Last week, I looked at some of the key insights from the SheforShield report regarding the ways in which women are changing the global insurance market.
Some additional insights from the report include:
- The birth of a saleswoman: Women in the insurance industry are a performing salesforce. In particular, their point of differentiation relates to their ability to develop long-term client relationships, thereby improving client retention and possibly influencing the iterative uptake of insurance products with existing clients.
- Empower women entrepreneurs: 1/3 of the world’s entrepreneurs are women who want to grow their business and take more calculated risks, but who face a glaring gender gap and access to finance. By helping them manage the risks, insurance increases women’s ability to access credit and helps them to make this leap.
- One size doesn’t fit every woman (as we all know very well from fashion): Women (like men) are not a homogeneous group but are a diverse market with different needs depending on their income, location, employment and status. Different women face different constraints in accessing and using insurance.
- Digital channels: Not only for the young, but also for the time-poor. Insurers need to leverage digital distribution channels to increase awareness and communicate with women clients, as they have recourse to time-gaining digital services to manage both their family and professional agendas. Given women’s role as conduits and the value they place on peer to peer recommendations, their lack of time and desire to save it, insurers should leverage targeted social networks and mobility.
- Stronger together: Partnerships with governments, non-governmental organizations, women’s associations and other private sector players can be developed to expand access to insurance for women. In particular, given the extent to which women tend to lack time and look to save it, they often see value in buying things together. The insurance industry should look to identify the right private partner(s) with which to envisage a bundled offer.
In the fourth and final blog post next week, I will summarize some of the report’s recommendations as to how insurers should address this opportunity. In the meantime, you can download the report here.