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1 SHE forS HIELD : INSURE WOMEN TO BETTER PROTECT ALL

2 AXA Group Present in 59 countries, the 161,000 employees and distributors of AXA are committed to serving 103 million clients. Our areas of expertise are reflected across three major business lines: property-casualty insurance, life & savings, and asset management, through which we provide tailored prevention and protection solutions to our clients in a fast-changing risk landscape. For more information, visit www.axa.com/en/group. ACCENTURE Accenture is a global management consulting, technology services and outsourcing company, with more than 336,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$30.0 billion for the fiscal year ended Aug. 31, 2014. Its home page is www.accenture.com . IFC IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org. Rights and Permissions © International Finance Corporation and AXA 2015 (following Section 5(b)(i) of the AXA/IFC Cooperation Agreement). All Rights Reserved. The material in this work is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. IFC and AXA do not guarantee the accuracy, reliability or completeness of the content included in this work, or for the conclusions or judgments described herein, and accept no responsibility or liability for any omissions or errors (including, without limitation, typographical errors and technical errors) in the content whatsoever or for reliance thereon. IFC 2121 Pennsylvania Ave, NW Washington, DC 20433 The maps in this report were produced by the Map Design Unit of The World Bank. The boundaries, colors, denominations and any other information shown on these maps do not imply, on the part of The World Bank Group, any judgement on the legal status of any territory, or any endorsements or acceptance of such boundaries.

3 Table of Contents 1. Abbreviations and Acronyms ... ii 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Acknowledgments ... 2 3. Forewords 4. Executive Summary ... 8 5. Objectives and Methodology ... 11 ... 13 6. Women on the Rise: From Billions to Trillions 6.1 Women on the Rise: A Strong Growth Opportunity ... 13 ... 24 6.2 Women: Valuable Clients ... 6.3 Birth of a Saleswoman: Women Are a High Performing Salesforce 25 29 6.4 Protecting and Insuring the Half is Investing in the Whole ... 7. To Each Her Own ... 31 7.1 It’s Not All about Money ... 31 ... 34 7.2 One Size Does Not Fit Every Woman ... 35 Segment 1: Salaried Women Without Children Segment 2: Working Mothers ... 38 ... 40 Segment 3: Retirees Segment 4: Low-Income Customers ... 42 ... 8. Enabling Women Entrepreneurs 47 8.1 Taking the Entrepreneurial Leap ... 47 ... 49 8.2 What Women Entrepreneurs Need 8.3 Solutions for Women Entrepreneurs 51 ... 9. So What Now? ... 55 9.1 Build Intelligence on Women’s Insurance Needs ... 56 9.2 Not Just Any Product: The Right one ... 56 9.3 Proximity, Ubiquity, Simplicity: Improving Distribution for Women Clients 59 ... 10. Country Profiles ... 67 11. Conclusion ... 153 Annex A: List of Graphs and Figures ... 155 Annex B: Definitions ... 156 Annex C: Detailed Methodology ... 159 Annex D: Bibliography ... 168 173 Annex E: Endnotes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i

4 1. Abbreviations and Acronyms AIG American International Group Inc. Middle East and North Africa MENA AMIS Micro Finance Institution MFI Asociación Mexicana de Instituciones de Seguros MSME Micro, Small, and Medium Enterprises BCG Boston Consulting Group Non-Governmental Organization NGO CAGR Compounded Annual Growth Rate Organisation for Economic Cooperation and OECD Gross Domestic Product Development GDP FMSAR Office of Insurance Commission (Thailand) OIC Federation Marocaine Des Societes D’Assurances et de Reassurance Property and Casualty Insurance P&C Hindustan Unilever Limited (India) HUL Société Centrale de Réassurance SCR ICBC Industrial and Commercial Bank of China SEWA Self Employed Women’s Association (India) Limited SME Small and Medium Enterprises International Finance Corporation IFC UN United Nations International Foundation for Electoral Systems IFES World Economic Forum WEF International Labour Organization ILO World Health Organization WHO The Institute for Women’s Policy Research IWPR ii

5 2. Acknowledgments Lastly IFC, AXA, and Accenture thank all the insurance This publication, “SheforShield: Insure Women to Better companies and partners who were willing to share data Protect All,” is brought to you by IFC, AXA, and Accenture. and their experience to add to the richness of the report: It was developed under the overall guidance of Caren ACA Insurance, AIA, AIG, AIICO, Aksigorta, AL AMANA Grown, Senior Director, World Bank Gender Cross Cutting MICROFINANCE, Allianz, AnCheng Property and Casualty, Solutions, Mary Porter-Peschka, Director, IFC Cross Asociación Mexicana de Instituciones de Seguros (AMIS), Cutting Advisory Services, Natalie Louat Senior Manager Association Marocaine pour la Promotion de la Femme IFC Financial Institutions Group, Henriette Kolb, Head Rurale, Ark Insurance Brokers, ASkHanuman, Asosiasi Gender Secretariat, Gaelle Olivier, CEO AXA Asia P&C, and Asuransi Jiwa Indonesia (AAIJ), Autorité de Contrôle des Garance Wattez-Richard, Group Head of Media Relations Assurances et de la Prévoyance Sociale (ACAPS), Avrist, & Reputation, AXA. Banco Itau, BBVA Seguros, Bilkent Univerisity, BNPP The core working group of the initiative, led by Marieme Cardif, Bogazici University, CIH BANK, China Pacific Esther Dassanou, comprised Girish Bhaskaran Nair, Besa Insurance Company (CPIC), Fédération Marocaine Rizzvanoli, Levan Shalamberidze, and Prapti Sherchan des Sociétés d’Assurance et de Réassurance (FMSAR), from IFC, and Assiba Bouazza, Helene Caillet, Mariana Fondation Marocaine pour l’Education Financière, HSBC, Donnelly, Anne-Charlotte Dymny, Quentin Gisserot, INSEA, Insurance Rating Bureau Thailand, JASSUR, Claire Milliat, Amélie de Montchalin, Laura Rosado, Koc University, Leadway Insurance, Liberty Seguros, and Marta Santamarta from AXA. Peter Wrede, Senior Middle East Technical University, Miller’s Insurance, Insurance Specialist, World Bank Finance and Markets Office of Insurance Commissioners, People’s Insurance group provided technical expert advice and guidance to Company of China (PICC), Permata Bank (Indonesia), the working group. Sabanci University, SAHAM Assurance Maroc, Santander, Secretaria de Hacienda y Credito Publico, Société Centrale The market research was conducted with the assistance de Réassurance (SCR), the Turkey Undersecretariat of an Accenture team, which included Stefanie Bauer, of Treasury, Tokio Marine, Willis, WIMBIZ, and Zurich Angelinda Chen, Elizabeth Cruickshank, Samantha A Insurance Group. Penabad, Kinkini Roychoudhary, Natasha Sunderji and Mary Woodgate under the supervision of Roger Ford and Jessica Long as well as the global research team and in-country Accenture teams. The team would like to thank the peer reviewers who also contributed their time and expertise: Martin Hommes, Meera Narayanaswamy, Heather Mae Kipnis, Yakhara Ngally Sembene, and Jessica Schnabel from IFC; Anne Barret and Isabella Falautano from AXA; and all IFC and AXA country offices in Brazil, China, Colombia, India, Indonesia, Mexico, Morocco, Nigeria, Thailand, and Turkey. 1

6 3. Forewords IFC The insurance industry shows promising signs of growth in emerging economies. Yet, the industry has largely overlooked a key consumer segment: women. Women in emerging economies are beginning to enjoy rising incomes and purchasing power. Their risk-mitigation needs, accordingly, are growing. By 2030, for example, the insurance industry is expected to earn up to $1.7 trillion from women alone — half of it in just 10 emerging economies. That’s what we found in a ground-breaking study we conducted with AXA and Accenture, the results of which are presented here. At IFC, we believe that women are an important force for development — as consumers, employees, leaders, and entrepreneurs. We know from our experience working with banks that expanding access to finance for women-owned enterprises goes hand-in-hand with bank profitability. We wanted to explore the possibility of achieving similar results in the insurance sector. That’s why we decided to conduct the first-of-its-kind research on the business case for focusing on the women’s insurance market. This report is very much in line with IFC’s overall commitment to developing gender-smart solutions with our clients — so they can improve their businesses by strengthening women’s roles in the private sector. In our research, we asked how women can be better equipped to mitigate risks so they can live healthier and wealthier lives, protect their families, and grow their business. We also examined the prospects for women to buy more insurance. We found that women — unlike men — tend to buy insurance policies not only for themselves but also for their families. Women tend to be more alert to risks that confront their children and parents. To forgo this key market segment, therefore, is to forgo significant revenue opportunities — and to miss an opportunity to drive economic growth. This report highlights a variety of ways for insurance companies to reach the women’s market: by creating customized products, by leveraging the power of mobile technology, and by creating partnerships to educate women on their insurance options. We are confident that the findings can help plant the seeds for a thriving women-focused insurance market — enabling women to better protect themselves, their families, communities, and societies. Jin-Yong Cai IFC Executive Vice President and CEO 2

7 AXA Group Women hold up half the sky, or so the Chinese proverb goes. This has been true since the beginning of time. But today they are increasingly doing so with one hand, continuing to care for both their parents and children, and becoming breadwinners with the other, contributing to the development and growth of their economies. Women are the largest growth opportunity in the world, will soon represent more than half the university students worldwide, and by 2028 will control 75 percent of 1 discretionary spending globally. What is more, they are at the heart of significant global demographic and economic tectonic shifts, be it with regards to the aging of the population or the emergence of a massive middle class across high growth markets. Yet more often than not, women continue to act behind the scenes. They feel — and are — vastly both undervalued and underserved, despite the remarkable strides in market power and social position they have made, even if at uneven speeds, across both developed and emerging economies. Few industries have taken into account the demands made on women’s time due to conflicting priorities stemming from their work, their homes, their families. With regards to insurance, this report demonstrates that the industry has overlooked the fact that women, who are more risk-aware, are driving a shift in spending patterns, focusing more on things such as education, health, savings, and overall the holistic protection of their households. They are also risking the entrepreneurial leap and creating their own businesses. This grows their protection needs faster than those of men, and insurers have a genuine interest in filling in this growing protection gap. But women lack awareness and understanding of what is available, as well as access to relevant insurance products and proper advice — advice by women and men who understand their specific needs as women, but also as income earners and decision-makers. As they will increasingly fuel tomorrow’s growth, emerging markets are and will continue to be a strategic priority for AXA. One of our key ambitions is to contribute to their economic development through better and more wide-ranging risk-sharing, protection, and prevention. Protecting women is one of the key building blocks of this ambition, as we believe it will contribute to sustaining growth by bringing women into the workforce and raising the overall level of human capital, productivity, and wages. This research comes at a critical time. There have been limited global resources allocated to better understanding women’s attitudes towards insurance, their needs and expectations. This is true for the developed world but even more strikingly for the emerging one, which is why we decided to join forces with IFC and put our complementary heads together in order to improve the collective understanding of how insurers can best support and protect women. How we can empower the business owners, give the home-makers peace of mind, anticipate the needs of all. And by so doing, society as a whole. By looking to fill this gap, we aim to further push the borders of insurability, thereby ultimately contributing to a more sustainable future that welcomes the world’s transformations with open, prepared arms. I hope the critical insights and recommendations offered in this report will help the wider industry but also all our partners and stakeholders at large further contribute to better catering to this half — to better protect the whole. Denis Duverne Deputy CEO, AXA Group 3

8 Accenture Accenture is proud to have partnered with the International Finance Corporation SheforShield: Insure Women to Better Protect All and AXA on , a comprehensive report on the state of the women’s insurance market in developing markets. This report explores the size and importance of the opportunity that the uptake of insurance among women represents for the insurance industry and the development community. Insurance companies have long played a leading role in society — investing in the wellbeing of communities, helping individuals and families thrive in the face of uncertainty, and catalyzing innovation through businesses by offering products and solutions that fit the marketplace. Insurers once again have the opportunity to do good, and thus to do well — to transform the commercial and employment power of women in emerging markets and help them become a financially viable and vital customer base and workforce. This report presents compelling evidence that women’s consumer needs must be addressed in order to capitalize on the incredible growth potential in emerging markets. As individuals, they represent a multi-faceted customer base, with growing financial means that they are ready to invest in products that meet their life needs. Women can play an important role in explaining and selling insurance products across customer segments, and especially to other women. Across the value chain, from the rural sales agent to the corporate executive, including women in the creation, marketing, and distribution of insurance products will help insurance companies sell solutions to meet the needs of their new customer base. Clearly, the women’s market in these countries — and in other emerging economies — represents an enormous opportunity for insurance companies. The report estimates that women’s individual spending on insurance premiums will grow to three times its current size, to $1.4 to $1.7 trillion, by 2030. Women entrepreneurs are now 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. Opening up this large potential market will require investment and partnership across organizations and sectors. It will require an understanding of women’s needs before developing products, and the transformation of single products into multi-layered solutions with wrap-around services and clear whole-family and business protection. By providing the right products and the right information, by expanding the role of women in their salesforce, and by providing the tools, training, and structure to help women sell effectively, insurers can foster economic growth while helping improve the lives of women around the world. Insurers that take this path can also open up new avenues for their own continuing, profitable growth. We encourage all actors across the private, public, and development sectors to consider their role in furthering the advancement of women in the insurance sector — and watch as women cultivate, grow, and innovate both within their communities and globally with the support of the risk assurance community. Thomas D. Meyer Accenture Insurance Industry Lead Europe, Africa and Latin America 4

9 The women’s market of the 10 emerging economies covered in this report will represent up to half of the global women’s market premium by 2030 5

10 AT-A-GLANCE GLOBAL $1.7 T Trillion OPPORTUNITY $1.452 TRILLION $770 BILLION GROWTH 2x 2030 annual premium value of the women’s global 2013 2030* market is predicted to grow approximately TWICE the size of the 2013 market. NON-LIFE INSURANCE LIFE INSURANCE INSURANCE HEALTH 2x 2x 3-4x GROWTH GROWTH GROWTH Annual premium value of the Annual premium value of the Annual premium value of the women’s global health insurance women’s global life insurance women’s global non-life insurance market is predicted to grow from market is predicted to grow from market is predicted to grow from $448 billion in 2013 to $465 – $554 in 2013 to $279 billion $825 – $963 in 2013 to $43 billion $162 – $184 billion in 2030.* billion in 2030.* in 2030.* billion Increase in women’s Socioeconomic progress: tertiary education. Trends: What’s causing this Women’s Household growth globally and in bargaining power. willingness to spend on emerging markets? Independence as a result insurance: of an increase in income. 6

11 EMERGING MARKET OPPORTUNITY $874 B $569 $98 BILLION GROWTH BILLION 6-9x annual premium value of the women’s global market is 2030 2013 2030* predicted to grow to NINE times the size of the 2013 market. SIX INSURANCE LIFE HEALTH INSURANCE INSURANCE NON-LIFE 5-8x 6-9x 6-10x GROWTH GROWTH GROWTH Annual premium value of the Annual premium value of the Annual premium value of the women’s global health insurance women’s global non-life insurance women’s global life insurance market is predicted to grow from market is predicted to grow from market is predicted to grow from $242 – $370 in 2013 to $38 billion $5 billion $298 – $458 in 2013 to $55 billion in 2013 to $29 – $46 in 2030.* billion in 2030.* billion in 2030.* billion *The 2030 market size estimate is bounded by: Increase in women’s labor Increase in women’s income Baseline Growth (lower boundary): a) force participation. in emerging markets. Growth in the number of women customers and individual premium spend per customer due to improvements in the women’s socioeconomic factors b) Opportunistic Growth (upper Risk-awareness. Women as conduit to boundary): In addition to family members. socioeconomic improvements, assume successful efforts in targeting Willingness to pay for more women to purchase insurance peace of mind. products and in upselling/cross- selling products to each woman 7

12 4. Executive Summary he insurance industry plays an important role in the growth and stability of the global economy, providing individual, family, and community level protection T against economic, social, and environmental shocks. Women are half of the world’s population. They also represent more than half of all global graduates and increasingly participants in the workforce. When it comes to insurance — both uptake and distribution — and the protection it provides, women are therefore an essential market to target. Furthermore, women play a multi-faceted role in society which enables them to act as a conduit for social change and economic progress making them an increasingly important part of the population to protect. Yet to date, limited research has been done on the women’s market. This report is the first of its kind to provide an understanding of how much growth the women’s market alone represents for the insurance industry, and what women want and need from insurance products and services in particular in emerging markets. It also provides recommendations on how to attract and retain women as vital clients. than transactional approach to networks make 10 KEY INSIGHTS ABOUT WOMEN them a valuable customer and an inexpensive brand AND THEIR PROTECTION NEEDS ambassador for insurers. Women on the rise — from billions to 1. It’s more than It’s not only about money: 4. From a market of nearly $800 billion trillions: just financial compensation for loss. Women in 2013, the women’s market globally is expected to want protection and peace of mind not only for represent between $1.45 and $1.7 trillion by 2030. themselves, but also for their husbands, children, and parents. They do not want to be a burden; they The women’s market of 2. A re-balancing act: want short-term simplicity and long-term stability, the 10 emerging economies covered in this report advice, and support. will represent up to half of the global women’s market premium by 2030. Women are gaining Women’s It’s all about life’s big moments: 5. ground; their increased level of education, income, needs and preferences differ by segment and lifecycle improved socioeconomic status, and their greater events, requiring insurers to tailor products and need for protection make them a big opportunity for services. There are five to six tipping points during insurers. This is strongly reflected in a very simple a woman’s life at which she makes a significant yet telling number: women across the world are amount of her insurance related decisions: marriage, willing to invest 90 percent of their income into their entering the workforce, buying a house/car, having 2 households. children, divorce/widowhood, and retirement. She has little time to think about protection products on a 3. A valuable client: Women’s attitudes toward regular basis. fraud, claims, loyalty, their roles as a trusted source of recommendations, and their relational rather 8

13 6. Women in the The birth of a saleswoman: Digital channels: Not only for the young, 9. but also for the time-poor: insurance industry are a performing salesforce. In Insurers need to leverage digital distribution channels to increase particular, their point of differentiation relates to awareness and communicate with women clients, as their ability to develop long-term client relationships, they have recourse to time-gaining digital services to thereby improving client retention and possibly manage both their family and professional agendas. influencing the iterative uptake of insurance products Given women’s role as conduits and the value they with existing clients. place on peer-to-peer recommendations, their lack Empower women entrepreneurs: One-third of 7. of time and desire to save it, insurers should leverage the world’s entrepreneurs are women who want to targeted social networks and mobility. grow their business and take more calculated risks, Partnerships with Stronger together: 10. but who face a glaring gender gap and access to finance. By helping them manage the risks, insurance governments, non-governmental organizations, increases women’s ability to access credit and helps women’s associations, and other private sector players them to make this leap. can be developed to expand access to insurance for women. In particular, given the extent to which 8. One size doesn’t fit every woman: Women women tend to lack time and look to save it, they are not a homogeneous group but are a diverse often see value in buying things together thanks market with different needs depending on their to “transitive trust” i.e. if one brand/provider trusts income, location, employment, and status. Different another enough to partner with it, then so will the women face different constraints in accessing and woman client. The insurance industry should look to using insurance. identify the right private partner(s) with whom to envisage a bundled offer. ...only 31 percent of women entrepreneurs surveyed held protection- or savings-oriented life insurance 9

