Why female leaders are critical for AI’s success in life insurance

The integration of artificial intelligence and intelligent decisioning is now widely prevalent across the insurance industry. From streamlining underwriting processes to personalizing customer experiences and accelerating claim settlements, AI holds the promise of a more efficient, responsive and ultimately more valuable industry.

However, the true potential of this technological revolution cannot be fully realized without a parallel evolution in leadership, one that embraces diversity and recognizes the indispensable contributions of women. As a woman working at the forefront of insurtech, I have witnessed firsthand the transformative power of diverse perspectives, particularly when it comes to navigating the complexities and ethical considerations inherent in AI adoption.

While women make up approximately 59% of the overall insurance workforce, their representation in leadership roles plummets significantly. A 2024 report by the Triple-I blog states that only about 22% of workers in the C-suite are women.

It is clear that fostering more female leadership within life insurance is not merely a matter of equity, but a strategic imperative for driving truly intelligent innovation and ensuring the long-term success and societal benefit of these powerful technologies.

Mitigating bias in algorithmic systems

One of the most critical areas where women leaders bring a unique and vital perspective to the AI-driven life insurance industry is in mitigating inherent biases within algorithmic systems. AI models are, at their core, reflections of the data they are trained upon. If this data is skewed or incomplete, the resulting algorithms can perpetuate and even amplify existing societal biases. This can potentially lead to unfair or discriminatory outcomes in areas like risk assessment and premium pricing.

Female leaders, with their heightened awareness of equity and inclusion issues, are more likely to critically examine the data sets used to train AI models, ask the challenging questions about representation and fairness, and advocate for the implementation of rigorous ethical frameworks and governance structures. Their focus on ensuring that AI is developed and deployed responsibly is crucial for building trust with a diverse customer base and avoiding the pitfalls of algorithmic bias that could undermine the integrity of the industry.

By championing inclusive data practices and demanding transparency in AI decision-making, female leaders can help steer the industry towards a future where technology serves all segments of the population equitably.

Enhancing customer-centricity and empathy

Beyond the important work of bias mitigation, female leaders also excel at fostering a more customer-centric approach to technological innovation. Although AI offers the potential for unprecedented efficiency, it is essential to remember that life insurance is ultimately about people – their security, their families and their futures.

Women, often recognized for their strong emotional intelligence and empathetic leadership styles, can ensure that the adoption of AI enhances, rather than detracts from, the human element of the insurance experience. They are adept at understanding customer needs and pain points, and can advocate for the design of AI-powered tools that prioritize user experience, accessibility and trust.

Earlier in life, my husband died unexpectedly, and my children and I were left to pick up the pieces without having life insurance in place. My experiences have shaped my approach to this industry, and I look at each and every customer through this type of lens to ensure each family has an opportunity to make the right choice for their individual needs.

Whether it's ensuring that AI-driven chatbots offer genuinely helpful and empathetic support or that automated underwriting processes are transparent and easy to understand, female leaders can champion a vision of technology that empowers and supports customers throughout their journey. Their focus on relationship building and clear communication ensures that the industry's technological advancements translate into tangible benefits and a more positive experience for policyholders.

Driving innovation and collaboration in AI

The infusion of more women into leadership roles naturally fosters greater innovation and collaboration within life insurance organizations. Diverse teams, by their very nature, bring a wider range of perspectives, experiences and problem-solving approaches to the table.

Women leaders often excel at creating inclusive environments where different viewpoints are valued and where interdisciplinary teams can collaborate effectively. The successful integration of AI requires a confluence of technical expertise, actuarial science, underwriting knowledge and a deep understanding of customer behavior. Female leaders, with their collaborative leadership styles, can break down silos between departments and encourage the cross-functional communication necessary to harness the full potential of AI.

By challenging the status quo and promoting creative thinking, they can drive the development of novel AI-powered solutions that address unmet customer needs and propel the industry forward in unexpected and impactful ways. Moreover, a visible commitment to gender diversity in leadership serves as a powerful magnet for attracting a more diverse talent pool, including the next generation of data scientists, engineers and business innovators who will be essential for fueling future technological advancements.

Today’s life insurance industry realizes the transformative power of AI that is poised to reshape its operations and customer interactions. To truly capitalize on this opportunity and ensure a future that is both technologically advanced and ethically sound, the industry must actively cultivate and elevate female leaders.

Women’s unique perspectives, their focus on mitigating bias and enhancing customer empathy, and their collaborative approach to innovation are not merely supplementary benefits, but essential ingredients for success. By embracing gender diversity at the highest levels, the life insurance industry can harness the full potential of AI to create a more inclusive, efficient and ultimately, more human-centered future for all.

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Nicole Mwesigwa is the cofounder and chief operating officer of iCover. Contact her at [email protected].