The insurance industry plays an important role in the growth and stability of the global economy, providing individual, family and community level protection against economic, social and environmental shocks. Women are not only half of the world’s population; they also represent more than half of all global graduates, and, more and more often, they are active participants in the workforce all to often in addition to keeping things together at home. When it comes to insurance – both uptake and distribution – and the protection it provides, women are therefore an essential market and resource to target.
Women play a multi-faceted role in society. They are a conduit for social change and economic progress, making them an increasingly important part of the population to protect. Yet to date, limited research has been done on the women’s market (in fact being honest to myself – my wife plays an important role in all my decision making …). The SheforShield report is the first of its kind to provide an understanding of how much growth the women’s market alone represents for the insurance industry; what women want and need from insurance products and services (particularly in emerging markets.) The report also provides recommendations on how to attract and retain women as vital clients.
Key insights about women and their protection needs:
- Women on the rise – from billion to trillion: From a market of nearly US $800 billion in 2013, the women’s market globally is expected to represent between $1.5 and $1.7 trillion by 2030.
- A re-balancing act: The women’s market of the 10 emerging economies covered in this report will represent up to half of the global women’s market premium by 2030. Women are gaining ground; their increased level of education and income, improved socioeconomic status, and their greater need for protection make them a big opportunity for insurers.
- A valuable client: Women’s attitudes towards fraud, claims and loyalty, their roles as a trusted source of recommendations, and their relational rather than transactional approach to networks make them a great customer and an inexpensive brand ambassador for insurers. Players can build on the positive experiences and lessons learned in microfinance.
- It’s not only about money: It’s more than just financial compensation for loss. Women want protection and peace of mind not only for themselves, but for their husbands, children and parents.They do not want to be a burden; they want short-term simplicity and long-term stability, advice and support.
- It’s all about life’s big moments: Women’s needs and preferences differ by segment and lifecycle events, requiring insurers to tailor products and services. There are five to six tipping points during a woman’s life at which she makes a significant amount of her insurance related decisions: marriage, entering the workforce, buying a house/car, having children, divorce/widowhood and retirement.
Next week, I will look at other key insights about women in the insurance market, and how insurers can explore this significant opportunity.
Download the report: SheForShield: Insure Women to Better Protect All