14 Recommendations Step 3: Step 1: Step 2: Improve distribution Build intelligence on Develop targeted value propositions for women and proximity to women women’s insurance needs clients segments • gender-disaggregated Gather data across the insurance value more in-depth focus Conduct • a digital approach as an • Use chain to further analyze and build opportunity to increase proximity groups for each segment to further the strategy for the women’s with women clients and sell understand needs and cultural market opportunity; insurance through mobile and nuances; online channels; • Monitor gender-disaggregated Develop targeted products for • data across the insurance value Build • on women’s specific women client segments based chain to track the performance on segment specific needs (e.g. networking and advocacy habits of, and refine the strategy for the to increase proximity to women conditional payouts or product women’s market; clients and increase their trust in bundles); insurance companies; existing data and collect • Analyze wrap-around services to • Provide new information on women’s • clear, relevant coverage Provide enhance product value by helping demographics, socioeconomic information and targeted risk women address everyday needs. trends, as well as needs and management advice to reduce behaviors to 1) segment women’s the time and cost for women to market 2) design targeted products research products; and services and 3) implement Engage • and empower more dedicated marketing and women in the insurance salesforce distribution strategies. and within other departments of insurance companies i.e. actuaries, product designers, marketers, and mid-management, to represent the needs of and create affinities with women clients; • Provide gender sensitive training to the salesforce to better engage women clients; • Engage in partnerships to expand women’s access to and use of insurance and enhance product and service value. 10

15 5. Objectives and Methodology his report is a call-to-action for insurers to recognize the potential of women as clients and distributors. Specifically, this report will: T Present the business opportunity Market Research 1. in the women’s insurance market globally and within 10 emerging A combination of in-person interviews, surveys, and desk markets. research was conducted. Identify drivers of growth, 2. be they micro or macro, Primary Research: 174 interviews were conducted 1. in the women’s insurance market that make them a with representatives from the insurance industry, valuable market segment. brokers, agents, women clients, regulators, and 3. Highlight women’s needs, preferences, and insurance associations. constraints in accessing and using insurance Secondary Research: Global literature on gender, 2. products. Examine different behaviors, needs/ insurance, and development was reviewed to preferences, and constraints faced by different understand women’s insurance needs and existing segments of women clients. insurance initiatives that targeted women. Examine women’s role and impact as members of 4. , including how women’s skills the distribution force Modelling — Estimating the Market can be leveraged to increase the uptake of insurance Opportunity within the 10 emerging markets and beyond. 3 5. Identify recommendations for insurers to begin was The annual premium spend by women retail clients unlocking the potential within the women’s market, estimated based on the population of women in the labor while working with other industries, governments, force, income earned per woman, and insurance as a and non-governmental organizations (NGOs). percentage of consumer spending. The market size does 4 not include commercial spending. As this is the first global report of its kind on the topic of women and insurance, the findings do not represent A range is provided for 2030 market forecasts. The lower all women in each market. Opportunity drivers, boundary of the range represents the “baseline growth” recommendations, and constraints for women vary across i.e. predicted market-specific changes in socioeconomic geographies and socioeconomic brackets, and additional factors such as labor force participation and income. The research is required to tailor services in order to respond upper boundary represents “opportunistic growth,” which to different market needs. assumes successful efforts in targeting more women to purchase insurance and in upselling/cross-selling more products to women. Scope of the Report For more information on the methodology, please refer to The report is global in scope, with a specific focus on Annex C: Detailed Methodology. 10 emerging markets - Brazil, China, Colombia, India, Indonesia, Mexico, Morocco, Nigeria, Thailand, and Turkey. These countries were selected because the socioeconomic advancements made by women in these markets are expected to further increase the need for insurance to protect their growing assets and independence. In addition, insurance growth in these markets is outpacing growth in developed markets. 11

16 Women play a multifaceted role in society which enables them to act as a conduit for social change and economic progress 12

17 6. Women on the Rise: From Billions to Trillions lobally, women’s income is projected to reach $6 trillion by 2017, and, by 2028, women are expected to control close to 75 percent of discretionary spending 5 Changes in women’s socioeconomic status, while different across G worldwide. 6 regions, are increasingly empowering women to influence and make decisions. Women are not just earning more, but are also increasingly deciding how their wealth, that of their households and businesses, is spent. In addition to being a fast growing segment, women 6.1 WOMEN ON THE RISE: A STRONG exhibit behaviors that make them a highly valuable GROWTH OPPORTUNITY customer base for insurers. From women’s lower tolerance toward fraud to their role as advocates for A — Global and Accelerated Growth insurance, they represent an opportunity for insurers to Across the Board capture significant growth at potentially better margins. The women’s insurance market represents a significant Finally, providing better protection for women is an and exciting growth opportunity for insurers globally, investment in society. Women tend to reinvest up to and within the 10 focus markets in particular. Currently, 90 percent of their income back into their children’s the annual premium value of the global women’s retail education, nutrition, and health needs, which makes insurance market across life, non-life, and health product them a vehicle for growth for their families’ and societies’ 8 7 17 percent of the $4.6 trillion in total lines is $770 billion, well-being. Women’s focus on education and health global retail and commercial insurance premium volume. also helps grow these industries, which are critical By 2030, the annual premium value of the global women’s to the development of economies. Thus, by helping retail insurance market is predicted to range from $1.452 women protect and increase their income and assets, 9 trillion to $1.701 trillion, representing approximately 19 and empowering women through informed risk taking, percent to 22 percent of the projected total global retail insurers are indirectly helping to grow society overall. and commercial insurance market in 2030. The 2030 market size estimate is bounded on the lower end by baseline growth (growth from projected market-specific improvements in women’s socioeconomic conditions) and on the upper end by opportunistic growth (additional growth assuming successful targeting of women clients “Whoever targets women clients in the market 10 in upselling and/or cross-selling). first will have a first-mover advantage and earn the fast-growing income of this increasingly 11 the growth rate of the Within the 10 emerging markets, important customer base.” women’s retail insurance market is even higher. Currently, the annual women’s retail insurance market size in these Executive, National Insurer, Beijing, China — 10 focus markets across all product lines is $98 billion, or 18 percent of the $527 billion in total retail and commercial 12 By 2030, the projected insurance premium volume. 13

18 annual women’s retail insurance market size is expected 13 Women’s Retail vs. Total Retail and Graph 1: to grow six to nine times its current size to $569 billion 14 Commercial Insurance Market Size in the 10 to $874 billion, representing 22 percent to 33 percent of Focus Markets (US$ B) the total retail and commercial insurance market value of 15 2,640 $2.6 trillion in these 10 markets (see Graph 1 right). 2013 2030 Within the 10 focus countries, the largest women’s insurance markets are projected to be China and Brazil (see Figure 1 facing page). 874 —Optimistic 527 scenario Furthermore, in examining the market size and growth 569 98 —Base case rate, the current market maturity is taken into account. While China and Brazil are expected to have the largest Women’s Retail Total Retail and Commerical Insurance Market Size Insurance Market Size markets in 2030, they are also currently larger than other markets. The fastest growth rate is actually projected to occur in Indonesia and Nigeria (see Graphs 2 and 3 facing page) due to the rapid growth expected in both the insurance industry and in women’s socioeconomic development, particularly in women’s income. 14

19 Projected Women’s Insurance Market Size in 2030 in the 10 Focus Markets Figure 1: Legend Legend Market Potential Market Potential High (>$100 B USD) High (>$100 B USD) Medium ($30 – 99.9 B USD) Medium ($30 – 99.9 B USD) Long Term (<$30 B USD) Long Term (<$30 B USD) Graph 3: 2030 Women’s Insurance Graph 2: 2013 Women’s Insurance Growth from 2013-2030 Market Size in the 10 Focus Market Size in the 10 Focus (As a Multiple of its 2013 Size) Markets (USD) Markets (USD) $65 B $375 – 575 B 6 – 9X China $10 B $79 – 122 B 8 – 12X Brazil 8 – 12X $3.7 B $31 – 47 B Turkey $4 B $26 – 40 B 6 – 10X Mexico $10 B 2 – 4X $22 – 35 B India $3 B $16 – 25 B 5 – 8X Colombia Indonesia 10 – 16X $9 – 14 B $879 M $5 – 8 B 9 – 13X $635 M Nigeria Thailand 5 – 8X $5 – 8 B $1 B Morocco 2 – 4X $50 – 77 M $20 M 15

20 $298 billion to $458 billion by 2030. The women’s retail life B — Projected Growth in Life Insurance insurance market is projected to be the largest in China, Brazil, and India (see Figure 2, Graphs 4 and 5 below). In Globally, the annual women’s retail life insurance market comparison, growth figures in life insurance overall in is estimated to be $448 billion, approximately 17 percent emerging markets range from a CAGR of 3.9 percent to of the total global retail and commercial life insurance 17 16 8.9 percent. market value of $2.6 trillion. By 2030, the annual women’s retail life insurance market is expected to grow Life insurance policies which include savings and between $825 billion and $963 billion, growing at a 3.7 retirement products are especially important for women percent to 4.6 percent compounded annual growth rate due to their longer life expectancy. In the 10 focus (CAGR), a slightly faster rate than the global retail and markets, women outlive men by an average of five more commercial life insurance market which is at 3.3 percent. years, with higher age gaps in Brazil, Colombia, Indonesia, Thailand, and Turkey (see Graph 6 right). However, the Across the 10 focus markets, the current annual women’s statutory retirement age for women in many countries retail life insurance market value of $55 billion is projected is lower than men’s and does not reflect this dramatic to grow by a CAGR of 10.4 percent to 13.2 percent to reach Figure 2: Projected Women’s Life Insurance Market Size in 2030 in the 10 Focus Markets Legend Market Potential High (>$20 B USD) Medium ($5–19.9 B USD) Long Term (<$5 B USD) 2030 Women’s Life Graph 5: Graph 4: 2013 Women’s Life Insurance Market Size in the Insurance Market Size in the Growth from 2013-2030 (As a Multiple of its 2013 Size) 10 Focus Markets (USD) 10 Focus Markets (USD) $205 – 315 B 6 – 9X $36 B China $5 B $41.8 – 64.5 B 8 – 12X Brazil $8.6 B $17.7 – 27.6 B 2 – 3X India $2 B $11.7–18.1 B 6 – 9X Mexico $700 M $7 – 11 B 10 – 16X Indonesia $5.7 – 8.8 B 5 – 8X $1.1 B Colombia Turkey $500 M $4.4 – 6.7 B 8 – 12X 5 – 8X $690 M $3.6 – 5.4 B Thailand Nigeria $76 M $621 – 952 M 8 – 13X Morocco $7.5 M $16.2 – 24.8 M 2 – 3X 16

21 difference in life expectancy (see Graph 7 below). Because Market interviews in Mexico show that more women will designate their children, not their spouses, as women may not work for as many years as men and are more likely to have worked part-time due to care beneficiaries. This type of post-mortem financial security responsibilities, they do not contribute as much to their is what protection-oriented life insurance is designed to pension over their lifetime. This widening gap between provide. retirement and life expectancy means it will be more The potential of the women’s life insurance market important than ever to make sure women have adequate has been recognized in a few countries. For example, a savings and pensions. report by the Society of Actuaries in the United States Findings from the International Labour Organization establishes a strong business case for life insurers to target women in China. The report states that, “[...] the (ILO) show that women are more likely than men to be concerned about being a burden to their families (for market would seem to be ripe for a company to develop 18 and implement a women’s marketing initiative,” as example, due to outstanding debts). Women, particularly working mothers, also want peace of mind in controlling women in China buy life insurance for “[...] security, to 19 protect their families, and provide peace of mind.” who will receive their financial benefits after they pass away, as they want to leave their assets to their children. Graph 6: Life Expectancy in Years of Women vs. Men in the 10 Focus Markets Men Women 79 77 78 77 77 76 75 74 73 72 71 71 70 70 69 68 68 64 52 52 Morocco Mexico Indonesia China Turkey Thailand India Brazil Nigeria Colombia Source: Economist Intelligence Unit, “Country Forecast,” Economist Intelligence Unit Database, accessed January 2015. Gap in Years Between Life Expectancy and Statutory Retirement Age for Women and Men Graph 7: Women Men 22 21 20 18 17 17 14 14 13 12 11 11 10 10 10 9 6 5 Nigeria India Colombia China Brazil Turkey Thailand Morocco Mexico Indonesia -8 -8 Note: The negative gap experienced in Nigeria occurs as the average life expectancy is lower than the average pension age. This does not represent all individuals, but is instead an average across the country. Sources: Economist Intelligence Unit, “Country Forecast,” Economist Intelligence Unit Database, accessed January 2015. International labor Office, “ILO Social Security Inquiry; Indicator: old-age pensioners recipient ratio above retirement age,” ILO Database, accessed April 2015. 17

22 Globally, the annual women’s retail health insurance C — Projected Growth in Health market is estimated to be $43 billion in 2013, and is Insurance expected to grow to $162 billion to $184 billion with an annual CAGR of between 8.2 percent and 9 percent by Demand for health insurance is attributed to a complex 2030. While limited data is available on the global retail interplay of income level, availability of private healthcare, health insurance market size, the total global private public health systems, and population growth, so no health insurance market, which includes both individual single factor can be attributed to the growth predicted in insurance spend and employee benefit coverage, is the women’s market. 22 with a projected CAGR currently valued at $1.25 trillion, 23 Although the present monetary value for women’s of 3.2 percent. retail health insurance is low in comparison to other 20 product lines, interviews with women across the 10 focus markets show great demand for private health insurance. Currently, most health insurance coverage is extended either through the government or the “Having private healthcare coverage is the employer. However, as women transition from the lower second most desirable item in Brazil after having to middle income brackets, they are increasingly seeking your own house.” better coverage, treatment facilities, and faster care for 21 Out-of-pocket payment themselves and their families. — Representative, BTG Pactual Asset Management Bank, Brazil for these enhanced medical treatments may become too expensive without insurance coverage, hence the increasing demand for private health insurance. Life insurance policies which include savings and retirement products are especially important for women due to their longer life expectancy 18

23 comparison, the predicted CAGR of the total private health Across the 10 focus markets, the current annual retail insurance market, in emerging markets, which includes women’s health insurance market value of $5 billion is both individual insurance spend and employee benefit projected to grow by a CAGR of 10.8 percent to 13.8 percent coverage, is 9.6 percent, with the highest growth projected to reach $29 billion to $46 billion by 2030. The women’s 24 in Asia. retail health insurance market is projected to be the largest in China and Brazil (see Figure 3, Graphs 8 and 9 below). In Projected Women’s Private Health Insurance Market Size in 2030 in the 10 Focus Markets Figure 3: Legend Market Potential High (>$1 B USD) Medium ($0.1–1 B USD) Long Term (<$0.1 B USD) Graph 9: 2030 Women’s Private 2013 Women’s Private Graph 8: Health Insurance Market Size in Health Insurance Market Size in Growth from 2013-2030 (As a Multiple of its 2013 Size) the 10 Focus Markets (USD) the 10 Focus Markets (USD) $18 – 28 B 5 – 9X $3 B China 5 – 8X $2 B $9.4 – 14.8 B Brazil 5 – 8X $100 M $520 – 810 M Thailand 6 – 9X $433 – 669 M $77 M Mexico 5 – 7X $200 – 300 M $40 M Colombia $122 – 189 M 8 – 13X $15 M Turkey India 2 – 3X $107 – 169 M $50 M $16– 25 M $2 M 9 – 15X Indonesia Morocco $2.8 M $6.6 – 10.2 M 2 – 4X Nigeria 9 – 13X $2 – 3 M $0.2 M 19

24 3.1 percent and 4.1 percent, above the 2.7 percent CAGR D — Projected Growth in Non-Life projected for the overall global retail and commercial Insurance 27 non-life market. 25 Globally, the annual women’s retail non-life insurance Across the 10 focus markets, the current annual women’s market is estimated to be $279 billion in 2013, retail non-life insurance market value of $38 billion is approximately 35 percent of the estimated total retail projected to grow by a CAGR of 11.6 percent to 14.4 and commercial non-life insurance market value of 26 percent to reach $242 billion to $370 billion by 2030. The $784 billion. By 2030, the annual retail women’s non- women’s retail non-life insurance market is projected life market is expected to grow to between $465 billion to be the largest in China, Brazil, and Turkey (See Figure and $554 billion. The CAGR of the women’s global retail 4, Graphs 10 and 11 below). In comparison, the predicted non-life insurance market is predicted to be between Figure 4: Projected Women’s Non-Life Insurance Market Size in 2030 in the 10 Focus Markets Legend Market Potential High (>$20 B USD) Medium ($5–19.9 B USD) Long Term (<$5 B USD) Graph 11: 2030 Women’s Non-Life Graph 10: 2013 Women’s Non-Life Growth from 2013-2030 Insurance Market Size in the Insurance Market Size in the (As a Multiple of its 2013 Size) 10 Focus Markets (USD) 10 Focus Markets (USD) $152 – 232 B 6 – 9X $26 B China 9 – 14X $27.7 – 42.3 B $3 B Brazil $3.2 B 8 – 13X $26.7 – 40.4 B Turkey $13.6 – 20.9 B $2 B 7 – 10X Mexico $1.7 B 6 – 9X $9.9 – 15.2 B Colombia $4.6 – 7.1 B 8 – 13X $560 M Nigeria India $4.4 – 6.9 B $1.1 B 4 – 6X $200 M $2– 3 B 10 – 17X Indonesia Thailand 6 – 8X $1.1 – 1.6 B $190 M Morocco 3 – 4X $27.5 – 42.1 M $10 M 20

25 CAGR of the total retail and commercial non-life insurance 1. Socioeconomic progress enhances women’s market across emerging markets ranges from a CAGR of ability to spend. Trends in women’s socioeconomic 28 4.2 percent to 7.7 percent progress, and hence growth in women’s insurance purchase, vary by market; however, in general, as more While a rise in women’s income and independence may women earn an education and enter the labor force, their 29 for not be observed across all markets and segments, spending power will increase. women who are accumulating wealth independent from their spouses or families an increase in their purchase of Trend 1: Increase in women’s tertiary education. Nine out assets is expected, such as cars and homes, which will of the 10 focus markets have experienced an increase need non-life or Property and Casualty (P&C) protection. in women’s tertiary education enrollment from 2008 31 This is forecasted in particular for single, salaried women. – 2014 (see Graph 12 below). The average increase in In addition, as women purchase more expensive assets, a tertiary education enrollment was 6 percent per year for 30 proportional increase in insurance coverage is projected. women, compared to 4 percent per year for men. A report by Goldman Sachs indicated that tertiary education builds skills “important for the development of new knowledge E — What’s the Growth Engine? 32 While the impact of and adaption of new technology.” tertiary education varies by region, the additional skills Market research in the 10 focus markets identified two learned through tertiary education can have a direct link opportunity drivers for the women’s market growth. 33 to women’s ability to access formal jobs. The first opportunity driver is the progress in women’s socioeconomic conditions. In markets where more Organisation for Economic Co-operation and women are gaining tertiary education, entering the labor Development (OECD) studies also connect tertiary force, and earning a higher income, they have a higher education to a better understanding of formal risk ability to spend on insurance. The second opportunity 34 mitigation tools. As more women gain tertiary driver is an increase in women’s willingness to spend education, more will understand the value of formal on insurance. With increased income, women are also protection methods, such as insurance, to mitigate their enjoying greater spending and household bargaining personal and business risks. This was also reflected in the power. These two opportunity drivers are observed in the market interviews — 55 percent of insurers and regulators 10 focus markets, but occur to varying degrees, requiring interviewed believed that tertiary education has a positive a local perspective to understand how they apply to each correlation with insurance purchase. market and income segment. Graph 12: Female Enrollment in Tertiary Education in the 10 Focus Markets (%) 2008 2014 64 59 48 47 32 32 30 29 29 28 28 25 21 20 15 13 11 10 9 8 Brazil Thailand Turkey China India Indonesia Mexico Morocco Colombia Nigeria Insight Report, Source: World Economic Forum, “The Global Gender Gap Report,” (2008 and 2014). 21

