system.”
To address this, Chowdhury said insurance organizations need more women in leadership, which naturally increases the number of available mentors. At the same time, organizations must rethink how they structure mentorship programs.
“Many women (in the EY Canada survey) said they felt coffee chats and mixers were unhelpful,” Chowdhury told Insurance Business.
These casual formats, she said, often lead to shallow interactions rather than deep connections. However, women thrive in mentorships that foster more sustained and meaningful engagement. Organizations should consider alternatives like in-depth programs, shadowing opportunities, or even surveying employees about what they need to grow in their careers.
Insurance is also vast and varied and many professionals end up in the industry almost by accident and stay for years. To help women get on more strategic paths of advancement, companies could offer networking and mentorship opportunities tied to specific roles or skills.
The underrepresentation of women in leadership roles remains a glaring issue. Fewer women at the top means fewer opportunities for mentorship and guidance.
Chowdhury emphasized the need for companies to rethink their promotion practices, adding that without intentional effort, the cycle of underrepresentation will continue unchecked.
“Organizations must evaluate their criteria for leadership roles. Are they focusing on the right skill sets? Are they considering diversity as a strength?” she said.
Clear pathways for advancement are also a key factor in breaking down these barriers. Structured programs, including job shadowing and networking initiatives, can provide women with more tangible steps toward leadership.
“It’s not enough to say, ‘We support diversity.’ Companies need to create mechanisms that actively enable it,” Chowdhury said.
What are your thoughts on women’s mentorship programs in insurance? Do you agree with the EY Canada survey’s findings? Please share your comment below.