Strategic initiatives, policy reforms crucial to encourage female participation
September 25 2024 by Kristina Shperlik
Gen Re’s Orchis Li sees gender equality as key market driver as the reinsurer’s GM gives her perspective on female leadership and representation in the Hong Kong market.
InsuranceNews Asia caught up with Orchis Li, general manager, Gen Re, and Governing Committee member of the Hong Kong Federation of Insurers (HKFI), to discuss how the insurance industry can be more inclusive and foster female leadership.
IAN: What challenges did you face when advancing your career and how did you overcome them?
Orchis: Women in the professional sphere often encounter a myriad of challenges as they advance in their careers. For me, the most challenging issue is motherhood. In this respect, support networks, including the immediate and extended family, are very important.
I recall when my girls were young, I made a conscious decision to leave the office around 7 pm every day to spend time with them, tuck them into bed around 9 pm, and then attend to any unfinished work. This was before working from home became common, and it required an understanding boss and team to make it work. The number of hours and dedication I put into work is no less than my peers, but the timing certainly differs.
The insurance sector boasts many exemplary women leaders. At the HKFI, we’re proud to have strong representation, with Selina Lau as our CEO and my fellow Governing Committee members Karen Lee, Sally Wan and Winnie Wong.
IAN: How can insurers ensure more female representation in leadership in Asia?
Orchis: An HKFI survey from January 2023 shows progress in gender equality within the insurance industry, with 21% of CEOs being female and nearly a third of respondents indicating that over half of C-suite positions are held by women. However, there’s still room for improvement.
Strategic government initiatives and policy reforms that encourage female participation in these sectors are crucial. Companies can support this by offering flexible work arrangements and adaptable hours for working mothers or primary caregivers, alongside enhanced childcare services.
Embracing a workplace that genuinely values diversity and inclusivity is key to women’s success. This involves not only welcoming but actively seeking diverse perspectives and integrating them into the company’s strategic planning and decision-making processes.
IAN: What advice would you give to a woman looking to advance her career in the insurance industry?
Orchis: Be authentic, courageous and build trust! Technical expertise forms a solid foundation for success, yet developing resilience, adaptability, and leadership skills is equally essential. Keep learning, whether it’s through formal education or keeping abreast of industry trends. It’s the synergy of knowledge, networks, and confidence that propels your career forward.
In the current landscape, organisations are placing a higher emphasis on diversity in leadership, prompting more robust diversity initiatives. This environment offers women a platform to champion inclusive and equitable workplace cultures. Aligning with companies that prioritise gender diversity can be advantageous, as they often support career progression.
Proactivity is key in advancing one’s career. Seeking out opportunities, volunteering for challenging projects, and showing interest in leadership positions, coupled with a readiness to embrace calculated risks, can set the stage for success.
IAN: Can you give examples of how organisational culture can help employees shape leadership style?
Orchis: A culture that values open communication and flat hierarchies may encourage a participative leadership style, where managers seek input from team members and make decisions collaboratively.
This can lead to a more democratic approach to management, fostering a sense of ownership and accountability.
If a company loves new ideas, leaders will likely inspire their teams to think big and push boundaries. This type of culture often leads to a more dynamic and adaptable management approach.
A company’s deeper values, like caring for society or personal growth, shape leaders as in such companies they might put their team’s needs first or act as mentors, helping everyone grow and succeed together.
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