Empowering Women in Insurance: Linda Goldstein's Journey and Impact

A Pioneering Path in a Male-Dominated Industry

When Linda Goldstein joined CSAA Insurance Group in 2013, she was stepping into a world that was, at the time, predominantly male-controlled. However, what drew her to the insurer was Paula Downey, the first female president and CEO in the organization's then 100-year history. Goldstein, who is now the executive vice president of customer experience and marketing for CSAA Insurance Group, noted that when she came on board, she was impressed with the number of women in leadership positions. "It provided a slightly different perspective than a public company led by mostly men," she said.

Closing the Gender Pay Gap

Part of that different perspective was how women were compensated in the organization. "I'm proud to say the gender pay gap is not an issue at our organization. I hope more companies do an extensive pay equity analysis, the same way we did here, so they can finally close the pay gap," she said. Progressive companies like CSAA Insurance Group engage in pay equity analysis to ensure equal pay between employees in similar roles. The objective is to determine that pay inequities are justified by compensable factors, like location and tenure, and not by unjustified factors, like gender or race, and it has been a success at the firm.

Promoting Diversity and Inclusion

Goldstein acknowledged that women have been underrepresented in certain areas of the insurance industry. "There are different functions where you tend to see more men versus women, particularly in leadership roles," she said, adding, "the insurance industry needs to do a better job of making sure women are aware of the great opportunities across all of the functions. There is a plethora of jobs out there including innovation, actuary, underwriting, service, claims, and marketing. But the insurance industry needs to promote those opportunities and support women who seek them out," she said. As people retire, Goldstein hopes more women will be offered these roles. "Not just from a diversity perspective," she said, "but from the ability to bring diversity of thought and focus to the business to drive profitable and sustainable growth."

When asked what she liked best about the insurance industry, Goldstein smiled broadly, "It's the fact that I know I'm doing something that helps people. It helps them either be prepared and protect what's most important to them or to be able to recover from a situation," she said. "Being in California and having seen the devastation of the wildfires over the past several years and understanding the stories of our policyholders who have lost everything," she paused. "It really does make a difference."

Click here to read the other stories in our Women's History Month series.

According to a recent report by McKinsey & Company, companies in the top quartile for gender diversity on their executive teams were 21% more likely to outperform on profitability. This underscores the importance of initiatives like those championed by Goldstein and CSAA Insurance Group in promoting gender equality and diversity.

For readers, it's crucial to recognize the value of diversity and inclusion in the workplace. Companies that prioritize these values not only create a more equitable environment but also tend to be more innovative and successful. Consider advocating for diversity initiatives within your own organization or seeking out companies that demonstrate a commitment to these principles.