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Welcome to Insider Insights, where we dive into hot topics facing the financial services industry. Today, we’re excited to speak with Rebecca Dunne, EVP of Affiliated Distribution at National Life and Tina Beckwith CMO for LIMRA and LOMA. Listen in as Rebecca and Tina explore how addressing the life insurance talent shortage and protection gap by expanding the role of women in the industry can drive stronger consumer connections and business growth.
So hello and welcome everyone to the latest episode of Insider Insights, where we explore ideas and innovations that are shaping our industry. I'm Tina Beckwith, Chief Marketing Officer for LIMRA and LOMA.
Today we're going to talk about one of the challenges that sits at the heart of our industry. There's a growing gap in the number of financial professionals that are available to work with individuals, Americans who are either uninsured or underinsured.
And it's a pretty big gap. When we look at it, there are millions of Americans who need more protection.
And we've got about one hundred thousand gap in life insurance agents. And one of the most promising opportunities we have is to expand the role of women in the industry.
I'm really excited to be joined today by Rebecca Dunne, EVP of Affiliated Distribution at National Life. Rebecca has been a leader in building a more inclusive and effective field force where more than half of their agents are women.
So in today's conversation, we're going to explore what's driving their success, why representation matters and how a more diverse field force can better connect with consumers, especially when it comes to the complex and really personal topics like protected lifetime income.
Rebecca is also going to tell us about her perspective on what the industry needs to do differently to attract, retain and develop more women and why doing that just isn't the right thing to do, but it's really important for the industry in the long term.
So let's get started. Welcome Rebecca.
Well, hello and thank you so much for having me.
Yeah, oh, our pleasure. Now I'm curious, going back early in your career, what made you decide to join industry when really traditionally it's been very male dominated?
No, I don't think I really thought much about the fact that it was male dominated. I was really looking for something different, something that had purpose to it. And I was inspired very early. My father was a general agent for over forty four years, and I was able to observe, even as a child, the impact that this industry provided to people.
I had personal experiences with a family friend's father, that my father helped support that family because of his work and because of what he did. So that's really the primary reason that I got into this business, but I didn't really realize the impact until I would say the business really got into me. It's a promise keeping business. It's a business that is really driven towards helping people.
And I think that that really spoke to me and who I am.
Yeah, I love that. And it sounds like your story is quite similar to a number of individuals, right? You joined the industry because it's purpose driven and maybe you knew someone who joined the industry or who was in the industry. Now, given all that, why do you think there aren't as many women in the life insurance industry?
This industry was built at a different era, a different time in history.
It, was a completely different structure that really didn't attend to women at the time, and it was, frankly, a very different mindset. It was not geared to be inclusive of women.
Today, all of that has changed. We don't have rigid structures anymore. And so we are building systems, organizations, distribution opportunities that are really about reflecting what our communities look like. And our communities look completely different. Today, over fifty two percent, I think the number is today, maybe even a little bit higher, fifty two percent or so women work outside the home.
And so that's what's reflected today. That wasn't the case when this industry was born, if you will.
Yeah, that's so true. And you talk about the beginning of the industry and as we are, we have a huge legacy.
With that, there is a big retirement cliff that the industry is approaching and with a huge shortage. I mentioned earlier shortage of about one hundred thousand agents. How do we better appeal to bring women into the industry at this time when it's really important to attract them in order to join the ranks, both at a carrier level? You mentioned distribution as well.
It's a perception issue, in my opinion. I believe that we don't do a good enough story, a comprehensive story to explain to women why this industry is designed almost exactly for them. It gives them purpose. It's a relationship building industry.
It gives you the ability to meet them where they are with flexibility, with opportunity, and that ability to create an impact.
And I don't believe that we tell that story. We're still using the same recruiting models I shouldn't say we, National Life is not, which is why we have such a substantial amount of our, field population are women. But we are looking at how do we meet people where they are? How do we tap into those tapes that get played in their heads that are probably historical and not representative of the contemporary way that women can work and, quite frankly thrive in this business.