26 As women enter the workforce, they are more likely Trend 2: Increase in women’s labor force participation. Although overall labor force participation rates globally than men to ask for insurance from their employers. An 35 female labor have stalled due to economic slowdown, International Foundation for Electoral Systems/Institute force participation has increased in five of the 10 focus for Women’s Policy Research (IFES/IWPR) study showed 36 markets — Brazil, Mexico, Morocco, Nigeria, and Turkey that in Morocco, more employed women than employed 37 men receive employment benefits, including insurance; (see Graph 13 below). The growth rate in female labor 26 percent of working women hold employer-provided force participation across these five markets ranges from health insurance, compared to only 14 percent of working 1 percent to 4 percent per year. In comparison, higher growth in men’s labor force participation has only been men, and 27 percent of working women hold pension/ retirement products compared to 17 percent of working experienced in Brazil and 38 Thailand, with growth rates In addition, evidence from the United Kingdom men. ranging from 0.2 percent to showed that more women than men value medical “As women are insurance from their employers (32 percent women vs. 24 0.4 percent per year. Higher 39 more educated, growth in women’s labor percent men selected health as a top workplace benefit). force participation means they will Trend 3: Increase in women’s income in emerging markets. that within these markets, have greater While a wage gap still exists, women’s income is expected more women are gaining acknowledgment of to grow at a faster rate than men’s. Within emerging access to income and the products and risks, markets, women’s income is expected to rise at 8.1 capability to purchase which will result percent per year, compared to the 5.8 percent growth insurance. in an increased 40 rate projected for men. Within the 10 focus markets, willingness women’s income is expected to grow at rates ranging to purchase from 3 percent to 13 percent per year, with the highest insurance.” growth rate projected in Brazil, Indonesia, and Nigeria, and the lowest in India and Morocco (see Graph 14 right). — Executive, Zurich Insurance Group, Bogotá, Colombia Female Labor Force Participation Rates in the 10 Focus Markets (% of women ages 15–64) Graph 13: 2008 2014 75 72 71 70 67 65 62 59 53 53 48 48 47 43 36 36 32 30 29 29 Nigeria India China Turkey Thailand Indonesia Colombia Morocco Mexico Brazil (2008 and 2014) Source: World Economic Forum, “The Global Gender Gap Report,” Insight Reports, 22

27 Graph 14: Women’s Estimated Earned Income in the 10 Focus Markets (PPP, US $) 2008 2014 12,157 10,821 10,501 10,468 8,538 8,499 6,695 6,204 6,039 5,975 5,680 5,220 4,385 4,029 3,123 2,410 1,980 1,846 1,620 652 Nigeria China Turkey Mexico Brazil Morocco Indonesia India Thailand Colombia Source: World Economic Forum, “The Global Gender Gap Report,” (2008 and 2014) Insight Reports, Trend 1: Women may have more household bargaining 65 percent of insurers and regulators interviewed for power and independence with increases in income. A this study agreed that there is a positive correlation between insurance purchase and women’s income. Goldman Sachs report states that as women earn more Different markets show different understanding of how income and increase their household financial contributions, 43 they tend to have greater influence on household spending. income is related to insurance purchases. In Morocco, 83 percent of working women clients interviewed for this an executive from Wafa Insurance stated, “There is an study either jointly — with their spouses — or independently S shape relationship between women’s income and insurance purchase — purchasing rate is low in the make financial decisions for their households. Women in lower income bracket, grows rapidly within the middle Morocco were more likely to make joint decisions with their spouses, while women in China and Thailand were income bracket and levels out within the higher income more likely to make decisions independently of their bracket.” According to the executive, women in the upper income class are more likely to seek add-ons to their spouses. As contributors to household decisions, women current insurance policy as opposed to purchasing new spend differently, focusing their dollars on improving and protecting their household welfare. products. In contrast, in Mexico, an executive from Zurich Seguros stated that the relationship between income Not only are more women making their own financial and insurance is a “U” shape, where the lower and higher decisions, they are also increasingly heading up house - income brackets recognize the need for insurance, while holds. A Goldman Sachs report states that 20 percent of the middle income bracket assumes it has the wealth households globally were headed by women in 2009, espe - to pay out of pocket. Given the market differences in cially in Mexico, Nigeria, and Turkey, where female-headed purchasing behavior, it will be important for insurers to households are becoming increasingly common due to understand the unique relationship between women’s 44, 45 As more women head up households, urbanization. income and the purchase of insurance in each market. a corresponding increase in women making insurance purchasing decisions for their families is expected. 2. Increase in women’s willingness to spend on As women’s economic contributions to their insurance. For example, a South African mutual insurer, Assupol, household increase, they gain bargaining and spending found that as women become more substantial power and have shown to be more willing to spend on contributors to household income, they are more likely insurance. However, the World Development Report 2012 to purchase insurance than men because they are more noted that this may not be consistent across all markets 46 41 concerned about protection. For Assupol, women and income brackets. In some societies, improvements accounted for two-thirds of its new sales in 2014, higher in women’s economic position may challenge existing than what was predicted by the gender makeup of its societal norms on women’s roles and lead to conflict 47 42 client base. within the family. Therefore, it is important to take existing social and cultural factors into account when considering the following trends in any individual market. 23

28 Trend 2: Women are more risk- 6.2 WOMEN: VALUABLE CLIENTS aware and are willing to “It’s not about 48, 49, 50 pay for peace of mind. the probability Not only does the women’s market show high Women are more risk-aware growth potential, but women’s behaviors, roles, and of something 51 and are willing than men, responsibilities also make them an attractive customer happening. It’s to spend more than men to base that can help insurers improve their operational about me sleeping protect against risks faced by risks, lower operating costs and grow their customer better at night themselves and their families. base. knowing that my For example, women across children and family demographic segments in A — Both Honest... are protected, China, Mexico, and Nigeria because accidents indicated that they were Academic studies on fraud behavior have shown that happen all the willing to spend 10 to 20 women are less likely to engage in fraudulent behavior, time.” percent of their income to 52 and file fewer fictitious claims than men. Similarly, protect against risks in the an Accenture study found that globally, 86 percent of Lin, Working Mother, — future, compared to the 7 t0 women vs. 82 percent of men found it unacceptable to Beijing, China 10 percent stated by men in 53 overstate the value of their claims. The same Accenture China and Mexico. Patricia, survey revealed that 12 percent of women vs. 17 percent a young professional in Mexico City, Mexico, stated, “I’d of men overstated their auto insurance claim, while 17 rather spend some of my income now to make sure I percent of women vs. 24 percent of men overstated have a [financial] backup in case something happens.” 54 Fraud is a major issue their home insurance claim. Currently, women in these markets spend between 5 for insurers — a study by the U.S. Insurance Research and 8 percent of their income on insurance, indicating Council indicated that $.17 to $.29 of each dollar spent enormous potential for growth. 55 on motor claims covers consequences of fraud. By growing the percentage of clients who are less likely to Trend 3: Women act as conduits to the family. Women, commit fraud, insurers can grow their revenues without particularly working mothers, tend to purchase insurance a proportional increase in fraud risk. for their parents, spouses, and children. For example, Bai, a female agent in Beijing, China, stated, “In China, buying B — ...and Loyal insurance for the family is often a woman’s task because they are more likely to be concerned about the needs Another finding of the Accenture study shows that of the family. Men are more self-focused, while women women clients were 8 percent less likely than men to spend money to promote their family. The majority 56 while a study in the switch their insurance provider, of my [life insurance] clients are women; they are the Netherlands indicated that women respondents were ones asking me for family less likely than men to switch health insurers (83 percent products.” 57 A study by Bain & Company in the vs. 81 percent). United States found that a loyal active client’s lifetime “Women are As conduits to their larger value is worth close to seven times that of a detractor, family, targeting women vectors for the 58 and two to three times of a passive client. Given that clients can both increase promotion of loyal clients purchase more products and usually cost the number of products an insurance. They less to serve, women clients represent a potentially insurer can cross-sell, and are protective profitable market segment. decrease costs by channeling and could indeed distribution through one influence greatly decision-maker or influencer. the uptake of insurance.” — Executive, Société Centrale de Réassurance, Casablanca, Morocco 24

29 C — Women — Great Brand Ambassadors 6.3 BIRTH OF A SALESWOMAN: WOMEN ARE A HIGH PERFORMING Women can act as strong advocates, or social marketers, SALESFORCE for insurers and financial services firms. Discussions with insurers such as AXA Group, Zurich Insurance Group, and Embedding women within and across — from back-office Liberty Seguro, as well as brokers such as Willis across the to client facing and management positions — in the 10 focus markets show that women are more likely than insurance salesforce is essential to ensure products, sales, men to recommend a product or service to their friends and distribution methods meet the diverse needs of men and family. Women are also greatly influenced by the and women clients. advice of their female peers. Research from Investment News shows that, on average, women make 26 referrals A — Women’s Input Throughout the over their lifetime to their financial advisors — more than 59 Insurance Value Chain Women’s twice the average of 11 referrals made by men. role as informal advocates is extremely valuable as they The perspective and input of women is essential to the can be leveraged to cultivate an informal salesforce for insurance value chain, from product conceptualization insurers to grow their customer base without significant to the point of sale. In developed markets, research increases in distribution costs. shows that female employees tend to grow insurers’ 60 bases of female clients. Women employees can also act as advocates for the insurers they work for, informally Advocates for the insurers In societies where customs they work for prevent women from interacting Able to understand with the opposite and meet the gender, women agents should be protection needs of WOMEN further leveraged the entire family ARE A HIGH PERFORMING Women’s Good at building SALESFORCE perspective and long term input are essential relationships to the insurance value chain, Successful in selling from product to other women conceptualization and men to the point of sale 25

30 61 educating their network on the benefits of insurance. In Aegon Religare Life Insurance those sold by men agents. addition, leveraging women as a salesforce is particularly found that while 31 percent of agents are women, they 62 important in societies where customs prevent women bring in close to 40 percent of Aegon’s total business. from interacting with the opposite gender. By recruiting Early evidence provided by AXA in Asia in the general women within the insurance salesforce, insurers in these insurance and life product lines indicates that there is societies may be able to increase their penetration of the some positive relationship between the percentage of women’s market. women in the salesforce and percentage of women retail clients (see Graph 15 below). B — More Who than What There is a strong case for increasing the number of Discussions with agents and insurers have shown that women in the salesforce, which is beginning to be men tend to be more product- and transaction-focused, recognized by the industry. Insurers in some markets while women are more relationship-focused. In Brazil, have developed or launched initiatives to actively recruit discussions with Willis highlighted that women brokers and retain more women agents. For example, at Aegon are better able to understand and meet the protection Religare Life Insurance in needs of entire families, not just the needs of other India, the proportion of women. In Nigeria, representatives from Ark Insurance women advisors rose from Brokers stated that women are “...better at building long “I have a very young 24 percent to 31 percent from term relationships and building trust.” son, and I need to be 2008 – 2011 due to active able to take care of 63 AXA recruitment campaigns. Sales results in selected markets have also reinforced this. him at all times of Indonesia has also developed In China, interviews with executives at ICBC-AXA show the day while making a targeted recruiting that women agents are not only successful in selling to an income. Being an campaign for women agents. other women, but also demonstrate successful sales agent means I can skills overall. While 50 percent of the salesforce at ICBC- arrange my meetings AXA are women, they make up over 60 percent of high around his needs.” performing sales agents. In India, data from Bharti AXA Life Insurance show that the average premium per policy — Sai, Insurance Agent, sold by female agents can be up to 50 percent higher than Bangkok, Thailand Graph 15: Trend Between AXA’s Women Salesforce and Women Clients in Asian Markets 80% 60% Percentage of 40% Women Retail Clients 20% 0% 30% 50% 60% 70% 20% 10% 0% 40% Percentage of Women in the Distribution Force Source: AXA’s Asia Life Subsidiaries 26

31 Case Study 1: Women Brokers and Agents Are Trusted Advisors by providing tailored risk management advice While the insurance industry in Morocco is still and product recommendations. She also male-dominated, some women see insurance as a good business opportunity and are very explains the intricacies of exclusions and the claims process, which are key client pain points. successful at it. Tourya Tazi (referred to as Having women like MmeTazi in the insurance Mme Tazi) left her executive position after salesforce helps build a trusting relationship 40 years of working for insurance companies between the industry and clients. to open JASSUR, one of three women-owned brokerages in Casablanca, Morocco. By opening JASSUR is also a leader in integrating women her own brokerage Mme Tazi wanted to provide agents into the salesforce. Mme Tazi stated, clients with tailored advice and customized “Women can perform in anything once they have recommendations while also developing the training.” Her focus on providing mentorship and skills of women agents and brokers to help them training to women agents has resulted in women advance in the industry. representing over 50 percent of the agents at JASSUR. This unique approach to engaging In describing her approach to insurance, Mme Tazi stated, “Honesty is the first point in women agents has resulted in women being able building my client relationships as I want to to prosper and grow, and provides a model that insurance companies can replicate to benefit be a trusted advisor.” Mme Tazi goes beyond satisfying clients’ insurance needs by taking the their bottom line. time to understand what clients really need and 27

32 Case Study 2: Effective Recruitment of Women Agents in Indonesia AXA has monitored the results of the program AXA Indonesia’s “Wanita Hebat” (Amazing since its October 2014 launch, and early results Women) recruiting program is unique in its focus on targeting educated women for agent show an increase in the number of monthly positions. The media campaigns — conducted recruits. Events are held in over 50 cities in through radio, press, magazine and online Indonesia, allowing for broad recruitment in key geographies. From January to March 2015, channels — use women in the advertisements the number of women who responded to the and are focused on print sources and websites recruitment program increased by 36 percent, that women use most. For example, the campaign from 896 to 1,220. In addition, the conversion targets women lifestyle websites, such as Detik Wolipop, and Facebook profiles of women that rate of candidates to certified agents has fit the target age, gender, location and interest. increased from 40.6 percent to 43.9 percent. Interested candidates are invited to The program is in its early days and several months are still needed at the time of printing to recruiting events, where they not only hear be able to confirm its sustainable success. testimonials about the agents’ experience and the screening process, but also participate in a half-day education session promoting financial empowerment for women. This type of campaign not only increases transparency into the recruitment process, but also provides financial education to all candidates. 28

33 Finally, women agents enjoy the flexibility of the A — Financial Protection for Women agent lifestyle. The women agents interviewed in the Translates into Increased Investment in focus markets cited flexibility, low education and/or Families and Society. age requirements, and good income opportunities as benefits to being an insurance agent. Diana, an agent Women are sensitive to the needs of their community, in Bogota, Colombia, stated, “Being an agent allows for and tend to invest their discretionary income in the independence and self-management of my time. I was education of their children, the healthcare of their family, able to stop when I had a child and come back without and improving their housing to a far greater degree than 64, 65 too much trouble.” Anita, an agent in Lagos, Nigeria, said, men (90 percent vs. 30 to 40 percent). In a global “Being an agent provides me with security and economic study by the Center for Talent Innovation, 90 percent power.” of women indicated that making a positive impact on society is important, and saw an increase in their wealth 66 as an opportunity to improve society in general. Hence, by protecting women’s financial interest and educating them about risk mitigation methods to improve their 6.4 PROTECTING AND INSURING own financial situation, insurers will empower and enable THE HALF IS INVESTING IN THE more women to invest in their communities. WHOLE B — Increasing Women’s Insurance Insurance can empower and enable women to improve Coverage Can Contribute to Making their own living conditions through mitigating risk. By Them an Economic Driver. providing compensation and services for women in the case of life hazards such as the death of a spouse or In addition to improving women’s financial stability female-specific health problems, insurance will reduce and discretionary income, increasing women’s the need for women to spend their discretionary income insurance coverage has significant effects on economic on expenses related to these life hazards. This enables development as a whole. For example, as women are women to free up their discretionary income to invest more likely to spend on healthcare, increasing their in their families and communities. In addition, insurance ability to do so with well-structured insurance products will help women recognize and anticipate risks, behaviors can multiply private healthcare spend, thus allowing they will pass on to their family and community, the sector to grow. When insurers help women protect ultimately influencing the risk-taking behavior of their their increased assets and spending power, women will community. be able to invest more into other industries to help their development. Finally, given women’s increasing presence in the labor force as employees or business owners, better protecting them and their earnings will contribute to economic progress. 29

34 Women’s lifecycle events are crucial opportunities for insurers to help women with their changing protection needs 30

35 7. To Each Her Own ith significant growth potential in the women’s market, how can insurers begin to target women and meet their diverse and evolving needs? Women want recognition that their needs are different from men’s. For example, women’s W multifaceted roles in their homes and at work mean they are often time-constrained. As a result, women may not have as much time as they want to research insurance products. They look for insurance products and services that will help them save time. In addition, women’s financial services needs and 7.1 IT’S NOT ALL ABOUT MONEY preferences vary by age, income level and lifecycle 67 While both men and women experience lifecycle events. The interviews with women in the focus markets and events, women are more likely to make key financial secondary research revealed six common insurance needs 68 decisions related to such events. An interview with a and preferences that women display across markets, young couple in Beijing revealed that the woman only income segments, and lifestyle characteristics. considered purchasing insurance when she had a child and when her parents needed long-term care, while A — Wanted: Wrap-Around Services her spouse purchased insurance based on the perceived additional value the insurance provided, regardless of life Women play multifaceted roles inside and outside their events. Women’s lifecycle events are therefore crucial homes, and are looking for solutions to help them save opportunities for insurers and help women with their time. For example, it is not sufficient for insurers to changing protection needs. provide financial compensation for a loss, as women increasingly want services to help them save time in Research in the 10 focus markets shows that gender- recovering from a loss. Over 50 percent of women disaggregated data is collected to calculate product interviewed for this study identified wrap-around pricing, but not to design targeted products for women. services as a key factor in decision making — with higher This lack of a customer-centric view means insurers do preference for such services in Brazil, Colombia, Morocco, not understand how women’s insurance needs differ from Mexico, and Nigeria. An Accenture study on client men’s, or how women’s needs differ from one segment service showed that globally, 76 percent of women cited to another. As a result, insurers approach the market personalized services as an important criterion in deciding with gender-agnostic products and services that are still on an insurance provider, as compared to 73 percent of 69 designed to meet the needs of the male client. 70 men. Whether single, married, young or aging, women are constantly balancing the demands of their home and professional lives, and want services to help ease the balance. 31

