Accenture has partnered with the International Finance Corporation and AXA on SheforShield: Insure Women to Better Protect All, a comprehensive report on the state of the women’s insurance market in developing markets. This report explores the size and importance of the opportunity that the uptake of insurance among women represents for the insurance industry and the development community.
Insurance companies have long played a leading role in society – investing in the well-being of communities, helping individuals and families thrive in the face of uncertainty, and catalyzing innovation through businesses by offering products and solutions that fit the marketplace. Insurers once again have the opportunity to return to their roots and do good, and, in doing so, to do well – to transform the commercial and employment power of women in emerging markets and help them become a financially viable and vital customer base and workforce.
As individuals, women represent a multi-faceted customer base, with growing financial resources that they are ready to invest in products that meet their daily life needs. Women can also play an important role in explaining and selling insurance products across customer segments, and especially to other women – indeed a powerful distribution channel. Across the value chain, from the rural sales agent to the corporate executive, including women in the development, marketing, and distribution of insurance products will help insurance companies provide solutions to meet the needs of their new customer base.
The women’s market in the countries covered in the study represents an enormous opportunity for insurance companies. The report estimates that women’s individual spending on insurance premiums will grow to three times its current size, to U.S. $1.4 to $1.7 trillion dollars, by 2030. Women entrepreneurs are now one-third of the world’s business owners, and they are looking for ways to expand their businesses and contribute more to the wealth and security of their families. Despite this, relatively few insurers are targeting the women’s market and positioning themselves to share in the success of these entrepreneurs.
Opening up this large potential market will require investment and partnership across organizations and sectors. In the next three blog posts we will examine insights from the report and some of the ways insurers can address this important opportunity. In the meantime, you can download the report here.