Yeah, it is really important that women understand how, what they, maybe their strengths and what appeals to them in a career is just so consistent with what the industry has to offer.
And you mentioned that national life, your field force is fifty four percent female. So was that deliberate? And why? And how did you get there?
You know, it really wasn't sitting down at a strategy table thinking about a number.
It was really about thinking about our purpose, our culture, what our communities look like, and frankly, opening the aperture.
How do we become that inclusive company that reflects the communities we choose to serve?
How do we create flexible models that, again, meet people where they are and give them an opportunity to lead with purpose, to invest in their own development, to provide mentors and helpers, if you will, and support people along the way, and expand opportunities beyond what was traditionally, I hate to say it, but a white male dominated industry. And this is no disrespect to those great creators of this industry, and they're still extremely relevant and helpful. But now they become the helpers. They become the mentors and those leaders that, again, open that aperture and provide a future for multi dimensional types of people that can come into this industry and help more people.
Yeah, you know, I'm glad you mentioned that because men are of course critically important to the industry and not only as mentors but potential sponsors. We talk about women and having the value of an individual who will help sponsor you and provide that mentorship and leadership throughout their careers.
Now you also talked about what's attractive about the industry for women. What do you think women bring to the table? What are their qualities that really help them be successful in the industry?
I have seen women that just thrive in this business and it's because for the most part women are natural educators. You look at the teaching population, so many of that population is women. It just speaks to them and checks their boxes. You look at nursing.
So many, of the nurses today are women because they are natural caretakers. They are natural helpers. And so they bring to this profession those natural tendencies towards education, towards helping, towards being relationship builders. Women are very strong listeners, although my husband would probably tell you that I'm not.
Women are naturally strong listeners.
And they're resilient. They have learned to multitask during the course of their lives, and they can balance emotion with logic, which in my opinion creates much better outcomes. So there are many, many attributes that women bring to this profession. If we can just help them see that in the perspective of this is a career, then they thrive with that support, with that mentorship, and with that sponsorship.
Yeah, well I've never heard that parallel drawn between different career paths that do tend to be female dominated and led to our industry as well. But you're so right, Those characteristics really would lend themselves to women being successful.
Now, along with insurance, there's been a lot of discussion around protected lifetime income and the value that annuities can provide to women as they approach retirement.
Do you find that women respond differently to advisors who understand what their career realities are and whether the careers might have had some breaks due to caregiving responsibilities.
They live longer.
How do you see all that playing together?
You know, again, don't want to be exclusive to male versus female attributes, but there are certain conditions that women tap into differently.
They are natural caregivers. That's really where a lot of that responsibility falls. And women have taken career breaks. It's not linear, right?
It is that opportunity to start work, maybe then start to raise your family, then go back to school. So they have that type of a background. So they think about the world differently many times. They think about the longevity of the income that will come into their family.
You know, financial planning is really not theoretical to women. They live it. They see it. They hold together families many, many times.
And so that lifetime income to many women and men again, but that lifetime income speaks to security, to independence, to being able to retire with dignity, to being able to have an opportunity to take advantage of all the great life that they've already built and be able to continue that as they move into different phases of their life, including retirement.
You mentioned a lot of unique experiences that women have. And I'm sure we've all heard about the great wealth transfer and what's on the horizon for women where it will be common for women to inherit twice, once from perhaps their parents and once from their spouse. So how do you think about those needs?
Because they could really benefit from lifetime income solutions. How do women advisors really help strengthen the guidance that female consumers might need during those types of transitions?
This is a huge question. This is a huge issue. It's almost like the sword of Damocles over the entire industry because trillions of dollars will be transferred to the next generation, and as you say, and then the next generation.
And women are inheriting the majority of that because they do live longer.
And it's just a matter of biology. And so, what we need to understand and realize is that women are not just inheriting wealth.
