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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 27, 2019 01:52 PM (EDT)
In this AMBestTV episode from the 2019 InsureTech Connect conference in Las Vegas, NV, Jennifer Byrne, co-founder and president, Quesnay; Carey Anne Nadeau, founder and chief executive officer, ODN; and Kate Terry, co-founder and chief operating officer, Surround Insurance, said the ranks of women in insurtech may be small, but creativity, resourcefulness and industry knowledge build impact. Click on http://www.ambest.com/v.asp?v=diversityinsurtechpanel919 to view the entire program.
According to published reports, just 2.2% of venture capital funding went to female-founded businesses in 2018; however, Byrne said she is seeing the tide starting to turn.
“Over the years, I have seen that there is a tendency for venture capital firms to invest in things and people that they relate to and know,” said Bryne. “However, recently, I have observed that this is starting to change, not only because women are starting companies at a faster pace, but the venture capital firms have realized that they do need to hire and promote women within their organizations, as well as create a more diverse platform and invest in more diverse founders.”
Terry highlighted why more female founders are needed.
“Economic and social systems that suppress the ideas and the drive of more than half the population, as well as do not allow ideas to rise to the top are not a meritocracy,” she said. “Systems like that are not getting the best ideas out there and are not delivering the best economic and/or social results. It is not just about doing what is right; it is also about doing what is economically right.”
Nadeau believes one of the ways to tackle the subject of lack of diversity in the insurance industry is by encouraging employees to network, be creative, set up mentoring opportunities and eschew perceived rules. “Take the opportunity to step out and say, ‘The rules do not apply to me, and I am going to make them up as I go, which means I am going to ask for that introduction and create a community around instead of waiting for someone to ask me into their circle,’” she said.
For full video coverage of the InsureTech Connect conference, including exclusive executive interviews, visit http://www.ambest.tv/itc19 .
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