The global Women’s Market for insurance is projected to reach up to US$1.7 trillion by 2030, yet very few financial institutions or insurance companies have a tailored value proposition for women. A 2016 GBA network survey revealed that 80 percent of members see an opportunity to tap into this market, with a few GBA members already having developed insurance offerings that address women’s specific needs. In response to this member demand, the GBA initiated an Insurance Working Group in early 2017 to facilitate peer learning on the subject.
Meeting on a monthly basis, participants include senior executives from GBA member banks BAC San José in Costa Rica, BancoEstado in Chile, Banco Pichincha in Ecuador, Banco BHD León in the Dominican Republic, Banistmo in Panama, BLC Bank in Lebanon, HBL in Pakistan, Centenary Bank in Uganda and Chase Bank in Kenya, as well as leaders from the Inter-American Development Bank and the IFC, a member of the World Bank Group, and the Emerging Customers team at AXA – the leading global insurer and GBA’s newest member.
Leveraging the knowledge of members who have experience providing insurance products and services to women and tapping guest speakers who are doing innovative things with the Women’s Market for insurance, the group has been collating a knowledge base and working toward developing the business case for financial institutions to tailor their insurance offerings for women. The Working Group discussions have centered on the fact that for banks, insurance ties directly to the bottom line by not only providing a new source of revenue, but also by reducing NPLs, improving customer engagement and loyalty, and growing the client base. Furthermore, insurance products can empower women by mitigating risks and enabling them to invest their discretionary income in their families and communities.
For example, in 2015 Working Group member BHD León launched a life insurance product with value-add coverage that supported what it discovered through market research were two of women’s top priorities: children’s education and family health. Within two years, the bank experienced uptake by 13 percent of its women customers, with financial results revealing that women with insurance are two times more profitable than women without insurance.
The GBA’s 16th Annual Summit, being held November 14-16 in London, will feature a panel with insurance experts and leaders from the Working Group exploring key findings from the group’s discussions and the business case for insurance for the Women’s Market. GBA members should check their inboxes for their link and code to register. If you are not a member but are interested in attending, please reach out to summit@gbaforwomen.org with your name, title, organizational affiliation and a brief description of your interest in the event.