They are inheriting independence, control, risk management, and they need guidance. And guidance and support comes from building trust. And trust isn't built overnight. So if you as an advisor or an agent have been just speaking to one of the individuals within a couple and not being inclusive of both, and one of those happens to be a woman, and something happens to that spouse, they're not going to have that trust and then listen to your guidance. That's why over seventy five percent of women fire their advisor after the spouse dies. So it's very important for everyone to get ahead of this, male or female, by the way, in that because that wealth transfer is coming again like a tsunami, it's coming. It's already started.
And those advisors that are providing that guidance, that are listening, providing that support, and they are engaging in a very, very deep understanding of needs, desires, and wishes and dreams, that's how they will be successful in the future.
Yeah, and you're right. It doesn't matter whether the advisor is male or female. If they have the ability to tap into and understand those needs, I love that you're focused on the emotional needs because it's huge. They're huge guiding factors in decision making. So I'm curious about how you think about the biggest opportunity for representation for female advisors to really help drive the adoption of lifetime income as one of the tools that's available to create a more secure retirement as you were talking about.
Sure.
Well, at National Life, we have a number of living benefits, one of which is creating that lifetime income for yourself, that forever paycheck.
And I always encourage our advisors and our agents to lead with education, not just the product. To listen, to understand what the little voices in people's heads are sometimes that worry them at night and help them understand those solutions that you can bring to the table that give them opportunity to you the opportunity to remove the complexity, to provide clarity, to provide education, and then opportunity to execute on what they want to do to create that lifetime income opportunity. National Life has been a leader in this market for a very, very long time. We're very proud of that.
It's philosophical for us that our products need to have that type of a living benefit along with protection for those things that people don't see coming, but also be able to take care of people for those things that are going to happen in everybody's future anyway.
Excellent. We've talked about the fact that we've got a big retirement shift happening, a need to bring more advisors into the market.
What advice do you have for women who might be considering growing their career in our industry?
First and foremost, you belong in this business. I am obsessed with this business. I love it. It checks every box for me in terms of having purpose.
You're on a mission. You're on a mission to help more people, and you can bring a lot of passion to that mission, which gives you an opportunity to never get tired because you're just fulfilling your purpose and helping people.
And then working with a mentor and a company that helps you focus that mission and that passion, that gets you these phenomenal opportunities to have a flexible profession that gives you personal reward also.
Look, it is work. It gives you an opportunity to be able to make a phenomenal income for your family and for you, and gives you an opportunity to grow and ultimately leave a legacy.
So for women who think about this business and say, that's not for me, I would just beg you to give it a chance, dig a little bit deeper, try to understand a little bit more because it is so fulfilling and so rewarding and provides so much opportunity.
Yeah, I love that. And I'm sure you, just like I, have loved my career in this industry. It has been really rewarding and very worthwhile. So Rebecca, thank you so much for the conversation today. What I really take away from it is that increasing representation especially with women, it's not just about diversity. It's about understanding consumers, building those relationships and that trust and ultimately helping people achieve their financial security.
As we think about that talent shortage and helping those Americans who are uninsured and underinsured, it's really clear that the path we take to attracting women and supporting the next generation is so important.
I am sure you and I, if women are considering a career in the industry, it's not only an opportunity as you said, women belong here. So take a chance, jump in and chances are you're going to have a really exciting career in front of you.
Absolutely. Absolutely. It's been my pleasure to have the opportunity to talk about this career. I mean, I can talk about it twenty fourseven.
I know my husband kind of goes crazy over it, but it has benefited so many of, so much in my family, but it has I've seen it benefit so many people. And it is creating that diversity of thought, that diversity of what we bring our communities with us wherever we go. And so, again, I will leave you with this, is that, if you're not sure, if you don't truly understand what this business is, give yourself the opportunity to ask the questions and take that opportunity to learn a little bit and work with somebody who is just as passionate and mission driven to bring you into this world of financial services.
One hundred percent. Well, thank you all for listening. If you enjoyed this episode, be sure to subscribe and share it with your colleagues. And until next time, I'm Tina Beckwith, And this has been insider insights.
Thanks for listening to Limra's insider insights podcast series. To hear future podcasts, subscribe at limra dot com forward slash podcast.
