Ronit Maor: Insurance needs more female CFOs

In the insurance sector female chief financial officers (CFOs) only accounted for 16% of the UK total in 2023, equating to just 63 out of 390.

That was according to specialist employment law firm GQ Littler, which published its data at the end of last year (18 December 2023).

One of those 63 women is Ronit Maor, who has served in various CFO roles across her nearly two decade career.

And from her position as CFO at insurance software firm Earnix, which she has held since August 2017, Maor now hopes to encourage other women to take on CFO roles.

Speaking exclusively to Insurance Times, Maor says that while the 16% figure is not great, “it is an improvement”.

She adds: “The CFO role has historically been perceived as a power role, [meaning] that in order to do it you need to be tough and aggressive, as you need to say no a lot, manage the budget and argue.

”But that’s just the perception of the role – it holds a lot of power as it controls the finances and budget. It’s an amazing role, you learn so much and are involved in everything.”

CFOs are also involved in managing a firm’s strategy, mergers and acquisitions, sustainability and finances, as well as being held to account for regulatory entities.

Mentorship is key

Maor got started in a CFO role because she was given the right support at the beginning of her career by a very encouraging chief executive, which is what has led her to be so heavily involved in mentorship. 

Maor is a mentor for two organisations as part of her drive to to help encourage other women into CFO positions. 

She is a mentor for Woman to Woman International, a non-profit humanitarian organisation that supports women in the workplace. Each year she mentors a different female in the financial sector, supporting them on their professional journey.

She is also involved in a CFO Forum for both men and women, which focuses on networking and bringing CFOs together. The forum also created a sub forum for the mentorship of younger female CFOs, for which Maor also mentors.

Maor says that it is the soft skills, such as networking, attention to detail and communication, where women excel. 

“It’s about awareness,” she adds.

“The [insurtech] industry has more men. In the lower level jobs, there is a much higher percentage of women, but as they get more senior, we see less and less women.”

Earnix has around 35% of women in its staff currently, up from 25% compared to five years ago.

Being adaptable

Maor, being “adaptable” in a CFO role is of paramount importance. 

She says: “Our role is to enable the growth of the company while managing the risks.

”Of course, you need to be able to stand in front of people and argue when needed but, I also think that flexibility, agility, the ability to actually listen to what other people say and analyse where the company needs to go [are key].”

Looking at adaptability in another way, one factor that Maor says has helped women in the workplace is remote and hybrid working.

She explains: “Women still take on a more significant role in the home.”

Finishing, she adds that she believes encouraging girls to think they can do anything from a young age would be half the battle won and allow them to excel in the workplace.