Empowering Women in Insurance
These responses were part of a written interview with Romaney O’Malley, Group Chief Financial Officer, bolttech. The original write-up was first featured on InsuranceAsia News.
1. Can you please share some insights into the early part of your career as a woman working in the insurance industry?
I started my career in Sydney but pretty quickly moved to London because of the obvious opportunities there. That was a pretty well-worn path for many Australians because it gives you a more global perspective when you think about your career in the insurance industry. I gained experience working with Aviva, GE Capital and Swiss Re which gave me a strong base of foundational knowledge to work from. A little later, I took a calculated risk by moving to Johannesburg which is where I joined AIG. This was a major turning point in my career and opened the door to some key career opportunities that I may not have had if I was not in an emerging markets environment. It wasn’t without its uncertainties, but taking risks has always been part of my approach to personal and professional growth.
I was lucky enough to have many accomplished female role models to learn from, for example Inga Beale, Clare Bousfield and Amanda Blanc amongst many others. They were all very authentic in different ways and it gave me a lot of confidence to create my own path.
As my career progressed, I became much more attuned to where the future of insurance is headed and where innovation and new opportunities would arise. This led me to my decision to join Asia-based, global insurtech bolttech. The company’s vision and values aligned perfectly with my ambition to be a part of where the industry is evolving. This team and the work we are doing is incredibly exciting, and I’m proud to contribute to creating something that will define the next era of our field!
2. How can insurers ensure more female representation in leadership?
There are many ways to address gender diversity, from implementing dedicated policies to fostering inclusive leadership cultures, but true equality requires ongoing commitment, cultural shifts, and inclusive decision-making. These need to have substance and be visibly demonstrated in the way decisions are made and the composition of leadership teams.
One area that has maximised this potential is flexible working. We have been a truly global company with a virtual business model from the very beginning of our existence, so it comes naturally to us as an organisation. This may not be true for all businesses, so it is a spectrum, but generally flexibility is easy to implement and can drive significant change. Despite a positive shift to more balanced roles in many cultures, it is a reality that in most cases women still shoulder the bulk of caregiving work. Offering flexible hours, remote work options, and parental leave can help women balance their careers with their other responsibilities. This is particularly important in cultures where women are often caregiving within families. While some markets have strong government-mandated parental leave policies, employers can in turn amplify these efforts to encourage better diversity in leadership and beyond.
I’m proud to say that flexible working has been at the heart of bolttech’s approach from the beginning. With over 50% of our team balancing work and caregiving responsibilities, we offer flexible options across all roles, empowering our people to thrive both professionally and personally.
Another key area is to clearly outline diversity commitments and consistently take action to fulfill them. At bolttech, we do this through targeted recruitment, tracking our progress in development and promotion, and intentional advocacy efforts by our Executive Committee to elevate women in leadership within our team.
3. Can you give examples of how your company’s culture can help employees shape management and leadership style?
At bolttech, we foster a culture of inclusivity and innovation, with a flat hierarchy where everyone is encouraged to share both big ideas and small improvements.
For example, to keep up with change and grow our business, we’ve implemented agile methodologies for our more than 1,500 hybrid employees globally. This allows us to quickly test, adapt, and act on what works. We also offer tailored agile training for different roles in the company.
Beyond technical skills, we promote a learning culture that values an open mindset and soft skills. Our BOLT Leadership Academy trains senior leaders on how to be authentic and unite diverse teams to drive innovation. Last year, over 100 leaders from three continents participated in this programme.
4. What challenges and opportunities do you face in your current role?
As CFO, my focus is on ensuring our business remains resilient in the face of challenging external economic forces and global changes. Building resilience in our teams is crucial, and at bolttech, we have first-hand experience with this. We launched in early 2020 during the pandemic, but despite that we have grown massively, so external forces have not limited our potential. We have weathered some very rocky conditions, but agility and resilience are embedded in our DNA.
Despite the external challenges, it’s crucial to remember that our most valuable asset is our people. We have never lost sight of diversity and inclusion, as those diverse perspectives have been critical to our success.
5. What advice would you give to a woman looking to advance her career in the insurance industry?
My advice to women looking to advance in the insurance industry is to embrace unconventional opportunities that align with your long-term goals. Think about what attributes are truly important to your career path and then be flexible about the rest. Seek mentorship and support wherever you can get it, even from those outside your field, and stay informed about emerging trends and technologies.
Career growth isn’t always upward – lateral moves can offer unexpected opportunities. Don’t be afraid to take risks. Be deliberate about it and always advocate for yourself. Look for sponsorship from others that have real experience in the working world.
6. Could you please share your perspectives on the industry's progress in achieving equality and diversity?
It is heartening to see that the insurance industry, like many others, has made progress in advancing equality and diversity, with more diverse recruitment, leadership opportunities for women, and tailored products for underserved communities. There are some great success stories in our industry.
There is an ongoing phenomenon in some countries where there is a deliberate shift away from DEI initiatives. It would be a shame to go backwards. This year’s IWD marks the 30th anniversary of the Beijing Declaration, reinforcing global commitment to structural change for gender equality, and I hope it plays a role in keeping these important efforts at the forefront.
While there are signs of progress, continued efforts are needed to ensure we don't lose momentum in building a more inclusive and equitable industry. In the end, I do believe that those businesses that truly value diversity will be the best performing, and that is the true test.