Lisa Giannone | BFL Canada

Lisa Giannone, president and chief operating officer, BFL Canada

Women in the Canadian P&C industry need to have both mentors and sponsors, says BFL Canada president and chief operating officer Lisa Giannone.

“A sponsor is not a mentor; there’s a difference between the two,” Giannone says. “A sponsor is somebody who will actually bring you along in your career, share networks, and share and transfer knowledge. And they will really help you build and execute your professional development plan.”

In short, a sponsor advocates for you, while a mentor provides long-term guidance and advice.

Women need to support other women as well as themselves, Giannone says.

“We need female role models,” she says. “We need to make sure women are empowering other women, while staying inclusive. The pendulum shouldn’t shift completely to the other side here.”

Likewise, women need support in their careers the same way men do. Anybody who claims they can ‘do it all’ risks burnout without support.

“I think there’s been a huge evolution and step forward in that respect. That has obviously allowed for women to excel and move into the senior leadership positions,” Giannone says.

When she started in the industry about 30 years ago, Giannone says there were few women. “I made some tough decisions early on in my career to get out there, be recognized, and build my network.”

Giannone took on the role of president and chief operating officer in January 2023, a decision she made with her family, including herself, husband, twins (boy and girl), and older son. “We knew that there was going to be a lot more travel, and we knew there was going to be pressure to lead BFL Canada-wide,” she says. “But that’s a decision we made on the family front.”

When BFL was carving out the president and COO role, there were six shortlisted candidates. Giannone was told she got the position by the brokerage’s CEO and founder, Barry F. Lorenzetti.

“What he said to me is, ‘You have the skill set and you just happened to be a woman,’ which is pretty cool,” Giannone recalls. “Because that shows our founder and CEO believes in women, and believes in women’s leadership.

“When we talk about sponsors and leadership commitment, it has to happen at the highest level within the organization.”

Lorenzetti also created the Barry F. Lorenzetti Centre for Women in Entrepreneurship and Leadership for the John Molson School of Business at Concordia University in Montreal. The centre aims to provide a hub of expertise and research for women entrepreneurs and leaders, supporting their academic and professional development.

Having and communicating succession plans also helps to promote women to senior leadership positions, Giannone says. “And women see it, they feel it. And I think that’s important.”

Sometimes, even just spending 15 or 20 minutes answering questions can help. “That makes a world of difference for young women,” Giannone says. “They get inspired because, as a senior leader, you’ve lived it, so you’re talking about your experience.”

The industry still has a ‘war for talent,’ but Giannone encourages women to consider the industry. “It’s a great industry,” she says. “It’s not yet seen and perceived at the level it should be.”

Jason Contant

Jason has been an award-winning journalist with Canadian Underwriter for more than a decade, including the past three years as associate editor and, before that, as digital editor for seven years.