36 insurance companies would do B — The Sandwich Dilemma: Women the same — to remind me why “Having insurance Need Help with Care I should stay with them.” is more secure than One particular service women need help with is to marrying a rich relieve them from the burden of their role as caregivers. husband. In the D — Individual Asset The World Development Report 2012 estimated that, case of a divorce, Protection compared to men, women devoted one to three hours the woman will more per day to housework and two to 10 times the As women accumulate at least maintain 71 amount of time per day to caring for family members. income and assets, they are her insurance Across the globe, women are the primary caregiver increasingly turning to life policy investments for their dependents — whether they are sick, elderly insurance products to protect under her name, 72 For example, a study in Brazil indicated or young. their wealth outside of their as opposed to that eight out of 10 women worry about caring for household and independent losing them to their elderly parents/in-laws, compared to six out from their spouses and 73 her husband like of 10 men. Caregiving can be a significant financial family members. Regardless and emotional drain on women. A study in Singapore she would lose a of income or the number of found that 60 percent of female caregivers experienced home.” dependents, many women exhaustion compared to 32 percent of male caregivers, interviewed articulate — HuaChing, Head of with stress levels higher for caregivers who need to concerns about protecting 74 Household, Beijing, provide assistance with daily living activities. Women their income and assets during China see insurance as a way to improve the level of care they changes in their legal status, provide to themselves and their family. from marriage to divorce or widowhood. This was particularly apparent in interviews with women in China, Mexico, and Nigeria, where women C — Tangible Benefits tend to share property rights with their husbands, but societal custom favors men as the sole property holder. 77 percent of women interviewed expressed a desire In the case of death or divorce, the woman may not for immediate benefits from their insurance products, be entitled to the land or assets she once shared with such as a loyalty program. Research by the ILO finds that her spouse. The type of security provided by insurance women, even more so than men, want to see where their products could provide women in these markets with money goes and how the product improves their current 75 some peace of mind. In Nigeria, research shows that financial situation. In addition, insurance often competes women do not often inherit their spouses’ assets in the for the same share of the 76 so women may need to seek out case of widowhood, wallet as other consumer alternative ways to protect their share of the assets. “Women are rational, goods, so women need to see the benefits to and interested justify the spend. In Brazil, in details. They E — Informed Decisions Colombia, Mexico, and ask more about Thailand, women wanted A study from Women’s World Banking found that women the product’s discounts on other services, will invest more time upfront to understand the details of characteristics and such as health clubs, 77 their financial services products. An interview with AIG the details of the and loyalty rewards to in Thailand found that even though women may purchase coverage. Compared integrate insurance within online, they will still call to discuss the product in more to male clients, their everyday lives. June, detail before buying. It is important that women receive female clients need a working professional in the full set of information they need to be assured in their to be more assured Thailand, stated, “My bank insurance purchasing decisions. of the benefits, provides me with all these especially as a new discounts to food vendors, client.” so every time I go purchase something from there, — Executive, AXA, Istanbul, I am reminded of why I Turkey stay with the bank. I wish 32

37 group members purchased through banks, agents, F — Dialogue and Efficiency and brokers, as they wanted advice on their personal situation. However, studies have shown that women Women’s needs are not just focused on products. Across may not always be getting the personalized advice they all markets and segments, women wanted efficiency in the want; a report by Michael Silverstein and Kate Sayer distribution channels. They want to access the information found that women see financial institutions as degrading, when they want it, where they want it. Efficiency should 79 contradictory, and lacking specialized advice. Agents, . An Accenture study not come at a cost to personalization brokers, and bancassurance representatives need to take a found that 70 percent of women vs. 61 percent of men customer-centric view to understand what women want wanted more advice on overall risk management outside 78 before providing personalized risk management advice. of their specific product. The majority of women focus 82 percent of women cited trust as important in choosing and switching insurers 33

38 7.2 ONE SIZE DOES NOT FIT EVERY WOMAN In order to realize the growth opportunity presented in this report, insurers must abandon the one-size-fits-all approach, and instead identify and target segments of women who share common needs and constraints. The following section identifies five segments of women based on their socioeconomic bracket, dependents, and income status. This section will discuss the demographics, needs/preferences, and constraints faced by each segment. A more detailed analysis is required to address these segments in each market, because segment characteristics and sizes vary across markets. Dependent Status and Income No Business Aged/No Dependents, Dependents, Dependents, Demands, Sharing Wealth Generating Generating Living Off Economic Wealth Wealth Value Socio- Economic Bracket: Upper Segment 1: Segment 3: Segment 2: Segment 5*: Middle Salaried Women Working Retirees Mothers Women Without Entrepreneurs Children Socio- Economic Bracket: Lower Low-Income Customers Segment 4: *Segment 5, women entrepreneurs, will be discussed in Chapter 8. 34

39 A — SEGMENT 1: SALARIED WOMEN WITHOUT CHILDREN Women are looking for insurers that see more in them than just mothers or wives CONSTRAINTS CHARACTERISTICS SOLUTIONS • Single Gaps in coverage as a result • Provide personalized • insurance and investment of underestimation of her Career-oriented • risk profile strategy based on insurance needs and risk profile May have a tertiary degree • Feels ignored by insurers • who only see women in Develop a dedicated sales • • May have accumulated approach to improve their capacity as wives and assets and/or wants to grow mothers only salesforce communication of her existing assets insurance solutions • Unfamiliar with financial Researches extensively • products Provide targeted solutions • before making significant based on income bracket purchases Lacks trust in insurers • She surfs the web for • financial products and advice After a promotion or growth in assets, she Insurance Needs and Preferences 1. wants a personalized strategy. As women in this Early in her career, she is focused on growth, and wants segment mature, they tend to shift investments to less products that will help grow her existing assets and risky products. They need better investment advice to help 80 protect her income and quality of life. This segment them manage these decisions. They may want to develop is looking for products that emphasize investments, an investment strategy and want more tailored advice. and allow her to make the most of her education and 54 percent of women surveyed for She surfs the web. independence. this study said that they are willing to purchase insurance if it is available online. While a similar number expressed interest in researching via mobile, only 45 percent were willing to actually purchase via mobile due to concerns about payment security. 35

40 2. Constraints Faced in Accessing Insurance Gap in Coverage. As women start to earn an income, the challenges and risks they face in their lives progress and change, and they may need to protect higher-value assets. Due to these changes, middle-income working women without children may underestimate their new risk profile, resulting in insufficient insurance coverage. Upper-income working women without children may believe that they can cover any potential losses from their income. This presents an opportunity for financial advisors and agents to work closely with these women to provide them with advice and address their full risk profile. Feeling Ignored. Salaried women without children may feel ignored by insurers who tend to see women only in their capacity as wives and mothers. With regards to upper-income women, a BCG report found that despite having ample wealth which they are willing to invest, Case Study 3: HDFC in India Covers Women’s Needs In Case Any of These Three Events Occur The “Smart Women” Plan offered by HDFC The Smart Women Plan is unique in the sense Standard Life in India is a unit-linked investment that it is a savings product with a critical illness life insurance product that not only enables component tied to different life events, as women to grow their assets, but also provides opposed to being tied to a specific disease like coverage for women’s specific needs including other critical illness products. The product is pregnancy, female-specific cancer and death targeted toward independent women in urban of a spouse in its 10 to 15 year coverage term. areas, to help them meet their financial goals while catering to their needs. In the case that any of the three events occurs, depending on the level of coverage, the Launched in 2012, the product sold 4000 policies premium will be waived for three years, HDFC in its first month, and was awarded “Product of will continue to fund the premiums during the Year” in 2013, based on Nielsen’s Consumer that time, and policy holders will receive cash Survey. It continues to experience strong sales payouts. The product continues the savings in the market. component of the plan, while helping women to adjust to major life events. 36

41 women feel that insurers are more interested in targeting Distrust of Insurers. Issues of corruption, limited the family pocketbook rather than spending time with client protection laws, and lack of transparency in the 81 high-income women without dependents. claims process can make trust an issue for men and 84 However, women, especially women in all markets. Feeling Unsure. OECD studies have shown those early in their careers with limited exposure to the that women are less confident in making financial insurance industry, value trust more than men. Moreover, decisions compared to men, regardless of their actual the consequences of women’s lack of trust have a greater 82 This may be understanding of financial concepts. impact on their likelihood to renew and refer products especially true for women early in their career, or for to their peers. An Accenture study on client behavior those who are progressing from a lower income segment, showed that more women than men value trust in their as they have less exposure to financial products. Women insurers (82 percent of women cited trust as important in who are not involved in the long-term financial planning switching insurers, compared to 76 percent of men), and of their households perceive financial topics to be women ranked lack of trust higher than men as a reason 85 complex and technical and often defer financial decisions to switch. to others. This lack of confidence may result in a lower 83 willingness to purchase financial products. 54 percent of women surveyed said that they are willing to purchase insurance if it is available online 37

42 B — SEGMENT 2: WORKING MOTHERS Women need insurance solutions that ease their time poorness CONSTRAINTS CHARACTERISTICS SOLUTIONS May have a tertiary degree • • Cultural constraint in • Develop awareness household decision-making campaigns on the benefits • May be married or getting in some countries of insurance for the children, married, or single or and the family • Lack of adequate female widowed salesforce might prevent her Develop family solutions for • Time-crunched, managing • from buying insurance in health insurance both family (children, elderly some countries • dependents) and professional Engage more women as duties Lack of clarity in coverage • sales agents so that they can and easy-to-understand provide financial advice • Increasingly planning ahead policy information Develop more one-stop- for children’s future • • Lack of products that will shop distribution channels • May be self-employed or reduce the burden on responsible for managing the Develop add-ons and • managing household and household products that will help save worklife time She wants products that reduce the burden 1. Insurance Needs and Preferences on managing household operations. As women As she grows her family, she values full family manage multiple roles, they may be willing to pay for protection. Discussions with insurers show that women services to help them in accomplishing their tasks. in this segment often take the lead in purchasing insurance Gabriela, a working mother in Mexico City, Mexico, stated, for their families, and want comprehensive bundles for “I wish there were more products to help me manage their entire family. Women in this segment not only value the needs of my son, as well as something to help me insurance products such as health, property, and casualty manage my stress levels. I want more flexibility outside that will support their family today, but also savings of just financial protection.” This segment sees insurance products, such as pensions and education insurance, to as a product that can offer them both protection for prepare for the future. themselves and their dependents, but also add-on services such as childcare or service assistance that help better manage time at work and at home. 38

43 For some women, online channels may provide this As income grows, she convenience and improve their time management. A “Women want reaches for high- study by BCG indicates that many affluent women under quality products that insurance packages the age of 50 prefer to do their banking online wherever will improve her family’s and the flexibility possible, as online channels make it easy and convenient health, well-being, and to customize them 86 to find the information they need. In many quality of life. based on their markets, health insurance family’s needs. is seen as an extremely They are more Constraints Faced in Accessing Insurance 2. valuable asset, and the likely to think ability to pay for private, Cultural constraints in household decision of the future for premium healthcare is highly making. In markets such as Morocco, Nigeria, and themselves and desirable. Women, who are Turkey, there continues to be a division in household their children.” more focused on investing decision making based on gender. In these markets, in their family’s health, will — Executive, AXA, women generally make decisions on day-to-day want more extensive health Sao Paulo, Brazil household needs, while long-term financial planning coverage. 87 In decisions are often carried out by their spouses. addition, while women may influence financial decisions, In periods of uncertainty, she is increasingly social and cultural norms that restrict women’s mobility self-reliant and requires a more formal and interactions with the opposite gender also reduce Populations such as single protection system. their access to insurance and financial services in mothers or divorcees may have a smaller social network, 88 For insurers without an adequate female general. which results in a smaller informal safety net. These salesforce, this may greatly inhibit their ability to reach populations may find greater value in formal insurance the women’s segment. protection. She wants clear, easy-to-understand She wants a one-stop-shop in distribution. information. Women are more likely to read the Working mothers are busy and want to have all their full policy than men; however, due to time constraints, financial services needs met by one channel, and are working mothers may not have time to read through the likely to seek out bancassurance for convenience. This is fine print. Therefore, they are more likely to be frustrated especially prevalent in Brazil, China, Colombia, Mexico, with the technical language. In addition, the frustration and Turkey, as the integration of banking and insurance is likely to result in more information means bank agents can proactively offer lead time in purchasing the insurance to women based on their banking profile. product due to their need “All the details for clarification. 57 percent on coverage and of women interviewed in claims are in the focus groups found coverage fine print so I’m information in need of always afraid clarification. Women clients I’m going to miss interviewed in Mexico, something and not Morocco, and Nigeria voiced get paid.” their dissatisfaction with the lack of clarity on payment — Maria, Young times and exemptions. Professional, Mexico City, Mexico 39

44 C — SEGMENT 3: RETIREES Women need solutions that help them maintain their quality of life and provide for their grandchildren CONSTRAINTS CHARACTERISTICS SOLUTIONS Provide assistance with Lack of targeted advice • • Educated • managing healthcare needs on how to manage her • Focus is on maintaining retirement and savings Provide add-on services that quality of life after retirement • • support daily life needs Lack of affordable insurance Health conscious • products • Develop credit protection • Pragmatic about spending Lack of products that would products that will help in • help her manage household incase of widowhood • Has assets tasks and care for her ageing Develop investment products • spouse Strong desire to provide • to fund grandchildren’s financially for her education grandchildren (education abroad, etc.) Engage more women as • sales agents so that they provide in-person financial advice She wants to provide financially for her 1. Insurance Needs and Preferences grandchildren. Interviews with Banco Itaú in Brazil She may need assistance with managing showed that education investment products were As women age, not only do they need to healthcare. particularly popular among elderly women as they seek manage their own health, but they often also manage to purchase these investments for their grandchildren. the health of their spouses. In addition, with increased Elderly women want to reduce the burden that the cost urbanization, elderly women cannot rely on traditional of education places on their children and ensure their informal methods, such as their children, for assistance. grandchildren can afford an education. As children grow older, they leave their parents’ home for In the case of widowhood, she needs to be able the city, and are no longer close by to support day-to-day Interviews with Liberty to manage on her own. care of the elderly. This is especially prevalent in Indonesia Seguro in Colombia for this study indicated that credit and Thailand, where there is demand for insurance protection products for widows are in demand due to products with wrap-around services to help the elderly the longer life expectancy of women compared to their manage their health. 40

45 spouses. In the event of the death of a spouse, women life expectancy. Insurers need to recognize that these want to ensure that they can continue to support women worry more about their retirement as they have themselves and maintain a certain quality of life. to make their savings and investments stretch out not just to meet their day-to-day needs, but also to help Her preference is for in-person professional meet the financial needs of their children and possibly 89 Women in this segment want advice from agents advice. grandchildren. and brokers, as they are less self-directed in conducting In addition to stretching out their Affordability: research and less technology-savvy. This segment prefers savings, women in this segment may have limited ability face-to-face discussions and wants to spend time with agents or brokers to fully address their needs. They value to afford products with high premiums, despite requiring complex health and accident insurance coverage. simple, quality advice on how insurance can be used to manage their current lifestyle. Mobility: In many of the focus countries, urbanization increases the physical distance between women and their 2. Constraints Faced in Accessing Insurance children. This means that as women in this segment age, they cannot rely on their dependents to transport them Targeted Advice: Women who are retirees, more to insurance agents. than their male counterparts, need targeted advice on how to manage their retirement as they have to account for more years of retirement due to their longer As women age, not only do they need to manage their own health, but they often also manage the health of their spouses 41

46 D — SEGMENT 4: LOW-INCOME CUSTOMERS Women remain the most vulnerable segment in need of affordable insurance that adapts to their reality CONSTRAINTS CHARACTERISTICS SOLUTIONS • • • May have children or other Develop affordable, impactful Limited awareness of products that address their dependents insurance as a protection mechanism most important concerns Worries about leaving debt • (life, health and crop) to her children Lack of trust in insurers and • Partner with communities whether they will pay the • • Focused on providing for her and organizations already claim family’s basic needs positioned in the market • Cannot afford traditional Irregular income • insurance products • Explore alternative operating models that allow reaching • Limited access to banking Traditional insurance • a massive number of services processes are not adapted to customers (e.g., mobile) her living conditions • Not technology savvy particularly the case in Mexico, Nigeria, and Turkey, where Insurance Preferences and Needs 1. 90, 91 — This will result urbanization has driven the migration. in more women managing household finances, and seeking She wants basic, affordable durable and protection for their families. In a 2009 study by ILO and valuable products. With limited discretionary Women’s World Banking, a woman from the Dominican income, self-employed (e.g. farming, trading, handcrafts), Republic was quoted, “It’s worrying when you know for sure or commonly part of the informal economy, the low you’re going to die and you’re not prepared. [...]. And so I income population is regularly marginalized from social say, my God, if I died today it would be good if I had good security protection. Their vulnerability to financial shocks insurance so that my children could continue in school and is probably the highest across society, yet traditional 92 at least eat. This is my biggest worry.” insurance solutions remain unaffordable and distant to their reality. Insurance products to address her immediate needs. Products need to be simple, with few exclusions, She is managing the household on her own. normally corresponding to pure protection products. Within the lower income bracket, particularly in rural Finance Trust Bank in Uganda, together with Women’s areas, more women may become heads of household World Banking offers coverage that includes inpatient due to labor-related migration of their spouses. This is 42

47 hospital admission along with loan insurance. Women 2. Constraints Faced in Accessing Insurance are able to file claims at the time of admission which immediately provides them with the cash they need for Cost continues to be a constraint against the hospital stay and partially compensates for their lost especially for women who tend buying insurance, 93 By enabling women to file claims income of the day. to have fewer financial resources and less financial right away, providing fast and efficient claims services, autonomy than men. According to the ILO, women make and a cash payout, insurers are providing direct, tangible up a majority of the world’s poor, earn less income, and 99 value. are more often affected by long-term unemployment. Traditional insurance products are often perceived as She may not have high-tech devices, but she is too complex by the target client, with covers that are willing to learn about insurance through basic not always relevant to the client’s needs, with too many mobile channels, especially as more commercial exclusions, and long lists of terms and conditions. products and services are reaching rural areas through mobile technology. While a gender gap exists in access Complex processes to apply for coverage and to digital services (disparity in Internet access between Part of the distrust that low-income obtain claims. 94 men and women is 25 percent, and in mobile access is women have toward insurance companies also comes 95 14 percent ), many mobile companies and development from processes that are not adapted to their reality. agencies are focused on growing this under-addressed Often, there are too many documents they need to 96 market. It is especially important to reach rural women, provide that are not always relevant, excessive waiting who face greater restrictions on movement compared to time to receive the payment in case of claims, and 97 men. As insurers develop education and sales solutions, frequently unsuitable payment methods. Low-income they should further leverage mobile channels to reach this women are often less literate than low-income men, and segment. have less access to formal financial accounts to receive payments. There is a persistent gender gap of 7 percent She responds well to information from the globally between men and women who have bank Women in this community, friends or family. 100 accounts. segment are more likely to receive financial advice from community members and family, rather than through Limited customer data exists. There is a substantial 98 Insurers can leverage these formal insurance channels. lack of data available on customers at the base of the social networks to realize lower acquisition costs, and pyramid; this is especially true for women, who are often further increase awareness of insurance and its benefits. marginalized. The lack of data on these women’s needs and on their risk profile make it difficult for insurers to develop products for this segment. 43

