Accenture is very pleased to have worked with the International Financial Corporation and AXA on the development of “She for Shield: Insure Women to Better Protect All.” This groundbreaking report describes the current and anticipated impact of women on the global insurance market.
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 now represent 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.
To be successful in opening up this market, insurers will need a much better understanding of women’s needs. As the report indicates, women need insurance on a number of levels. As more women enter the workforce, they need to protect their families against loss of income in the case of death or poor health. Women entrepreneurs need protection for their businesses. And, with global wealth increasing, many households find themselves owning property and assets calling for insurance coverage.
The report points out that women are not a homogeneous group but are a diverse market with different needs depending on their income, location, employment and status. Different women – in different markets — face different constraints in accessing and using insurance.
Insurance products and services today are generally tailored to a male or gender-neutral audience without a clear understanding of the unique needs of the women’s segment, and the sub-segments it is composed of. Insurers need to use the client insights they have gathered to develop unique products and services for targeted women client segments. In next week’s blog we will look at some of the specific ways insurers can put these principles to work.