The insurance and reinsurance sector has long been known for its tradition and tight-knit networks. But over the past quarter-century, the landscape has shifted – thanks in no small part to the work of organizations like ISC Group. Founded to address the stark underrepresentation of women in senior roles, ISC has evolved from a handful of London-based executives to a global hub for women’s professional development, networking, and advocacy.
Reflecting on ISC’s origins, chair Barbara Schonhofer (pictured above left) recalled: “There were about 12 senior women in the market 25 years ago who were visible. When I spoke to them individually, they knew of each other, but they didn’t really know each other. I felt we ought to start to actually collaborate.” Early gatherings were informal, but the need for a more structured approach quickly became clear. “We realized we had an issue. We had a database of about 35,000, and only 60 women on it. So we needed to do something.”
What began as a supper club grew into a formal network, then into a community interest company and membership organization. “We became a hub for the industry, with corporate and individual members, a center for sharing knowledge and stories, and a safe environment. We started becoming more serious,” Schonhofer explained.
As ISC grew, so did its ambitions. “We’re in an international market. The same things were happening in other markets, but we’d learned a lot in London about what was needed to encourage women in coming forward,” Schonhofer said. “Having that international reach means that anywhere I go in the world, my connections are phenomenal.”
The group’s evolution from a London-based network to a global community has been marked by a focus on more than just networking. “It’s about professional development, personal development, and the courage of being together,” Schonhofer noted. Recognizing the need for professional management, ISC brought in CEO Carmen Powell (pictured above right) to help drive practical, positive change for women in the industry.
The reinsurance sector, known for its tradition and male dominance, has seen notable progress. “It’s no longer really an issue in the reinsurance market from the point of view of understanding we need diversity of thought. Women have provided the first wave of that,” Schonhofer said. “Women are extremely capable and competent if they’re sitting in the room in this type of environment. We don’t have to even think about that, and the men don’t either.”
Yet, challenges remain – particularly in encouraging women to step up for senior roles. “We’ve got good percentages on boards, but less than 10% for executive director positions. Women don’t put their hand up to go up to the next level. If you’re an alpha female, you’re more likely to do that, but we need a full range of diverse thought,” Schonhofer observed.
Powell added: “There are many male allies who have been great sponsors to women. CEOs are now coming and offering to be male allies. To change culture, men and women have to work together. There’s a lot of female talent coming through, but the pipeline of middle management is not going to reach the top because those women feel unsupported and are leaving in droves.”
The ISC team is candid about the invisible barriers women face – many of which are internalized. “Women want to be perfect because we’ve been told we cannot fail. If we fail, it’s the glass cliff. Women are very self-conscious of that,” Powell said. “Our programs are focused on equipping women with the tools to bring them courage, to ensure they feel they don’t have to imitate a male executive. You have the right to be there, it’s your space, and you can be yourself.”
Schonhofer agreed: “If you know who you are and you feel secure in that, you can bring more value. You stop masking. Not everyone can be a business leader, but right now, in these uncertain times, we need to work together. It’s no longer about inclusion, it’s about collaboration.”
Both leaders emphasize the importance of mentoring and knowledge transfer. “Mentoring is very important at all levels. Even senior women want to have a mentor, sometimes a peer mentor. I’ve learned a lot from men, from my male mentors, just to be a bit more relaxed and kinder. Kindness in business is really important today,” Schonhofer said.
Powell, meanwhile, highlighted the need for intergenerational mentoring: “Younger people are digital natives, but they don’t always have in-depth knowledge. That’s where reverse mentoring comes in. We need to help each other – senior women have experience, younger women bring new perspectives.”
A recurring theme is the risk of losing talented women, especially at the middle management and post-50 levels. “Women over 50, when they are made redundant or even if they were at the top of their career, it’s very difficult for them to get a job. Most go on to boards, but the industry should be unhappy about losing all that knowledge,” Powell said.
Visibility and networking are also key. “Women must remain visible because homeworking is affecting visibility. Men are still going to the office, doing the networking; women are not. Self-care is important, but so is carving out time to go and do that face-to-face,” Powell advised.
Schonhofer added: “Building community is about having trust with each other. Always offer something back, and have the courage to try something different, to go outside your comfort zone, to apply for a job you don’t tick all the boxes for.”
ISC’s global reach is a unique asset. “Reinsurance is a very international business, and we offer that community – no matter whether you are in Bermuda or Switzerland, the ISC community is there,” Powell said. “Sometimes people assume they’re networking within their company, but often they’re not. ISC helps bridge those gaps.”
Schonhofer concluded: “If you get diverse thinking around the board – neurotypical and neurodivergent – you get a better all-round picture before you make a business decision. Women are beginning to affect that culture, especially as non-exec directors. They’re supporting the young women coming up through the business.”
ISC Group’s journey from a handful of senior women in London to the world's largest independent business network for women in insurance with over 10,000 members and 100+ corporate partners has helped shift the conversation about gender and leadership in re/insurance. The focus now is on retaining and promoting female talent, fostering intergenerational mentoring, and ensuring women feel empowered to lead authentically. As the sector continues to evolve, ISC’s work underscores that building a supportive, diverse, and visible community benefits not just women, but the entire industry.