48 SPOTLIGHT ON MICROINSURANCE 104 Microinsurance is targeted at low-income customers show that women clients tend to be a better credit risk. Women tend to use the microinsurance payout to replace with income of $2 to $8 per day, and provides annual 101 whatever was lost, whereas men are more likely to spend coverage that ranges in cost from $5 to 6 per person. 105 it on a treat or one-off purchase. The product provides protection to customers who cannot afford conventional insurance. The microinsurance There remain a number of challenges to microinsurance. opportunity alone is estimated to be three to four billion First, a lack of personal data on the poor inhibits risk- policies generating between $30 and 50 billion in annual 102 adjusted pricing and increases the cost of underwriting. revenue globally. Second, low financial literacy among the poor requires Microinsurance has been particularly beneficial for low- additional lead time and investment. Third, insurers still struggle to adapt their operating models to the reality income women. Gender-specific risks such as maternal health and disruption to income earning activities due and needs of the low-income segment. These challenges to caretaking mean women need more protection. are especially difficult for women who often have specific insurance needs (such as women’s health) and are Low-income women are also more likely to bear the generally less financially literate. Finally, due to the low burden of providing for their families; therefore, by providing protection to the main household contributor, premiums, microinsurance offers limited coverage that microinsurance prevents financial shocks to the family. does not address women’s changing needs as they move Microinsurance is most commonly tied to a microfinance up income brackets. A lack of transition products limits 103 product (e.g., “credit life”) women’s ability to graduate to conventional insurance. — and microfinance studies Case Study 4: Education is a Requisite to Usage of Microinsurance Microinsurance providers must educate policy use the Taysir al Amana products to pay for holders about the benefits of their insurance financial losses. When Taysir al Amana was products. This was the experience of AlAmana explained in simplified terms and with strong visuals, clients, particularly women, were more Microfinance in Morocco. AlAmana’s Taysir eager to purchase the product as they saw its al Amana product (L’Assistance) is a micro- 107 value in addressing their immediate needs. insurance scheme automatically attached AlAmana is working with Women’s World to the client’s loans that pay out during Banking to develop a more targeted marketing events of stress (for example, for childbirth, strategy that simplifies the language, clearly hospitalization, or diagnosis of critical illness). Despite having 240,000 clients enrolled within presents the claims process and trains the sales staff in explaining the benefits. a year of introducing the policy, 41 percent of whom were women, only a small number Given the lower levels of literacy among low- of claims were filed (20 percent claims ratio, income women, it will versus the targeted 50 percent that indicate 106 be even more important good value from the product). for insurers to develop Due to the complex language used to explain clear, pictorial language to address and attract the product and the client’s low financial women clients. literacy, they did not understand how to 44

49 45

50 Women entrepreneurs are of particular interest, as they own about one-third of the businesses globally. By 2017, it is predicted that they will grow their business by at least six employees, making this segment a strong growth opportunity for insurers 46

51 8. Enabling Women Entrepreneurs mutually beneficial relationship exists between insurers and entrepreneurs. Insurance reduces entrepreneurs’ exposure to shocks, gives them more financial independence, and enables them to embark on higher-risk and higher-return A 108 For insurers, entrepreneurs represent a growing sub-segment of commercial activities. lines with needs for asset, loan, and business protection. Enterprises also require insurance for their employees, and can serve as a conduit to a larger and potentially high-growth customer base for insurers. By enabling risk-sharing, insurers become a key path to business innovation and progress and an important driver for economic growth. Women entrepreneurs are of particular interest, as they Women-owned enterprises tend to develop more 109 By 2017, it own about one-third of businesses globally. innovative products. A 2012 study by the Global Entrepreneur Monitor found that more women-owned is predicted that they will grow their business by at least 110 enterprises had innovative products and services than making this segment a strong growth six employees, men-owned enterprises in the Middle East and North opportunity for insurers. 114 Africa (MENA), Asia, Europe, and the United States. Innovation is important to business growth, especially in increasingly competitive markets. 8.1 TAKING THE Insurance allows women entrepreneurs to free up capital ENTREPRENEURIAL LEAP and reinvest in growth. According to the ILO, “traditional crisis management strategies such as using profits to pay A — A Growing Segment for emergencies is one of the largest barriers to growth 115 for women entrepreneurs.” Women entrepreneurs are Growth in the number of women entrepreneurs can also more likely to use savings to protect against business be observed around the world — for example, women- interruption; however, owned firms in the United States are consistently allocating income to savings growing at over twice the rate of other firms (23 means diverting it away from “When men and percent vs. 9 percent), while growth in the number of more productive uses such women have the women entrepreneurs in East Asia is 3.6 percent faster as technology investments or 111 same revenue It is than growth in the number of male entrepreneurs. 116 hiring new employees. estimated that there are about eight to 10 million small earnings, women and medium enterprises (SMEs) in emerging markets are more proactive with at least one women owner, making substantial in paying their economic impact through revenue generation and job premiums with less 112 Not only are they employing more people, creation. delay.” but they are also employing more women. A study from the World Bank found that female-led firms tend — Representative, to have a larger share of female workers compared to Asociación Mexicana 113 firms led by men. de Instituciones de Seguros (AMIS), Mexico City, Mexico 47

52 E — SEGMENT 5: WOMEN ENTREPRENEURS Women are looking for dedicated insurance solutions that cover personal and business demands SOLUTIONS CONSTRAINTS CHARACTERISTICS Credit protection gap Partner with banks to • Owns her own business: may • • be home-based and/or may explore continuous • Lack of products that will have employees underwriting help manage business and • Develop products for credit • May be looking to grow and personal life, and protect expand her business protection to help bridge the against business interruption finance gap May have children, spouse or • Lack of frequent touch • Develop bundled products: • points, and advice on risk other dependents management Bundle professional and Balances personal, family and • personal insurance, Life and Lack of awareness about • business demand P&C insurance life insurance products to protect income stream Leverage Women’s • Entrepreneurship Associations Provide more personalized • touch points and ease of access to agents In addition, some women entrepreneurs may make low- B — More Valuable Clients risk business decisions to reduce the potential downside, but these decisions also reduce the growth potential Experiences from microfinance organizations and 117 Insurance provides women with a of their businesses. commercial banks have shown that when women safety net that allows them to anticipate risk and redirect are direct beneficiaries of credit, the organizations 118 their profits toward the growth and sustainability of their experience higher repayment rates. Similarly, interviews enterprises. In turn, as their businesses grow, their needs with insurance associations indicate that women for insurance protection will grow as well. entrepreneurs are more likely than men to pay off their long-term obligations. Women entrepreneurs hence represent a great customer base for insurers due to more regular premium payment habits. 48

53 C — Economic Investment into Society A — Credit Protection: Bridging the Finance Gap Growth of women entrepreneurship ventures is also an investment in society. By helping women entrepreneurs Women entrepreneurs want help with accessing credit. One of the greatest constraints faced by women mitigate risk in their business and personal lives, insurers entrepreneurs is a lack of access to finance due to a lack are enabling and empowering women entrepreneurs 122 of collateral for loans. An IFC study estimated the credit to take greater risk and be more innovative with their gap for women-owned SMEs in the formal sector to ventures. Boosting women’s economic opportunity and entrepreneurship can improve per capita income growth be approximately $287 billion, and up to $1 trillion when 119 123 informal SMEs are added. More formal women-owned Studies have shown that if women’s and reduce poverty. employment rates were equal to those of men in 15 major SMEs than male-owned SMEs cited access to finance as 120 124 Women emerging economies a constraint against starting their business. income per capita would rise by 121 more than 20 percent by 2030. entrepreneurs, particularly in Brazil, have expressed the need for an insurance product to help them with obtaining credit. Ana Fontes, the head of the women’s entrepreneurship association in Sao Paulo, Brazil, stated, “I see a lot of women entrepreneurs struggling with 8.2 WHAT WOMEN obtaining credit without putting up their personal assets ENTREPRENEURS NEED as collateral. Some type of insurance that can guarantee women’s initial access to credit and help them build a While both men and women entrepreneurs need to credit history would be very beneficial in helping women protect similar underlying business assets (such as start and grow their businesses.” Currently, the market property and motor vehicles), women entrepreneurs also for this type of insurance for unsecured loans without have specific needs. collateral is limited. 49

54 126 All of these which need their constant involvement. B — Protection Against Business factors mean that any shock to a woman entrepreneur’s Interruption personal life — due to caretaking obligations or health issues — will disrupt her business and reduce its income- Women entrepreneurs’ business and personal lives are generating potential. Given that women entrepreneurs tightly linked — events in their personal lives such as also face high demands on their time for pregnancy, childbirth, and maternity household work and childcare, they face a higher leave can have a big impact on their risk of business interruption, and have a greater income-generating activities. Focus “I want to know need for income protection insurance against group discussions with entrepreneurs someone is there 127 Interviews with entrepreneurs personal shocks. in Latin America found that women are when I need them in Nigeria found that women rely on informal more likely than men to operate their to answer my 125 methods like family and friends, and savings to In addition, businesses from home. questions [on the cover costs when they are unable to work. This findings from the Global policies] and to help may be useful in the short-term, but is not a Entrepreneurship Monitor show that me manage my sustainable source of income protection, women are more likely than men to business risk.” especially as their businesses grow. have service-oriented businesses — Theresa, Entrepreneur, Lagos, Nigeria As women entrepreneurs face high demands on their time due to household and childcare responsibilities, they face a higher risk of business interruption and have a greater need for income protection against personal shocks 50

55 C — More Frequent Touch Points 8.3 SOLUTIONS FOR WOMEN ENTREPRENEURS Survey results show that women entrepreneurs want more frequent touch points with insurance distribution A — Hand in Hand with Banks channels (such as direct sales, agents, brokers, and banks) compared to other segments of women. 58 percent One option to help women who do not have collateral of women entrepreneurs surveyed stated that they or credit history to obtain a start-up loan is to explore wanted “regular” or “frequent” interactions with their continuous underwriting with banks. In markets where distribution channels, compared to 17 percent of women there are no legal restrictions on such partnerships, in other segments. Women entrepreneurs want more insurers can partner with banks to protect a certain than just products in their interactions with distribution level of credit for women entrepreneurs to start their channels — they want advice on risk management and a business by leveraging the future earning potential of comprehensive understanding of the policy coverage and the enterprise as collateral. As the business grows and claim terms. the revenue potential is realized, the amount of credit protected by the insurance policy can increase. This helps D — Mind the Life Insurance Gap new business owners access the initial capital they need to start their business, and uses their future earnings While 57 percent of insurers interviewed believe that as collateral to build their asset base and increase their life insurance is an important product for women credit limit. entrepreneurs, only 31 percent of women entrepreneurs surveyed held protection- or savings-oriented life An example of this type of product is offered by the insurance. Women entrepreneurs view property and Ibtida-e-Karobar Karza- Kashf Foundation in Pakistan. Its casualty insurance as a higher priority to protect their Productive Loan offers credit life insurance protection for physical assets, but may not be educated as to the use microcredit loans to new women entrepreneurs. Kashf of life insurance to protect their income. Protection- works with the client to conduct pre-feasibility studies oriented life insurance is especially important for women to assess the client’s investment needs and earning entrepreneurs as their income is primarily potential, before offering an appropriate 128 used to care for their households. If they are level of insurance to protect the loan. This no longer able to earn an income stream, their product invests in women by giving them “I was lucky household finances can suffer significantly. access to credit to start a business, while when I took out Women entrepreneurs may also rely on their also building Kashf’s women customer partnership life spouses to contribute financially to their base for both credit and insurance insurance — this enterprise. Interviews in Brazil indicated products. enabled me to that 40 percent of women entrepreneurs keep my part of have their spouse as a business partner. Life B — Women’s Lifecycle: the business when insurance offers a reliable and often tax- Sometimes a Bumpier Ride to my partnership advantaged way for women entrepreneurs Protect to independently accumulate savings apart dissolved. For from their spouses, or to protect the income- women who do Given the potential impact of women’s earning potential of their spouses. not have this personal lives on their income generating insurance, they activities, insurers can offer business face a lot of risk in interruption protection against shocks getting their assets from life events, such as illness and after their business childbirth. dissolves.” — Ana Fontes, Head of Women’s Entrepreneurship Association, Sao Paulo, Brazil 51

56 Case Study 5: Comprehensive Insurance and Credit Solutions Provide Flexibility and Convenience One constraint faced by many women women entrepreneurs that allow deferral of loan payments by up to 12 months in the case entrepreneurs is the impact that their personal lives may have on their businesses. of maternity leave or serious illness within Intesa SanPaolo, an Italian bancassurer, has the family. By providing both targeted credit and insurance for women entrepreneurs, recognized the need to provide business Intesa SanPaolo enables convenient access to interruption and personal protection tailored multiple financial services and helps women for women entrepreneurs, and created the entrepreneurs build their businesses along with “Business Gemma” insurance policy and loan. 130 their personal lives. In addition to providing standard business The Business Gemma products and services interruption protection, the insurance policy also provides protection for a diverse set of were successful in opening a new market for women-specific personal and health needs Intesa SanPaolo. With approximately 1.7 million including maternity, female-specific check- women in Italy engaged in entrepreneurial 131 ups, legal protection (such as refunding legal this is an important market that activities, cannot be ignored. At the end of 2014, 1,400 expenses related to divorce) and assistance 132 policies were in place. at difficult times such as disability in the case The Business Gemma 129 All of these personal issues product has received the AIFIN-Cerchio d’Oro of widowhood. award for financial innovation in 2011 and the have the potential to impact the income- 133 earning ability of the female policy holder, MF Innovation Award in 2012. and hence the revenue of her enterprise. Intesa SanPaolo also offers credit loans for 52

57 E — Leverage Women Networks C — Personalized Touch Points Providing insurance through women’s entrepreneurship Given women entrepreneurs’ request for more advice and touch points with their distribution channels, insurers, associations in the local markets enables insurers to brokers, agents, and bancassurers need to work together access an entire network of women clients, similar to affinity insurance schemes. Insurers will be able to to understand what women entrepreneurs want as their touch points and personalize their end-to-end provide the entrepreneurs with group rates on life and health products, which are generally lower than individual experience. Examples include assigning one dedicated individual to build relationships with the client, offering rates due to spreading of the risk pool. In addition, business and personal risk management guidance, a partnership with an association allows insurers to leverage the association’s network and resources to and proactively setting up regular meetings. It is also educate its members about risk management. important for the distribution channel to follow the woman entrepreneur as her business and insurance needs grow, to ensure her insurance protection is growing as F — Protect as Insurers, Finance as well. Bancassurance is a particularly important channel, Investors given the number of business transactions done through banks. Insurers can further leverage the touch points To support natural growth in women-owned enterprises, banks have with women entrepreneurs — such as and this growing female customer base, insurers providing credit or making savings deposits — to offer should seek to leverage their substantial institutional insurance products tied to the transaction, including investments. As one of the most important groups of credit insurance or pensions for savings. institutional investors in the world (insurers are the 134 ) insurers could largest institutional investors in Europe lead the way in directing a portion of their investments D — Address Life Insurance Gap into funds focused on women entrepreneurs. For One way ) Bundle life and property/casualty: a example, Goldman Sachs together with IFC launched a global finance facility dedicated to women-owned to address the protection gap in women’s purchase of 135 Based on conversations with investment advisors, SMEs. life insurance is through product bundles. By combining insurance companies are a prime source of capital life insurance with property and casualty, insurers can for impact investing opportunities that provide both comprehensively address women entrepreneurs’ needs. financial and social return to the investor; and investing in Women b ) Explore partnership life insurance: women-owned SMEs represents a particularly compelling entrepreneurs, who rely on their spouse to financially investment opportunity. participate in their business, need protection in case their spouse is no longer able to contribute to the enterprise. One option to protect business continuity is partnership life insurance — this covers the lives of each partner independently; in case of death, the payout goes to the surviving partner to invest back in the business. This is similar to a basic life policy, but has limitations on the payout so it can only be directed back into the business to maintain its financial health. 53

58 Insurance services today are generally tailored to a male or a gender-neutral audience without a clear understanding of the unique needs of women 54

59 9. So What Now? comprehensive strategy involving market research, product and service development, and distribution is needed for insurers to unlock the potential of the women’s market. There is no “silver bullet” solution to meet the varying product, A services, and distribution needs of women across segments and geographies; rather, insurers need to tailor these recommendations to the characteristics of their individual markets. The recommendations are grouped into three categories. Step 3: Step 2: Step 1: Improve distribution Build intelligence on Develop targeted value and proximity to women propositions for women women’s insurance needs clients segments Gather gender-disaggregated • data across the insurance value • • more in-depth focus Conduct Use a digital approach as an chain to further analyze and build opportunity to increase proximity groups for each segment to further the strategy for the women’s with women clients and sell understand needs and cultural market opportunity; insurance through mobile and nuances; online channels; gender-disaggregated • Monitor Develop • targeted products for data across the insurance value women client segments based Build on women’s specific • chain to track the performance on segment-specific needs (e.g. networking and advocacy habits of, and refine the strategy for the to increase proximity to women conditional payouts or product women’s market; clients and increase their trust in bundles); insurance companies; • existing data and collect Analyze wrap-around services to Provide • new information on women’s Provide • enhance product value by helping clear, relevant coverage demographics, socioeconomic information and targeted risk women address everyday needs. trends, as well as needs and management advice to reduce behaviors to 1) segment the the time and cost for women to women’s market 2) design research products; targeted products and services and • and empower more Engage 3) implement dedicated marketing women in the insurance salesforce and distribution strategies. and within other departments of insurance companies i.e. actuaries, product designers, marketers, and mid-management, to represent the needs of and create affinities with women clients; • Provide gender sensitive training to the salesforce to better engage women clients; • Engage in partnerships to expand women’s access to and use of insurance and enhance product and service value. 55

60 9.2 NOT JUST ANY PRODUCT: 9.1 BUILD INTELLIGENCE ON WOMEN’S INSURANCE NEEDS THE RIGHT ONE There is a need to develop targeted value propositions for A — Gather Gender Disaggregated Data the women segments. Insurance products and services and Monitor Women’s Portfolio today are generally tailored to a male or gender-neutral audience without a clear understanding of the unique While gender-disaggregated data is not always needs of the women’s segment, and the sub-segments it 136 available, insurers need, where possible, to monitor the is composed of. Insurers need to use the client insights needs and behaviors of women clients in their portfolio. they have gathered to develop unique products and Tracking gender-disaggregated data on renewal rates, services for targeted women client segments. premium spend, turnover ratio, claims ratio, client satisfaction, and acquisition cost will enable insurers to better understand the value of women as clients. This A — Develop Targeted Products for data can then be used to further refine the analysis of Women Client Segments the women’s insurance market opportunity and build the Products must be tailored to the needs of each client strategy to reach the market. segment, taking into account women’s time constraints and multifaceted roles within the home and society. B — Analyze Existing Data and Collect New Data on Women’s Demographics, Below are few examples of segment-specific targeted Needs and Behaviors products To develop a truly customer-centric view, insurers need to analyze data to segment their women’s customer Example 1: Across all Segments base and design targeted products, marketing, and distribution strategies without relying on assumptions. Peace of mind Need: Women’s needs differ from each other across different Solution: Conditional payment to beneficiaries income brackets, family structure (for example, whether or not they have a dependent), lifecycle events (such While both men and women seek peace of mind from as marriage), and geography (whether urban or rural), insurance products, certain markets have societal and it is important that these customs that favor men in inheritance rights. Women in differences are captured. Data these markets want to use insurance to guarantee their points that can be analyzed benefit payouts are used productively — for example, “Women are include income level, number to fund their children’s education — rather than being keen to insure of dependents, preferred squandered by a relative. One option insurers can offer themselves as they channel and frequency of is to provide regular payouts of the policy, as opposed are increasingly interaction, the types of to a lump sum, conditional upon the beneficiary’s looking for stronger products women want from lifecycle events (for instance, a payout might be linked to insurers, and the barriers protection; but continued school attendance). In addition, insurers can women face in purchasing they also want the offer the woman policyholder the option to appoint an insurance. Where there are service that comes estate trustee to carry out and manage the payout if the data gaps, clearly defined with it. Basically beneficiary is not capable of doing so. processes such as interviews, [they want] the focus group discussions, and This type of conditional payment is common in Brazil, full package market studies are needed to China, and India as part of education life insurance policies. and insurance gather new data. companies should capitalize on that.” — CEO, AXA, Sao Paulo, Brazil 56

