In previous posts, I discussed the findings of the SheforShield report. The report also includes recommendations on actions that insurers can take to pursue the opportunity represented by women in the insurance market.
The recommendations fall into three main categories:
- Build intelligence on women’s needs. Insurers should gather gender-specific data across the insurance value chain to build their strategy for the women’s market opportunity, and should monitor that data to track the performance of the strategy and make adjustments as needed. They should also collect and analyze new information on demographics, socioeconomic trends, and women’s needs and behaviors to segment the women’s market and design targeted products supported by dedicated marketing and distribution strategies.
- Develop targeted value propositions on women’s segments. Insurers should look at each segment in greater depth to understand needs and cultural nuances. They should not only develop targeted products for women client segments based on segment-specific needs but should consider wrap-around services to enhance product value by helping women address everyday needs including family aspects.
- Improve distribution and proximity to women clients. Using a digital approach as an opportunity to increase proximity with women clients and sell insurance through mobile and online channels, insurers can build on women’s specific networking and advocacy habits to increase proximity to women clients and increase their trust in insurance companies. They can also provide clear, relevant coverage information and targeted risk management advice to reduce the time and cost for women to research products. Finally, insurers can engage and empower more women in the insurance salesforce and within other departments of insurance companies – such as actuaries, product designers, marketers, and mid-management – to represent the needs of and create affinities with women clients.
The women’s market worldwide represents a tremendous opportunity and one that will only grow in size. I hope, together with the authors and sponsor of this report – which we believe is the first of its kind – helps insurers understand and address the needs of this important audience.
Download the report: SheForShield: Insure Women to Better Protect All