In the world of insurance, we tend to get lost in the terminology, the many obstacles to go through to get the best policy needed to fit our budget and our finance goals. However, what we tend to not reflect on are the people behind major insurance brands that brought companies up from their lowest points, or ones that were just starting out, to become a well known success today. Believe it or not, many of the famous brands you see nowadays were brought back to life by women. And who knew that women could be so much more than what they are stereotyped as?
Women like Dame Inga Beal are eager to get insurance out to those in need, and to find the best possible ways to help with financial literacy, such as learning new terms, discovering the potential costs between different insurance companies, and finding the right choice for you.
Photo courtesy of Global Good Awards.
As we celebrate women this month, we need to brag about the amazing achievements each woman has done. Inga has done plenty, and her work of today shows it, and it will later on down the road. Beale began her career in 1982 at Prudential Assurance Company in London. She trained in underwriting, and specialized her skills in international treaty reinsurance.
International treaty reinsurance is insurance purchased by an insurance company from another insurer. The company will issue all risks of a specific class of policies to the purchasing company, which is the insurer. The company which issues the insurance is the cedent, or in other words, the party that is involved in an insurance contract that passes on any potential losses to the insurer.
Beale took a break in 1989, and then began her venture to success again in 1992 after leaving Prudential for General Electric’s insurance department, where she worked as an underwriter. Sometime later, she joined GE Insurance Solutions until 2007, where she took on leadership roles in Paris and Munich. Beale continued to hold the reins while gaining leadership positions from businesses like Converium, a Swiss reinsurer, and turned the company around.
In 2008, she joined Zurich Insurance Group as a member of their group management board. The following year, she earned an achievement of Global Chief Underwriting Office, or CEO for short. She also replaced Lloyd’s of London CEO, Richard Ward, and became the first female CEO.
Inga Beale has had a successful career and life since beginning her career in 1989. She has since stepped down from her CEO role at Lloyd’s in 2018, after serving five successive years leading the global insurance and reinsurance market. She has since embedded not only modernization into insurance of today, but also the aspect of seeing history in the making from a female’s perspective.