As we discussed last week, the new report from the International Financial Corporation, AXA and Accenture entitled “She for Shield: Insure Women to Better Protect All” explores the opportunities presented by the rapidly growing participation of women in the global insurance market – as customers, as salespeople, and as conduits of information and influence within their families and their communities.
The report makes detailed recommendations as to what insurers should be doing to launch the kind of targeted products that make sense for women in emerging as well as developed markets. Three major points stand out:
- Gather gender-disaggregated data and monitor women’s portfolio. Insurers need, where possible, to monitor the needs and behaviors of women clients in their portfolio. Tracking data that is specific to women as to renewal rates, premium spend, turnover ratio, claims ratio, client satisfaction, and acquisition cost will enable insurers to better understand the value of women as clients. This data can then be used to further refine the analysis of the women’s insurance market opportunity and build the strategy to reach the market.
- Develop targeted value propositions for different women’s segments. To refine value propositions, insurers can conduct more in-depth focus groups for each segment, for a better understanding of local needs and cultural nuances. This may lead to highly targeted products such as, for example, bundled “family care” packages that protect both elderly family members and children.
- Improve distribution and proximity to women clients. Insurers should be looking at ways to leverage digital growth as an opportunity to increase proximity with women clients and sell insurance through mobile and online channels. Online research for insurance products is growing in popularity, particularly in Latin America and Asia. In many developing countries, women face restrictions on their own mobility, making access to the mobile distribution channel particularly important.
The growth of the women’s insurance market presents insurers with a rare opportunity both to do good and to do well. As the report concludes: “Realizing the full potential of the women’s insurance market will create impact far beyond the insurers’ bottom line. Women’s multifaceted roles in society make them a unique conduit for positive social and economic change.”