Women now comprise more than 80% of newly established business owners, including many women who own independent insurance agencies. It’s a standout trend from the release of the latest Department of Commerce statistics and one that Sharon Emek has watched take place over the more than 25 years she has spent in the industry.
Emek, who began her career in the 80s, has managed 38 insurance agencies and presided over some of the largest women-owned groups in the country. These days, she devotes her time to running Work at Home Vintage Employees (WAHVE) and speaking on a number of insurance and business issues.
Perhaps because of her current high-flier status, she still remembers the stark contrast the insurance sector presented when she formed her first insurance agency—the Emek Group—in 1988.
“When I first started in the industry, I was the only woman in the office. As an agency owner, I’d have people ask if my father or my husband or my boss sent me. I’d say, ‘I sent me!’” Emek told Insurance Business. “It was challenging.”
Today, Emek believes “women definitely have much more opportunity” in the insurance world. She points to executives like Cynthia Young—former president of Encompass Insurance—as proof that the industry is changing and that women insurance professionals can reasonably include goals like running an international company as part of their 10-year plan.
“There are more women who are able to go up the corporate ladder,” Emek said. “20 years ago, you wouldn’t see the Cynthia Youngs or the Suzanne Nora Johnsons. There are many, many, many more women agency owners all across the country.”
Nevertheless, Emek believes there is room for improvement. The insurance sector is still lagging behind in issues like equal representation on corporate boards and equal pay.
“There are not enough women in the C-suite,” she said. “It’s still run by a lot of old men.”
Additionally, Emek feels women in the insurance sector aren’t assertive when it comes to vying for promotions.
“The back office [of an agency] is mostly women,” she pointed out. “Women don’t ask, so they don’t get. Most aren’t out there in the regular corporate world.”
Still, Emek predicts positive things for women insurance professionals in the future.
“I think overall, it’s an industry that always embraces change,” she said.
