Allianz Executive: 'Diversity Makes Us More Successful' - Insights on Gender Quotas & Leadership
Women in executive positions remain rare in Germany's corporate landscape, but notable exceptions like Laura Gersch—Board Member for Corporate Clients and Human Resources at Allianz Life—demonstrate the value of diverse leadership. In an exclusive interview, Gersch discusses gender quotas, why mixed teams often outperform homogeneous ones, and how diversity and inclusion strategies contribute to business success in the insurance industry.
The Quota Debate: From Skepticism to Support
Insurance Journal: Women are still rare in German boardrooms. Legislators are changing this with quota regulations. From your perspective, Ms. Gersch, is this a good idea?
Laura Gersch: I long believed quotas shouldn't be necessary. After all, women represent half the population. It should be self-evident that women help decide how we at Allianz design products or interact with our customers. Moreover, studies show that mixed teams generally perform better. This insight has been established at Allianz for years, and since the beginning of 2021, there's been an even higher proportion of women on the corporate board.
Insurance Journal: How high is that percentage?
Gersch: Women now represent 30% of corporate leadership. At Allianz Life, it's even slightly higher at 33%. However, looking across Germany, voluntary commitments alone aren't sufficient. Among Germany's top companies in the DAX and MDAX, women hold only 10.1% of leadership positions. In 2020, the proportion of women actually decreased among the 30 DAX companies. That's why I'm now convinced quotas are necessary—at least for a certain period—to permanently establish diverse teams at all decision-making levels.
It's also important to say that quotas alone aren't enough. Conditions for better work-life balance must change, and we need more role models showing it's possible.
Beyond Quotas: Creating Supportive Environments
Insurance Journal: What exactly do you envision?
Gersch: Much has already happened in Germany. Regarding childcare, other countries—like Sweden—are significantly ahead of us. There, getting a daycare spot isn't a question. Here, childcare facilities sometimes close early afternoon—that's extremely difficult to reconcile with full-time employment.
Different Leadership Styles: Learning from Diversity
Insurance Journal: You've already noted that mixed teams achieve better results. You worked closely with Allianz CEO Oliver Bäte. What did you take from that time, and do women lead differently?
Gersch: As Oliver Bäte's office manager, I learned a great deal. One thing particularly stuck with me—his approach of not allowing hierarchies in thinking. A good idea is a good idea, regardless of who suggests it. When everyone contributes with their strengths, experiences—and indeed as whole people—the organization becomes more successful.
And yes, I as a business administrator with experience domestically and abroad, and as a mother of two small children, certainly lead differently than an Asia-born lawyer without children or a mathematician with three adult children who has worked at various insurers in the German market. When we all work on the future of retirement provision with our different perspectives, experiences, and leadership styles, that's good for Allianz and positive for our customers too.
Broader Diversity: More Than Just Gender
Insurance Journal: So it's the different perspectives that make diverse teams successful?
Gersch: Yes, we've talked a lot about gender. However, that's only one aspect of diversity. For me, age, background, and experience also belong to it. When different people with various backgrounds come together, better ideas emerge, evaluations become more comprehensive, and results improve.
It's not about disadvantaged women, but about properly representing our society. And that's in the interest of our customers and all stakeholders.
Business Implications: Why Diversity Matters in Insurance
The insurance industry faces unique challenges where diverse perspectives provide competitive advantages:
1. Product Development: Diverse teams better understand varied customer needs across demographics, leading to more inclusive insurance products and retirement solutions.
2. Risk Assessment: Different backgrounds contribute to more comprehensive risk evaluation and underwriting processes.
3. Customer Relations: Representative leadership improves trust and communication with diverse customer bases.
4. Innovation: Varied perspectives foster creative problem-solving in an industry undergoing digital transformation.
The Path Forward: Practical Steps for Insurance Companies
Based on Gersch's insights, insurance organizations can:
1. Establish clear diversity goals beyond gender to include age, background, and experience diversity
2. Implement mentorship programs that support underrepresented groups in leadership pipelines
3. Create flexible work arrangements that accommodate different life circumstances
4. Measure outcomes not just representation, but how diversity impacts business results
5. Foster inclusive cultures where different perspectives are genuinely valued in decision-making
Conclusion: Diversity as Business Imperative
Gersch's perspective reflects a growing recognition in the insurance industry: diversity isn't just a social responsibility but a business imperative. As customer bases become more diverse and challenges more complex, organizations that harness varied perspectives will likely outperform those that don't.
The journey requires both structural changes like quotas and cultural shifts that value different leadership styles and life experiences. For insurance professionals and companies, embracing this broader understanding of diversity may prove essential for long-term success in an evolving marketplace.
Insurers and brokers struggle with high backlogs in claims management, increasing claim frequencies, skilled labor shortages, and growing customer expectations. Manual processes are expensive and slow.