61 Example 2: Segment 2 — Working Mothers Example 4: Segment 4 — Low-Income (MIDDLE AND HIGH INCOME) Customers Need: To address gap between micro and Need : Family protection for diverse set of dependents conventional insurance Solution: Family bundles Bridge products Solution: Women value insurance products that protect their entire As women continue to improve their economic standing, family. This requires insurers to consider clients as a insurers could invest in developing bridge products that family unit, and the woman client as a conduit for family follow women through increases in their income and coverage. A bundled “family care” package that covers changes in lifecycle events. Beginning as a microinsurance multiple family members and provides an option to add product, it can be distributed through the mobile carrier on more family members will be convenient and useful. and will follow the policyholder as their income rises These product bundles will need to provide different care to bring them to the coverage level of conventional for both the elderly and children; policies for the elderly insurance products. This product can be used by both will include health monitoring support, while children’s men and women, but will be particularly valuable for policies will include regular health screening. While women as they are offered riders based on their lifecycle bundling is often offered as part of employee benefit events and advice on managing their risks. plans, it is not commonly seen in retail products within the 10 focus markets. By offering insurance through a mobile channel, telecommunications companies can build loyalty by Example 3: Segment 3 — Retirees increasing the switch cost, while insurers are able to reach a larger population base. Traditional microinsurance Assistance with managing healthcare Need: terminates the relationship once the coverage period is over, but by distributing and offering products through Solution: Targeted accident coverage for common the mobile channel, insurers will be able to follow an women’s health issues individual client through her rise in income. When the policyholder’s income rises, she will likely upgrade her As stated above, retired women are more concerned phone, signaling readiness for a more sophisticated about managing their health. One option is to offer insurance product. Insurers can pre-install an app on the short-term accident coverage for common health issues upgraded phone to offer incremental riders to extend the faced by senior women. For example, a World Health coverage until it reaches the conventional insurance price Organization (WHO) report identified that older women 137 point. Insurers can also offer add-ons or tailored products are more prone to falls and increased injury severity. In that follow a woman’s cycle of life events. Finally, the case of a broken bone, women can use this product insurers can also use the mobile application to send the to cover hospital and other expenses related to policyholder information related to managing the specific treatment and reduce their out-of-pocket spending. risks faced by women such as maternal care. Offering the option for annual renewal allows flexibility for women clients to enroll when their budget allows it. This type of product will be beneficial in markets where While very relevant to women clients, similar types of microinsurance is common — for example, in India, short-term health coverage products can be designed Indonesia, Mexico, and Nigeria. However, given market- for men clients to cover the type of health issues they specific restrictions on partnerships between mobile and are more likely to face. insurance, this approach may not yet be possible in all markets. This type of product is already found in Brazil, and will be beneficial across all focus markets. 57

62 B — More Than a Top-Up, a Wrap-Around Service that Enhances Product Value Women, particularly mothers and retiree segments, are looking for trusted services to help them balance commitments and enhance their mobility. This recommendation is especially relevant in Brazil, Colombia, Mexico, and Thailand, where the demand for wrap- around services is high. Wrap-around services are common in some Latin American markets. For example, in Colombia, some motor insurers offer services to drive the policyholder home after dark or after a social event. This type of service is particularly valuable for women who are not comfortable driving at night. The insurance provides the policyholder with a clear value beyond accident protection, while also preventing drunk driving and reducing the risk of claims. Case Study 6: Brazilian Insurer Porto Seguro’s Wrap-Around Services Address Women’s Daily Needs Porto Seguro has differentiated its motor from the company and I will not let anyone into product for women by providing outstanding the house without the password.” Premiums Auto Mulher product are 20 to 30 percent wrap-around services. The Auto Mulher provides on the higher than the market average; however female drivers with exclusive services and women are willing to pay for the additional benefits. Some services, such as providing a services and view them as “well worth the help desk for computer issues or discounts price.” at personal wellness establishments, are not related to the underlying car being insured Porto Seguro is one example of an insurer that but are valued by women as solutions for their 138 has differentiated the company by identifying needs around the home. and meeting women’s needs outside of direct Women can trust Porto Seguro to validate the insurance coverage to grow sales and customer service providers associated with the insurance loyalty. While many other insurers offer “female-specific” motor product. As one woman client stated, “I only products (e.g. 1st for Women, trust services provided by Porto Seguro, as I know they have checked everyone who they Diamond Insurance), few offer the extensive set of services that send out. I get a password to make sure that the person who is coming is actually coming Porto Seguro does. 58

63 The digital channel can also be used to deliver after-sales 9.3 PROXIMITY, UBIQUITY, and wrap-around services, particularly for the working SIMPLICITY: IMPROVING mother segment. For example, online claims tracking DISTRIBUTION FOR WOMEN will enable busy women to anticipate the timeline and CLIENTS amount of their payout. These women also value mobile applications that help them manage their finances. A Insurers must develop different distribution strategies study in Brazil found that applications that help with adapted to the various sub-segments of the women’s financial planning and productivity are popular among 144 market. Leveraging technology, the women’s salesforce, smartphone owners. and innovative partnerships are all options for insurers to reach their target women segment. It is important that To successfully use digital channels for sales, insurers need the distribution recommendations are tailored to the to address women’s concerns about transaction security. needs of each market and segment. A study by Kaspersky Lab found that women feel more vulnerable than men when making an online payment (51 percent versus 46 percent), and are more worried A — Digital Savviness: More Than Just about the risk of online security issues affecting their bank Nice to Have 145 accounts (64 percent versus 59 percent). Investments in encryption technology and pursuing online threats need Leverage digital growth as an opportunity to increase to be made and communicated. Insurers also need to proximity with women clients and sell insurance through demonstrate commitment to security through awareness mobile and online channels. Online research for insurance campaigns. products is growing in popularity, particularly in Latin America and Asia. An Accenture survey found that in Brazil and Colombia, 65 percent of research activities B — Leverage Women-Specific 139 while a BCG survey in India are conducted online, Networking and Advocacy Habits: It’s found that the Internet was listed as the second highest Always Been About Word of Mouth 140 contributor to selecting an insurance brand. A study by ComScore found that globally more women than For the salaried women and working mother segments, 141 men go online to research financial services products. social media platforms, and discussion forums are a For the salaried women and working mother segments, growing opportunity for insurers to educate women online and mobile provide convenient channels to about insurance products and market such products, research insurance products as these women value the especially as these platforms allow for the multiplier convenience offered by digital channels. effect. Women spend a higher percentage of their time on social networking (16.3 percent vs. 11.7 percent) than 146 The digital channel can be used to sell insurance, subject In the insurance industry, an Accenture study men. to market-specific legal restrictions on digital distribution. shows that in Brazil, women are more likely than men to 147 For example, lower-income women customers in rural Market use social media to research claims processes. 142 geographies face greater mobility restrictions than men, interviews show that women will use social media and therefore mobile channels may be the best distribution platforms to share products and services they like with channel to reach them. An example of an innovative others in their social media network, enhancing their role mobile and insurance partnership is Tigo and Vanguard as advocates. In addition, women are also more likely Life Assurance, which provides microinsurance for free to to trust the reviews posted by their network, enabling Tigo subscribers, and has reached over one million people insurers to build trust within a larger base of women clients. in Ghana and Tanzania. While not specific to women, this type of partnership underscores the future of mobile and 143 insurance distribution for the lower income bracket. 59

64 Women spend a higher percentage of time on social networks. They will increasingly use them as a platform to share products and services with others, making them great advocates. Insurance companies should build on this for greater trust and reach 60

65 In markets where women face barriers in interacting C — Be Clear and to The Point with men clients, one suggestion is for insurers to leverage the women’s salesforce to sell solely to women Insurers need to focus on providing accurate and relevant clients. Initiatives such as the all-women branch set information and advice at the point of sale. As women up by Bajaj Allianz in Pune, India, provides a “conducive are more likely than men to read insurance policies, they environment that will not only provide them financial are more likely to be frustrated with complex technical independence but will also use the talent pool of women information. Insurance companies need to highlight 149 This enables women to interact with professionals.” the most relevant information — such as coverage, colleagues and clients without breaking social or cultural exemptions, and the claims timeline — so the reader can norms. understand it immediately. Where possible, language needs to be simplified without downplaying technical In addition, women find that although the insurance complexities. There is also an opportunity for insurers industry provides some flexibility, the late hours required to use technology to provide clear information — for for serving clients can conflict with their personal and example, by providing a video guide to the claims process. family duties, which require them to be home in the evening. In addition, women value risk management advice more than men. Providing advice as well as preventive Address safety concerns: Physical safety is a mechanisms to women on how to better manage their concern for women, particularly in public places. Because household risk is another tangible service that insurers the agent role requires face-to-face client meetings, can provide to build trust with the client. Advice on how women who lack transportation of their own must travel to reduce the risk of defaulting on a loan, for example, will via public transport and can face sexual harassment. This be valuable, as it will reduce the chance that the client is particularly common in markets such as India and can will have to make a claim. be a significant barrier to women being insurance agents. In addition, night-time events, such as dinners with D — Engage and Empower More Women clients, can also be a safety concern, especially if a woman in the Insurance Salesforce is traveling alone. Women represent a high performing salesforce that One way of addressing these safety concerns is for can be leveraged to build trust and increase insurance insurers and brokers to provide a ride share program for uptake among both women and men clients across all women. For women agents who live in remote areas segments. To fully recognize the potential of women or need to travel at night, a ride share program will be in the salesforce, insurers need to address the social, invaluable to ensure their safety. Such programs exist in professional, and safety concerns they may face. India; for example, Bajaj Allianz offers pick-up and drop- 150 off assistance to women agents. Insurers Recognize sociocultural constraints: need to recognize that local cultural norms determine with whom women can interact with and the types of economic activities they can participate in. The face-to- face nature of sales work can pose problems in many cultures, since women agents have to interact with 148 potential and existing clients of the opposite gender. 61

66 Develop dedicated sales leadership programs Address the low professional reputation for women: In certain markets While women are a high-performing of agent/broker positions: such as China, and Mexico, being an insurance agent is salesforce, they may not always be represented in sales traditionally not considered to be a desirable position. management positions. For example, while 60 percent Because the entry barriers to being an insurance agent of ICBC-AXA’s top agents are women, women make are quite low, the quality of agents is not perceived to up only 40 percent of sales management positions. Interviews with brokers in Mexico and Nigeria found that be high. In addition, the commission structure, while women represent under 30 percent of sales management beneficial to high performers, is not a steady income positions. A lack of women in leadership could translate stream and is susceptible to volatility in a woman’s into a lack of awareness of the needs of women clients, personal life. Corruption and fraud within the insurance both in the company culture and in communications to industry also negatively impact employer branding. Hua, the salesforce. a health professional in Beijing, China, stated, “You only become an agent if you are not able to find any other Women at lower levels also lack role models. Insurers job,” while Teresa, a broker in Mexico City, Mexico, stated, need to dedicate formal mentorship and sponsorship “Women start selling insurance to participate in the programs to increase representation of women in sales workforce; however, they do not have proper training.” leadership. For example, Nippon Life, an insurance Multinational insurers and brokerages are working to company in Japan, has multiple programs to further train improve the professional reputation of insurance agents its female talent. These include seminars for women by creating targeted campaigns dedicated to recruiting on returning to the workforce after prolonged leave (usually due to family commitments) as well as collecting educated women, developing robust education programs and implementing the ideas of female employees and/ for agents, and providing assistance with balancing work- 151 life priorities. Such or salesforce for women-specific products. programs not only grow leadership skills, but also Most Help women build an initial client base: enable the salesforce to have a visible impact on clients. agents build their customer base from scratch, but While leadership programs are commonly found in interview results with women agents identified that developed markets, they have not yet been implemented it is particularly difficult for new women agents as consistently across emerging markets. the insurance industry is still considered to be male- dominated. Women agents may not “fit in” to the male oriented relationship building activities that can initiate a sales agent’s career. For example, male colleagues often gather after hours for social activities, which may be difficult for a woman due to her household commitments. “Uniform training programs and updated technology give women agents confidence that Insurers and agencies can help lower startup costs by [the brokers and insurance companies] want us facilitating handover of clients between women agents. to do well and are invested in our careers.” As one agent retires, insurers or brokers can act as an intermediary to help sell his or her book of business to — Bai, Agent, Beijing. China another agent. Insurers can also provide start-up loans to purchase a new book of business. Such initiatives are common in developed markets and will help insurers keep the existing clients within their own portfolio, while helping new women agents build an initial customer base. This will be especially valuable for new women agents who may face more barriers than their male colleagues in establishing an initial network 62

67 this type of training will help improve the salesforce’s E — Adapt to Your Audience: Provide effectiveness in understanding and meeting the needs of Gender-Sensitive Training women, and help build women’s confidence and trust in making financial decisions. Currently, no insurer, agency or broker interviewed across the focus markets provided gender-sensitive training to their salesforce, which may explain the disconnect F — Stronger, Together between women clients and their insurers. By partnering with governments, NGOs, other service In some developed markets, the financial services providers, and complementary industries, insurers can salesforce is trained to recognize and respond to women educate and reach women who may be left out of the clients at the point of sale. This is particularly important traditional distribution channels. Distribution partnerships for women entrepreneurs and retiree segments, as they are particularly important for women in the lower are more likely to seek out in-person advice. For example, income bracket — who face physical and socio-cultural Fidelity Investments in the United States has trained its barriers to insurance access — or women new to the salesforce to respond differently to women and men formal workforce who may not be as confident in making clients. It found that women wanted to understand what financial decisions. the products mean for them, as opposed to having the 152 condensed version that men commonly want. Providing The lack of gender-sensitive training within the insurance salesforce explains the disconnect between women and their insurers 63

68 Currently, few programs in emerging markets focus on Develop partnerships to increase awareness insurance education, and those that exist usually do not Insurers and and trust among women clients: focus on the women’s market. By providing awareness governments can work together to improve insurance programs through a trusted community-focused group education for and distribution to women. Depending — where women often play a central role — insurers on the relationship between the government and can also establish themselves as supportive community the insurance industry in each market, partnership advocates. Such programs are found in the banking opportunities vary. The first step is for insurers and the sector; for example, Citibank partnered with the Indian government to join forces in recognizing and identifying School of Microfinance for Women to provide financial constraints faced by women clients and the shared 153 literacy education for women in low income brackets. interest to providing joint solutions to critical issues such as aging population and urbanization, before discussing Partnerships with other service providers will bring potential solutions. Potential collaboration opportunities credibility to insurers’ messaging and help further increase include developing targeted education curricula on risk trust among women clients. Insurers can also leverage mitigation for women. professions of influence, such as medical professionals or teachers, as distribution channels. Partnerships with schools and reputable NGOs can help insurers increase awareness of insurance among women, particularly those in the lower-income segment. Case Study 7: Leverage Medical Professionals and Savings Clubs to Increase Awareness Among Women in Indonesia higher sales than traditional agent channels. Multiple insurers in Indonesia have developed Women trust medical authority figures such a novel approach to educating women clients as doctors, nurses and midwives and are more about insurance by combining medical professionals and the “arisan” club — a women’s likely to listen to their advice regarding health savings and social club — as distribution channels. risks. Presenting insurance in person and in the context of healthcare cost is more concrete for Working with doctors, midwives and nurses, women than a list of premiums and benefits. insurers organize events with arisan clubs where medical professionals help women Insurers also benefit from the network effect understand the health risks they face. Following of women. An arisan club can have up to 20 the presentation of health risks, the insurers members, with women often belonging to show participants what products are available multiple clubs. Insurers benefit from accessing to help them manage these risks. a large base of clients at one point and Although this approach is relatively new, leveraging women’s wide sphere of influence as interviews with insurers in the local market women share their experience with other club members. have revealed that this channel generates 64

69 Develop partnerships to increase access to Partnerships with companies in women clients: complementary industries that service or employ a large women population can open up a new commercial women customer base for insurers. For example, partnerships with companies with a large women’s salesforce, such as cosmetic companies, can provide insurers with access to a large base of commercial clients. Case Study 8: Innovative Partnership to Reach Women Sales Representatives in Mexico cancer coverage (breast cancer affects one Zurich Seguros in Mexico has partnered with in eight women). By accessing insurance, Avon, a beauty and cosmetics company, the representatives may be able to access through an innovative incentive plan to provide better quality care and ensure the safety of health, medical and accident benefits to Avon’s salesforce of primarily women representatives. their family. Representatives who reach a certain tier of Avon: Provides a differentiated benefit 2. sales are entitled to opt-in to a corresponding to attract and retain its agents in an tier of insurance coverage at no cost to them. increasingly competitive talent market. Avon has also provided a very valuable Four tiers of coverage with increasing incentive for its representatives to grow protection value are available: their sales. Tier 1: Individual Accident Death Coverage Increase female insurance Zurich Seguros: 3. Tier 2: Individual and Family Accident Death coverage by further penetrating the Coverage Avon representative sales channels. In addition, by extending benefits to the Extended Individual and Family Tier 3: representatives’ immediate families, Zurich Accident Death Coverage has also grown its customer base. Avon’s Individual Breast Cancer plus Individual Tier 4: representatives also act as advocates and Family Accident Death Coverage for other Zurich products once they understand it and experience its value. Outcome: Win-Win-Win Solution After two years of partnership, Zurich Seguros This type of innovative partnership has and Avon are excited to look for opportunities provided benefits to tens of thousands of Avon to expand their partnership to reach more agents: women in the market. As one Zurich Executive Representatives: Women who did not 1. said, “In insurance, thinking outside of the box have access to insurance through Avon is important to reach a new before are now receiving benefits free of customer base and grow charge. The protection they are receiving penetration within the market.” through Avon is valuable, especially the extended accidents for families and breast 65

70 Encouraging the younger generation of women to invest early in insurance products will also benefit insurance companies as they build rapport with women and build a base of lifetime clients 66

71 10. Country Profiles Brazil page 69 Colombia India China page 77 page 85 page 93 Morocco Indonesia Mexico page 113 page 121 page 103 Nigeria Thailand Turkey page 129 page 137 page 145 67

72 43 percent of SME owners are women and Brazilian women have expressed the need for insurance products that facilitate access to credit 68 68

