Zurich Australia is striving to close the gender pay gap in insurance, pledging to provide equal pay for equivalent work within the next two years.

Recent research shows women who work full-time in insurance and financial services earn on average about 26% less in base salary than their male counterparts – the biggest gap of any sector in Australia.

Zurich Australia has also committed to implementing a flexible work program and improving understanding and transparency in the promotion process.

Last week the insurer was awarded the first level of Economic Dividends for Gender Equality (EDGE) certification. EDGE provides data and benchmarking to help businesses identify initiatives that will improve equality.

CEO Life & Investments Australia Tim Bailey says Zurich’s focus on diversity and inclusion will ensure the right mix of talent.

In 2015 the company became the first global insurer recognised with EDGE certification in key markets.

Country Head of Human Resources Sue Maher says the group’s focus on gender equity, its Women’s Innovation Network and LGBTI group all support “stronger awareness of inclusiveness and encourage proactivity from management and employees”.

EDGE level-one certification recognises public commitments to a strong gender balance, pay equity, a solid framework of gender equity policies and practices, and an inclusive workplace culture, as reflected by high engagement levels of both male and female employees.