Recently, we blogged about the challenges that women in the technology industry face. Our Life Covered℠ is a part of RGAx, an innovation accelerator for Reinsurance Group of America (RGA). As a business powered by women and designed to educate women about their life insurance needs and provide them with a smart, simple way to shop for a policy, the fight to improve gender equality is one that means a lot to our team at Our Life Covered.
When a community is being underserved, it’s important to speak up. To advocate for each other, whether it’s as an ally or a member of the group in question. Women are literally the largest community in the world, and since they’re being underserved on both sides of what we do (in the tech industry and the life insurance industry), we’re pretty invested in being part of the solution.
That desire to help change the story is why Our Life Covered℠, through RGAx, is so excited to be a sponsor of the Quesnay’s Female Founders in Tech Competition! This contest was created to recognize and support women-led startups in the financial technology and insurance technology space. Quesnay asks simply, “What products and solutions have female founders and leaders created that are relevant to the financial services and / or insurance industries and that positively impact wellness / inclusion?”
If you’re wondering just how important all this is, here are a few facts to consider:
- In 1984, 37% of computer science graduates were women. That number has fallen to 18%.
- Female-founded companies have a 49% higher valuation at the last round of funding than male-founded companies, according to a Babson College venture capitalism study.
What this tells us is:
- The higher you go up the corporate tech ladder, the fewer women you’ll find.
- Things do not appear to be getting better and we need to turn this thing around.
- The lack of women in tech roles represents a huge amount of untapped potential.
There’s just no way to serve a diverse consumer base without diverse leadership. If you only have five pieces of a 100-piece puzzle, you’re never going to see the whole picture. With our society relying increasingly on technology, society as a whole should have the opportunity to be involved in the development of that technology, and we’re committed to helping things move in that direction.
If you’re part of a female-founded startup working toward innovative solutions in the Fintech or Insurtech space, please consider getting involved in this competition. If doubt is standing in your way, take a big step over it and remember that your chances of winning are 0% if you don’t participate…and remember that everyone will win the experience of coming together to inspire each other, challenge each other, and to be part of a movement in the right direction.
The Female Founders Competition runs from October 1-October 31, 2017. Learn more and enter the contest HERE!