73 BRAZIL FIVE INSIGHTS 43 percent of 1. By 2030, the 4. small and medium insurance premium “Having private healthcare coverage is the spend of women clients enterprise (SME) second most desirable item in Brazil, after in Brazil is estimated owners are women. having your own house.“ 70 percent $79 billion – $122 to be With over approximately of SMEs not having billion, — Representative from BTG Pactual, Brazil 12 times the insurance coverage, eight to estimated premium they represent a clear target market for of $10 billion spent by women in 2013. insurers. “Private healthcare is very valuable to women as the public system is too busy 5. Women in Brazil 2. Women in and too crowded.” Brazil emphasize are willing to spend convenience as a key more on insurance, — Amelia, Sao Paulo, Brazil particularly for their criterion in purchasing household, than insurance, and mention in any other focus bancassurance and market, despite limited mobile as desirable compulsory insurance distribution channels. requirements. Private healthcare 3. is valued by Brazilian women over the public system for its quality and convenience. They are willing to pay for it as soon as it becomes affordable. SETTING THE SCENE: THE BUSINESS CASE y 2030, the projected retail insurance premium opportunity for women in Brazil is expected 1 the estimated retail to grow to $79 billion – $122 billion, approximately eight to 12 times 2 2 premium of spent by women in 2013. $10 billion B $41.8 billion – $64.5 billion, In 2030, the women’s life insurance market is expected to be between and health is expected to be $27.7 billion – $42.3 billion, while non-life is expected to be between $9.4 billion – $14.8 billion. The women’s market in Brazil is the second largest market opportunity 3 among the 10 emerging markets of focus. 69 69

74 BRAZIL AT-A-GLANCE WHAT’S CAUSING $122 B OVERALL THIS GROWTH? GROWING WOMEN’S FROM Increase in income INSURANCE $79 B MARKET Increase in labor force participation Women’s willingness to $10 B 8-12x protect their wealth for GROWTH their beneficiaries 2013 2030* Increase in assets Longer life expectancy Longer retirement years GROWING LIFE FROM Growing segment of single $64.5 B INSURANCE women Increase in women’s $41.8 B household bargaining power $5 B 8-12x Large protection gap for GROWTH 2013 2030* women-owned SMEs KEY SEGMENTS: GROWING HEALTH FROM INSURANCE $14.8 B Women Entrepreneurs $9.4 B $2 B 5-8x 2013 2030* GROWTH Salaried Women without Children *The 2030 market size estimate is GROWING bounded by: NON-LIFE FROM Baseline Growth (lower boundary): a) Growth in the number of women INSURANCE customers and individual premium spend per customer due to $42.3 B improvements in the women’s socioeconomic factors b) Opportunistic Growth (upper boundary): In addition to $27.7 B socioeconomic improvements, 9-14x $3 B assume successful efforts in targeting more women to purchase insurance GROWTH products and in upselling/cross-selling 2013 2030* products to each woman 70 70

75 BRAZIL COUNTRY PROFILE: Insurers should strengthen the retail channel by placing an insurance agent within shops to exclusively handle requests and questions on insurance products OPPORTUNITY DRIVERS Opportunity Driver 2: Increase Opportunity Driver 1: increases in income, given the value in women’s household Increase in women’s socio- and convenience of private healthcare. economic conditions bargaining power Longer life expectancy and evolving Increase in income and labor force While regional and cultural variations roles in society: On average, women need to be taken into account, in Women’s income in participation: in Brazil live seven years longer than general, as women’s income increases, Brazil has risen by 10 percent per year, 5 men, but retire five years earlier. This so does their household bargaining while the labor force participation means women need to account for 12 rate has increased by 1 percent per power. With gains in employment more years of retirement compared 4 and income, women who were year from 2008 – 2014. Discussions to men, which leaves a protection once decision influencers are now with insurers in Brazil have indicated gap that can be addressed through a strong positive correlation between becoming decision-makers. Market pension products. In addition, over the ability of women to earn disposable interviews show that women are the last five years, the mean age becoming more risk aware, and have income and the purchase of insurance. of marriage in Brazil has risen by The rise in the number of women a higher appetite for protection seven years, which means a growing products, especially for their children. earning an income means an increase segment of single women remain self- in opportunities in the life, non-life, supporting longer and are more likely For example, an interview with Banco and health insurance segments. to accumulate assets that need to be Itaú in Sao Paulo found that the For life insurance, more women are protected. These trends indicate that majority of decision-makers for their looking to protect their wealth for women have an increasing need for dental insurance product are women. their beneficiaries, while for non-life insurance, even though they may not insurance, more women are expected have realized it yet due to some of the Opportunity Driver 3: Women to purchase assets such as cars and constraints listed in the next section. entrepreneurs are underinsured homes, which will result in an increase in property and casualty protection for Brazil has one of the largest these assets. Market discussions have proportions of women entrepreneurs also shown that women are more likely in the G20; 43 percent of SMEs to spend on health insurance due to 71

76 COUNTRY PROFILE: BRAZIL 6 However, there owners are women. WHY AREN’T MORE WOMEN IN BRAZIL is currently a very large protection BUYING INSURANCE TODAY? gap, as 70 percent of SMEs do not have any insurance. Insurers have There are strong growth opportunities not come to me ,” stated Cara in Sao not yet recognized the commercial for insurers who are willing to invest Paulo, Brazil. This requires clients to opportunities in helping entrepreneurs in understanding and addressing have extensive knowledge of insurance grow their businesses. Market the needs of women; however, products. Women, who may not have interviews indicated that insurers women currently face several as much experience or confidence have not developed dedicated constraints in accessing insurance. in making financial decisions, may solutions for entrepreneurs in general, not know when or what products due to the risks associated with Many women are not aware of the to ask for, and may result in a lost starting new businesses. However, benefits insurance can bring to their opportunity to acquire protection. discussions with an AXA executive lives and even if they are, they tend who specializes in the SME market to be put off by the use of technical Many women do not feel confident highlighted that women-owned SMEs Interview results language in policies. in making financial decisions. are more likely to pay their financial from Brazil show that many women In Brazil, many women are strong commitments on time, making do not understand how pension influencers of financial decisions, but them a potentially more attractive products and life insurance work due may not yet be comfortable with customer base worth tapping into. to the lack of exposure and education. making financial product purchasing decisions themselves. Interview Lack of proactive offering of results suggest that women may insurance solutions prevents perceive financial decisions to be too women from better acknowledging complex and rely on their spouses the benefits. Bancassurance is an to validate their choices and make important insurance distribution in the final purchase. This includes both Brazil, particularly for the middle and household spending decisions as well upper income brackets as it acts as a as professional financial decisions “one-stop-shop” to meet customers’ related to entrepreneurial activities. financial needs. However, women “Women may choose the products, but today do not feel that their insurance many still rely on their husbands to make needs are being properly met by the final financial purchase,” stated Ana, bancassurance agents. Discussions an entrepreneur in Sao Paulo, Brazil. with focus group members highlighted that bancassurance representatives Women do not perceive the value are not proactive in reaching out to Many for money from insurance. women see insurance as being too offer insurance. “I have to go to my bank expensive. For the 40 percent of to ask them about the products; they do women below the middle income 7 the average annual spend bracket, 8 of $443 on insurance can represent between 15 percent to 35 percent of their annual income, and is Case Study: not currently affordable to them. Porto Seguro Even for the 32 percent of women belonging to the middle income Brands such as Porto Seguro, Brazil’s leading vehicle and property insurer, bracket, insurance is still perceived have been able to differentiate themselves in the highly competitive as a luxury more than as a necessary 9 motor insurance market by offering services targeted toward women, form of protection, illustrating the such as a help desk for computer issues. These services progress that needs to be made in are not related to the insured vehicle, but are tangible terms of financial awareness. benefits that also help integrate the Porto Seguro brand in everyday lives of women. Insurers will do well to invest in understanding the daily needs of women and the types of services they can provide to bring value. 72

77 BRAZIL COUNTRY PROFILE: Key Segments Women entrepreneurs are not targeted as a customer segment 1. WOMEN ENTREPRENEURS In and lack understanding of how insurance could benefit them. Key Characteristics: Owns her Brazil, 70 percent of SMEs do not have insurance. Due to the limited own business, may be balancing financial management training and support available to women professional and personal entrepreneurs, many are not aware of the benefits that different demands, may be married and insurance solutions can bring. Many women also rely heavily on their have children. spouses for financial contributions (interviews in Brazil showed that 40 percent of women entrepreneurs in Brazil have their spouse as a business partner) and risk business interruption in the event that their spouse passes away. In addition, because many women entrepreneurs operate their businesses from their homes, they risk losing both their personal and professional assets in the case of business interruptions. Women entrepreneurs lack access to credit. Women entrepreneurs, particularly in Brazil, have expressed the need for an insurance product that facilitates access to credit. Maria, the head of the women’s entrepreneurship association in Sao Paulo, stated, “I see a lot of women entrepreneurs struggling with obtaining credit without putting up their personal assets as collateral. Some type of insurance that can guarantee women’s initial access to credit and help them build a credit history would be very beneficial as they start and grow their businesses.” Many women in Brazil Making insurance more tangible is key. SALARIED WOMEN 2. struggle to find the value of insurance; they make premium payments WITHOUT CHILDREN without knowing if they will receive the benefits and/or they buy into May Key Characteristics: certain insurance products such as life and pension that do not pay out be career-oriented, may “I pay into my policy on a monthly basis, but what until far out in the future. have tertiary degree, does Denise from Sao Paulo happens to pay outs in the future? Are they secure?” not have children. stated. They prefer to spend their income on goods that benefit them in the short term, and worry about their retirement “when they get there.” While For Medium Income: generally well-educated, Affordability is the main barrier to accessing private healthcare. may still be unfamiliar Private healthcare is especially desired by women in Brazil as the with financial products. private health system offers better quality care and shorter deadlines. A “having private representative of BTG Pactual, a financial company, stated For Upper Income: May be healthcare coverage is the second most desirable item in Brazil, after having familiar with financial products, However, only 27 percent of the population actually has your own house.” but still lack confidence in 10 as it is very expensive. “Private healthcare is very private health coverage making the right decisions. stated valuable to women as the public system is too busy and too crowded,” Amelia in Sao Paulo. “Women who have bargaining power are much more likely to spend on their families, including providing them with full financial protection. They are also likely to purchase life insurance to make sure their children are taken care of.“ — Executive, Willis, Sao Paulo, Brazil 73

78 BRAZIL COUNTRY PROFILE: HOW CAN THIS CHANGE? POSSIBLE SOLUTIONS TO BETTER PROTECT WOMEN Tapping into this has the potential to To overcome these constraints and to Strengthen multiple distribution create a multiplier effect, to help tap into the full potential of the channels to better engage women women’s market, insurers will need to insurers better target the needs of and proactively offer products/ find solutions to raise awareness, offer women and to increase the number of Women in Brazil identified services. women clients. tangible benefits, and develop bancassurance as a convenient insurance solutions that proactively “one-stop-shop” distribution point. Risk prevention and financial meet the needs of women and reduce However, to truly meet the needs of education campaigns are key to cost at affordable prices. busy women, bancassurance providers increasing awareness among need to use data analytics and Interview results show that Leverage the women’s workforce women. customer segmentation to predict and financial literacy enables women to and its understanding of women’s address the product and service needs to better develop and educate their peers and employees on demands of their women clients, based distribute products. Insurers need to the importance of savings. This type of on their banking history. This is explore how to better leverage the informal education is already occurring particularly important for women who women’s workforce and salesforce. among women, and insurers can need protection, such as women who leverage their network of employees to Currently, 33 percent of the insurance recently purchased a home, but may dispense this kind of informal advice agents in Brazil are women, an increase not be aware of their protection needs. 11 Interviews and increase financial awareness. from 28 percent in 1998. with Willis in Sao Paulo found that Mobile is another channel that can be Insurers may also choose to partner women brokers appear better able to used to reach women in remote areas with the government and women understand and meet the protection who may not have convenient access business associations to develop such needs of the entire family, not only to traditional channels. Studies have educational campaigns. In some those of other women. Given the shown that women prefer mobile developed markets, road-safety dominance of the broker distribution applications to help them with campaigns are often a joint initiative by channel in Brazil, it is important that planning and productivity, so offering insurers and the government. insurers tap into the relationship- applications to educate women and Awareness about maintaining a building skills of women to expand their help them plan for their insurance and healthier lifestyle and the benefits of customer base. Insurers and brokers financial needs will be a very valuable health insurance is another area that is 12 interviewed did not provide gender- tool for women. important to highlight. specific training for their salesforce to Collect gender disaggregated data help both men and women better Provide transparency and easy-to- to better understand the lifestyle reach women clients, which is already understand language in the policy needs of the different women implemented in some mature markets terms and claims process to Insurers need to customer segments. such as the United States. facilitate financial decision-making. overcome the stereotypes in the Women interviewed in Brazil found the Interviews with insurers and brokers market and invest in understanding the technical language used in insurance found that women are also well product and service needs of different product descriptions to be represented at management level (41 segments of women. Needs vary overwhelming and confusing, causing percent); however, the proportion of depending on the woman’s lifestyle and them to shy away from purchasing women drops at the executive levels socio-economic status. Insurers will be decisions. In terms of the claim process, (20 percent). Women in leadership able to explore and effectively target market research shows that women positions are important as they bring the women’s segment further only if value the functionality of online claims their own life experience and they start collecting data on a more tracking more than men. To them, it perspective in setting the strategic granular level, so that they can perform reduces the uncertainty of whether the direction and product design, as analytics on gender disaggregated data. claim will be paid and also allows them indicated by one woman leader at AXA: Higher data granularity could include to proactively plan for the outcome, I provide input from my [woman’s] “ gender-specific data on products, including alternative solutions. perspective to understand if the product distribution channel preferences, usage makes sense and address my needs.” of add-on services, and age group Additionally, women employees and analysis. brokers tend to act as informal advisors for their family and friends and can thus advocate for the insurance company. 74

79 COUNTRY PROFILE: BRAZIL How to Meet the Needs of: of what risks they are exposed to and how 1. WOMEN ENTREPRENEURS insurance can support them in further growing their Offer business partnership insurance. While business. Agents need to be better trained to advise currently not popular, partnership insurance can be them on protection possibilities. important to protect the interest of both business partners and ensure business continuity in the case of 2. SALARIED WOMEN WITHOUT CHILDREN death of one of the partners, or divorce. This product may be especially important for women in Brazil, Consider strengthening distribution channels since many are heavily dependent on their spouses for Insurers should strengthen the within retail stores. financial contributions. retail channel by placing an insurance agent within shops to exclusively handle requests and questions on Offer bundled personal and professional packages. insurance products. This will be important for retailers For women entrepreneurs who run their businesses that sell high-value goods, as these are the products from their homes, bundling insurance packages for for which women are more likely to request insurance. personal and professional needs (for example, bundling business interruption insurance with health insurance Make insurance tangible through add-on services. or employee accident insurance) will be helpful in Insurers should look to offer add-on services in protecting against the loss of income in case they or addition to the coverage itself, as this will make their employees are unable to work. Flexibility to adapt insurance benefits more tangible. “Women are keen the product to the needs of the business will be very to insure themselves as they are increasingly looking for important. stronger protection; but they also want the service that comes with it...basically the full package, and insurance Target marketing efforts and train agents to companies should capitalize on that,” stated the CEO of better advise clients. Marketing needs to ensure AXA in Sao Paulo, Brazil. that women entrepreneurs get a better understanding Endnotes 7. Predicted growth calculated based on projected female labor Francisco H. G. Ferreira, Julian Messina, Jamele Rigolini, 1. Luis-Felipe López-Calva, Maria Ana Lugo, and Renos Vakis. force participation (sourced from ILO), projected female “Economic Mobility and the Rise of the Latin American income (sourced from ILO), and a predicted increase in Middle Class,” Washington, DC: World Bank, (2013). number of women customers based on the proportion of women in who purchase insurance in developed markets 8. Swiss Re, “World Insurance in 2013: Steering Towards (e.g., France) Recovery,” Sigma, no 3, (2014): 1-47 Calculated using Munich Re. (2015). Insurance Market 2. 9. Francisco H. G. Ferreira, Julian Messina, Jamele Rigolini, Outlook. Luis-Felipe López-Calva, Maria Ana Lugo, and Renos Vakis. “Economic Mobility and the Rise of the Latin American Ten focus countries: Brazil, China, Colombia, India, Indonesia, 3. Mexico, Morocco, Nigeria, Thailand, and Turkey Middle Class,” Washington, DC: World Bank, (2013). 10. 4. Ibid. World Economic Forum, “The Global Gender Gap Report,” Insight Report, (2008 and 2014). 11. Francisco H. G. Ferreira,, Julian Messina, Jamele Rigolini, 5. International Labour Office, “ILO Social Security Inquiry; Luis-Felipe López-Calva, Maria Ana Lugo, and Renos Vakis. Indicator: old-age pensioners recipient ratio above “Economic Mobility and the Rise of the Latin American retirement age,” ILO Database, Accessed April 2015. Middle Class,” Washington, DC: World Bank, (2013). 6. Qualcomm, Vital Wave, GSMA mWomen, “Transforming 12. EFE, “Women Account for 43pct of Brazil’s entrepreneurs,” Women’s Livelihoods Through Mobile Broadband,” (2014). Fox News Latino, February 24,2015. 75

80 Women who had a personal experience with loss and its associated financial impact were more aware of the benefits insurance can offer 76 76

81 CHINA FIVE INSIGHTS 1. By 2030, the 3. Rapid urbanization insurance premium has increased “Whoever targets women clients in women’s desire for spend of women clients the market first will have a first-mover in China is expected family protection that advantage and earn the fast growing to reach between includes protection for income of this increasingly important $575 and $375 billion aging parents, who may customer base.” live further away and/ approximately billion, or in more rural areas. the six to nine times — Executive, National Insurer, Beijing, China estimated premium 4. Women highly of $65 billion spent value their children’s by women in 2013. and are education China represents “In China, buying insurance for the family looking for products the largest market is often a woman’s task because they are to help them save for out of the 10 focus expensive overseas more likely to be concerned about the countries in this study. education in the future. needs of the family. Men are more self- Over the last six 2. focused, while women spend money to 5. Women years, women’s promote their family. The majority of my make entrepreneurs salaries in China have [life insurance] clients are women because up 25 percent of all grown by over 60 entrepreneurs in they are the ones asking me for family percent, increasing a market poised China, their sway over the products.” to grow if women can family wallet. obtain better access to — Bai, Agent, Beijing China 1 finance. SETTING THE SCENE: THE BUSINESS CASE y 2030, the insurance premium spend of women clients in China is expected to reach between the estimated premium of $65 six to nine times approximately $375 billion and $575 billion, $205 billion – $315 billion B billion is expected to come from the spent by women in 2013. About $152 billion – $232 billion. The health life insurance sector, while non-life is expected to account for China represents the largest women’s $18 billion – $28 billion. segment is expected to grow to about insurance market out of the 10 focus countries due to the already large base of women clients. 77 77

82 CHINA AT-A-GLANCE WHAT’S CAUSING $575 B OVERALL THIS GROWTH? WOMEN’S GROWING Increase in disposable income INSURANCE FROM Improvement in education $375 B MARKET Delay in marriage and childbirth to focus on career Increase in women’s $65 B 6-9x bargaining power GROWTH Increased appetite for 2013 2030* financial protection Willingness to spend on protection for their children, parents, and in-laws. Longer life expectancy GROWING strengthen the need for life and LIFE FROM pension products INSURANCE $315 B One child policy strengthen the need for life and pension products Willingness to spend more on value-added services, $205 B 6-9x convenience and $36 B comprehensive protection GROWTH Urbanization i.e. women cannot 2013 2030* rely on alternative informal solutions Growing women entrepreneurs’ segment GROWING HEALTH KEY SEGMENTS: FROM INSURANCE $28 B $18 B $3 B 5-9x Working Mothers 2013 2030* GROWTH Women Entrepreneurs GROWING NON-LIFE *The 2030 market size estimate is FROM INSURANCE bounded by: a) Baseline Growth (lower boundary): $232 B Growth in the number of women customers and individual premium spend per customer due to improvements in the women’s socioeconomic factors $152 B Opportunistic Growth (upper b) 6-9x $26 B boundary): In addition to socioeconomic improvements, assume successful efforts in targeting more women to GROWTH 2013 2030* purchase insurance products and in upselling/cross-selling products to each woman 78 78 78

