Gender inequalities still dog the insurance and financial services industry despite efforts to bridge the divide, according to Association for Women in Insurance NSW President Ahranee Vijayaseelan.

Women are paid on average 33.5% less than their male counterparts, which highlights the fact there are fewer women in senior management positions, she says.

They outnumber men 55% to 45%, but that is only because about 15% are employed part-time, as opposed to less then 4% among men.

“Superficially, the insurance industry is already gender diverse,” Ms Vijayaseelan said.

“So, can we say the job is done on gender diversity? If we look a little closer, most would have to concede, no. Probably we have not even come close.”

Setting targets and quotas may help bridge the gender divide, as demonstrated in Europe, where female representation on boards and in executive ranks is rising.

“As a nation, Australia has been reluctant to employ targets and quotas,” Ms Vijayaseelan said. “Perhaps it’s time for a change of heart. Perhaps the industry will be pleasantly surprised that there is genuine talent unearthed through this approach.

“It will certainly assist candidates to be more confident in putting themselves forward.”