83 CHINA COUNTRY PROFILE: OPPORTUNITY DRIVERS Opportunity Driver 1: Increased still favor men in inheritance despite than men’s, while life expectancy 4 disposable income and appetite equality under the law. for women is longer (76 years old). for financial protection Women will therefore need to ensure continue to drive women’s Opportunity Driver 4: that they have the resources to live insurance market 5 Urbanization means that 21 years in retirement. Additionally, women cannot rely on the one child policy will increase the From 2008-2013, women have alternative informal solutions double burden to younger generations. increased their salaries by over 60 in place of insurance It will also compromise the extent to 2 This rapid growth of the percent. which elder generations will be able to middle class has been accompanied Urbanization exceeded 50 percent in receive support. This will put significant by improvements in health conditions, 2012, and has grown massively since pressure on the social pension system, education, and an increased disposable 1992 when the urbanization level and may reduce the quality of life 6 income, making women more likely to Urbanization was just 23 percent. experienced by retirees. spend on products such as insurance. affects the traditional family set-up Market discussions also revealed that and informal protection network as Opportunity Driver 3: Women in there is a trend of women delaying children may move to bigger cities for China are willing to spend more marriage and childbirth to focus on their careers and leave their parents on their insurance cover “leverage that they their career and to behind. Given women’s “sandwich” went to university.” generational position, with the duty to Discussions with AXA and other support their children, their parents, insurers indicated that women Overall, women’s contribution to and in-laws, they are in need of are less price sensitive than men household income has increased, protection solutions for the extended for both life and health products. along with women’s bargaining power family. Women are willing to pay more for and their ability to make decisions on value-added services, convenience, household purchases and financial Opportunity Driver 5: Women and comprehensive protection. The 3 of Chinese decisions. Today 47 percent entrepreneurs’ segment poised importance of protection extending women pay for their own health to grow if funding is secured to all family members was strongly insurance. The importance of health emphasized by participants during Women own 73 percent of the start- insurance extends to women’s families, the market research. Women clients ups in China; however, as a result of and market research indicates that interviewed indicated that they are unequal access to credit, a huge decline women are willing to spend more on willing to put 10-20 percent of their in female ownership can be noticed as protection that is ‘managed’ for their salary towards protection as compared 7 businesses grow in size and maturity. children, parents and in-laws. to about 5 percent today. Women also Research suggests a lack of gendered recognize the importance of using approach for lending, and women- Opportunity Driver 2: Longer insurance to protect their assets, owned businesses are not large life expectancy and one child especially since societal customs 8 policy strengthen the need for enough to be of interest to banks. life and pension products With the rise in the number of women entrepreneurs and women-owned Trends in retirement, income, and life businesses in China, insurers can use expectancy indicate that women could “Having insurance is more this opportunity to provide tailored require life insurance and pension products that would facilitate access secure than marrying a products to a greater extent than their to credit. rich husband. In the case male counterparts. For instance, the of divorce, woman will at statutory retirement age for women in least maintain her insurance China (55 years old) is five years earlier policy investments under her name, as opposed to losing them to her husband like she would a home.” – HuaChing, Head of Household, Beijing, China 79 79

84 CHINA COUNTRY PROFILE: WHY AREN’T MORE WOMEN IN CHINA BUYING INSURANCE TODAY? them is not often discussed. Focus along with experiencing loss (such as Currently, women face several group discussions indicated that economic/natural disaster or death of a constraints in accessing the family member) significantly increased insurance market. Acknowledging women who had some personal these barriers and providing active experience with loss and its associated their concern about the financial support to overcome them will be burden associated with not protecting financial impact were more aware critical to tap into the women’s of the benefits that insurance can their legacy for their children. offer; the level of awareness also insurance market opportunity. Finally, market research shows that varied with age and marital status. Women’s awareness about despite women’s significant interest in protecting their legacy, they do Interviews with older, married women insurance and its benefits is with children showed that they were uneven across age, income, and not know how to do so. Increased Culturally, death and social groups. insurance and risk management more familiar with the benefits of education efforts are needed to protect disasters are considered very morbid insurance. Increased likelihood of having accumulated wealth and assets, against the potential threat of loss. topics in China, and planning for Key Segments Women demand family solutions for health and life. Market 1. WORKING MOTHERS discussions with insurers revealed that they have tried to market women- Key Characteristics: Focus is on specific products for health insurance, with increased protection for providing for their children and pregnancy and women-specific illnesses. However, most of them stopped their future (finance, education); providing them due to low uptake. Discussions with women in China may be financially independent confirmed that they have a stronger interest in products that include and may want to protect their coverage for their entire family than products that cater only to them. own assets Annuity products are highly desirable. According to conversations May be For Middle Income: with agents, annuity education funds have seen a widespread increase in used to relying on family popularity. More and more parents are aiming to send their children to and friends for help, but, study overseas, and many are looking for annuity insurance to plan for due to urbanization, no the costs. Young parents may lack the awareness that they need to start longer has strong informal paying into these funds early on. support network Urbanization and reduced family support structures make women Have ample For Upper Income: less able to care directly for their parents. The rise in urbanization discretionary income to spend means that women are more likely to live further away from their family on sophisticated financial and cannot care for their parents as they used to in the past. However, products, but may also prefer they expressed the belief that insurance and innovative products could less risky options such as help them in managing the distance. They indicated that they are willing savings/checking accounts to pay for their parents’ health insurance and additional care such as a household helper. Market In the event of divorce, women face higher financial risk. discussions revealed that divorce and the split of assets are a major concern for women. Although not often expressed publicly, women are more likely to purchase insurance to protect their wealth in the case of divorce. This is partially driven by unequal distribution of property; as only 30 percent of women are formally listed as co-title owners and reimbursed for their contribution, many women are afraid of being left 9 with no assets in the case of divorce. 80

85 COUNTRY PROFILE: CHINA HOW CAN THIS CHANGE? POSSIBLE SOLUTIONS TO BETTER PROTECT WOMEN addressed according to demographics. To tap into the women’s market, Women feel current product insurers need to develop targeted offerings do not fit their needs. The younger generation requires education campaigns which are tailored Interview results with single women education regarding the economic to demographics. These should explore under 30 show that the single burden of loss in order to demonstrate how products can meet women’s women segment does not purchase the value of insurance for themselves, needs, develop family solutions, insurance outside of what is offered and their current (such as parents) or and support women entrepreneurs by their employers. Although they future family members (such as spouses with risk mitigation solutions. see the value for insurance, they or children). In addition, demonstrating have not accumulated enough Targeted education campaigns the benefits of contributing early to assets to protect or have not tailored to different demographics. a pension plan will help support the experienced the financial cost of loss The differences in insurance awareness younger generation in maintaining to justify the insurance premium. a quality lifestyle when they retire. between generations, and income levels, need to be considered and Key Segments Women entrepreneurs lack access to finance and understanding WOMEN ENTREPRENEURS 2. Self-employed workers are required to have medical of risks they face. Key Characteristics: Owns a insurance, however, pension and work injury insurance being voluntary. business, may be balancing Today, the insurance industry has not addressed women entrepreneurs professional and personal with dedicated solutions. Many women entrepreneurs pointed out that demands, may be married and they do not understand all the risks they are exposed to and often only may have children realize it when it is too late. To pay for the loss, they will then need to take out a loan in order to keep the business running. Women entrepreneurs make up 25 percent of all entrepreneurs The Chinese government has recognized the constraints women in China, 38 percent of micro entrepreneurs face — in particular in obtaining collateral to guarantee a and small business owners, loan — and are providing programs to help target women entrepreneurs. and 73 percent of the start- In particular, it offers credit guarantees to help women secure a bank up owners. Insurers cannot loan without collateral under the condition that they have obtained afford to overlook this growing entrepreneurial certification. Often, these credit guarantees are done segment — for example, women as either a joint guarantee and/or as loan insurance. As for other types entrepreneurs make up 46 of insurance, the industry does not proactively offer credit insurance to percent of all business owners women yet. that run their businesses on Alibaba’s business portal, the 10 Chinese e-commerce giant. 81

86 CHINA COUNTRY PROFILE: How to Meet the Needs of: mother in Beijing, China stated. Women may 1. WORKING MOTHERS not be able to respond on time in case of an Develop family solutions for health insurance. emergency, and may lose income when they need to Given the lack of uptake on women-specific health care for them due to health issues. Health insurance products and needs described by women for coverage could offer short-term income protection to cover the for the whole family, insurers need to investigate how costs associated with these trips. they can not only capture the whole family under one policy but also ensure women’s peace of mind about 2. WOMEN ENTREPRENEURS their parents. As stated in the section above regarding Promote education on risks and support urbanization, insurers should seek to develop solutions women entrepreneurs in accessing finance with that consider the range of dependents that a woman collaterals. Women entrepreneurs stated that they might care for, with add-on services that provide have a sound understanding about the risks they face immediate support. as entrepreneurs; however, when presented with risk Develop products that help women save for scenarios, they admitted that they did not consider the The future of their children their children’s future. impact when misfortune occurs. Often, their proposed is of utmost importance for women, and they are solution was to take out a bank loan, for which they increasingly aiming to send their children to study might not be eligible. overseas, an expensive investment. Many women Insurance outside commercial insurance can support resort to saving accounts at banks but do not consider women entrepreneurs as it will help them to keep insurance as an alternative. Insurers should develop their business running. Significant underestimated products with a guaranteed savings element. risks included income protection while suffering health Develop products to meet women’s concerns for issues and retirement planning. For women concerned financial self-sufficiency. Women entrepreneurs also face issues accessing about financial losses due to divorce, insurers should funding from banks, despite a government program demonstrate how whole life and unit linked life in place to support them with collateral for the loan. products with annuities can help these women grow Credit life insurance could present an alternative for their wealth and protect against bankruptcy in case the bank to ensure that women will be able to pay they are not able to maintain joint assets. Insurers back the loan in case anything happens, or to provide should offer flexibility in life products to meet women’s additional payment protection insurance in case they investment and life needs, for example, by providing will not be able to pay their full installment. a window when the insured can withdraw some of their investment or receive the annuities from their Insurers can partner with the government on outreach unit linked products based on setbacks in life (such programs and the Women’s Entrepreneurship as a divorce), as opposed to a fixed timeframe or at Association of China to reach out to the entrepreneur maturity. segment. Develop products that consider women’s needs As women now in the context of urbanization. tend to live further away from their parents due to urbanization, many women want to ensure not only that their parents receive sufficient health care but also that there is a quick response in the case of an “Health insurance should offer to send someone emergency. to my parent’s house in case they suffer from a broken Xin, a working leg to support them with the household,” 82

87 COUNTRY PROFILE: CHINA Encouraging the younger generation with health clubs, which not only Explore products and product increases the likelihood of purchase, of women to invest early in features designed to cater to insurance products will also benefit women and their families’ needs. but also encourages fitness and a There are currently few products in the insurance companies as they healthy lifestyle. the market designed specifically for build rapport with women and Leverage online channels to increase women. The existing products are build a base of lifetime clients. proximity to women customers. mainly supplementary health insurance Studies indicate that women in Interviews with women in their 40s for female critical illness needs (such China are especially drawn to making show that their primary interest in as cancer, maternal care, and other insurance is in the insurer’s ability to purchases online for reasons including needs) and plastic surgery for accident better help them support their aging cost savings, time savings, and provisions. Conversations with 11 For insurance in particular, reliability. parents, but these women are not insurers indicate that these products women valued online contact points always aware of the products and are not popular in the consumer for research, purchase, and claims. services available to them. Insurers market. This is partially due to lack should proactively inform their women Insurers should ensure that they have of awareness, but can be primarily sufficient and clear information about clients about product extensions and attributed to many women’s concerns different offerings available online, and enhancements and develop wrap- for their family’s needs rather than that women can also buy the cover around services to ensure women’s their personal coverage; thus these based on online quotes. Some women peace of mind. Proactive education products should be considered as indicated that this would enable them of coverage would enhance trust in part of broader family coverage. insurance companies and demonstrate to make quicker purchasing decisions their interest in preserving the stability In addition, women were also receptive and free up their time. to tangible rewards, such as discounts of the Chinese family, ultimately to health clubs or spas, with the allowing deeper penetration of purchase of a life policy. This is an coverage and services to the over-40 female demographic and their families. opportunity for insurers to partner Endnotes 1. Chen Tingting and Kate Bollinger, “Leveling the Playing Field Compiled by United Nations Development Program. “China 6. for China’s Migrant Women Entrepreneurs,” December 3, National Human Development Report 2014” 2013. http:// 2014. www.cn.undp.org/content/dam/china/docs/Publications/ UNDP-CH_2013%20NHDR_EN.pdf World Economic Forum, “The Global Gender Gap Report,” 2. “What all nations can learn from gender economics in China,” 7. Insight Report, (2008 and 2014). Forbes, October 17, 2014. Available at http://www.forbes. 3. World Bank Global Findex Database 2014. — database on com/sites/forbeswomanfiles/2014/10/17/what-all-nations- personally paid for health insurance, female, 15+ The World can-learn-from-gender-economics-in-china/ Bank, “Global Findex Database 2014: Measuring Financial Inclusion around the World; Indicator: personally paid for Ibid 8. health insurance, female, 15+,” World Bank Global Findex, 9. Christina Larson. “How women lost out as China’s property Accessed April 2015. market boomed,” April 29,2014. Accessible at Bloomberg International Labour Office, “ILO Social Security Inquiry; 4. Business. http://www.bloomberg.com/bw/ Indicator: old-age pensioners recipient ratio above articles/2014-04-29/how-chinas-women-lost-out-as-the- retirement age,” ILO Database, Accessed April 2015. countrys-property-market-boomed 5. Chen Tingting and Kate Bollinger, “Leveling the Playing Field 10. Economist Intelligence Unit, “Country Forecast,” Economist for China’s Migrant Women Entrepreneurs,” December 3, Intelligence Unit Database, accessed January 2015. 2014. International Labour Office, “ILO Social Security Inquiry; Indicator: old-age pensioners recipient ratio above 11. “On the Rise and Online” The Economist. Accessed June 2015. retirement age,” ILO Database, Accessed April 2015. Accessible at The Economist. http://www.economistinsights. com/marketing-consumer/analysis/rise-and-online 83

88 Today, marketing efforts by insurers are focused on the technical details of insurance coverage, rather than on making the benefits of insurance clearer to the clients 84 84

89 C OLOMBI A FIVE INSIGHTS and has one of the best By 2030, the 1. environments for female insurance premium “I have a mortgage so I bought the required spend of women SMEs (ranked third out credit insurance, but didn’t even know that clients in Colombia is of 20 countries for the my bank offered property protection. The predicted grow to $16 overall environment for 1 agent didn’t offer it to me even though [he] female entrepreneurs). billion – $25 billion, knew I bought a home.” approximately five 4. Non-life insurance to eight times the is expected to – Selena, Working Mother, Bogota, Colombia $3 billion estimated experience the fastest premium spent by due to growth rates, women in 2013. an expected increase in assets held in women’s 2. Colombian women are more protection- names as their income focused, and purchasing power and are willing increase. to buy insurance once they are aware of the 5. Women face a benefits of insurance higher protection and feel that products gap than men. On meet the protection average, they need to needs of their cover 12 more years of households. retirement which will drive the demand in life 3. Colombia has the second highest and pension products. percentage of female in the executives world (53 percent of executives are women) SETTING THE SCENE: THE BUSINESS CASE he Colombian market for women’s retail insurance has the potential to increase to 2 $16 billion – $25 billion, the estimated premium of five to eight times approximately T $1.1 spent by women in 2013. Life and non-life segments are expected to grow from $3 billion $5.7 billion – $8.8 billion (non-life) in 2013, to $1.7 billion (life) and billion $9.9 billion – $15.2 and billion respectively in 2030. Across all product lines, non-life insurance growth will be driven by women’s increase in purchasing power which will give them access to assets. The health market is $0.04 billion to $0.2 – 0.3 billion. expected to grow from 85 85

90 COLOMBIA AT-A-GLANCE WHAT’S CAUSING $25 B OVERALL THIS GROWTH? GROWING WOMEN’S FROM Increase in tertiary education INSURANCE $16 B MARKET Increase in savings and wealth Willingness to spend on protection needs $3 B 5-8x Willingness to spend on family GROWTH and their well-being 2013 2030* Increase in life expectancy for women Increase in retirement gap for women GROWING LIFE Increase in women’s insurance FROM INSURANCE take-up rates as a result of $8.8 B greater appetite for financial protection Healthcare coverage and life $5.7 B $1.1 B 5-8x insurance solutions a priority GROWTH for Colombian women 2013 2030* Favorable environment for development of women-owned SMEs KEY SEGMENTS: GROWING HEALTH FROM INSURANCE $0.3 B $0.2 B $0.04 B 5-7x Working Mothers 2013 2030* GROWTH Women Entrepreneurs GROWING NON-LIFE FROM *The 2030 market size estimate is $15.2 B bounded by: INSURANCE a) Baseline Growth (lower boundary): Growth in the number of women customers and individual premium spend per customer due to improvements in the women’s $9.9 B socioeconomic factors b) Opportunistic Growth (upper 6-9x $1.7 B boundary): In addition to socioeconomic improvements, GROWTH assume successful efforts in targeting 2013 2030* more women to purchase insurance products and in upselling/cross-selling products to each woman 86 86 86

91 COLOMBIA COUNTRY PROFILE: OPPORTUNITY DRIVERS 5 Opportunity Driver 2: Private Opportunity Driver 1: by mandatory employer coverage; Improvements in healthcare coverage and life thus, as the number of women who socioeconomic conditions, insurance solutions are a graduate from tertiary education priority for Colombian women combined with greater appetite and enter the workforce increases, for financial protection, more women will receive benefit Market discussions have shown that will increase women’s from private health insurance. women in Colombia are more likely to insurance take-up rates spend their income on their family and In addition, women outlive men by The percentage of women with tertiary their well-being. In particular, women seven years and retire five years degrees in Colombia has increased by are willing to spend on healthcare and earlier on average; this creates a 16 percent between 2008 and 2014, protection as they are able to afford it. greater need for pension products while women’s estimated income to address these 12 additional years has increased by 50 percent over the There is a substantial difference of retirement. This retirement gap is 3 same period. These trends will not between the quality of care provided expected to drive growth of pension only enable women to accumulate by the public system and that of the plans in the future. The difference in life wealth and assets but also to purchase private healthcare system. Although expectancy between men and women the public healthcare system provides protection and savings products. is also an opportunity for women to universal coverage (covering 97 Focus group discussions revealed persuade their husbands to purchase percent of the population), the that Colombian women are more life insurance, as the policy can help protection-focused and are willing to system is strained and lacks capacity support their entire family in case the 4 to provide quality care for patients. spend a proportion of their income husband passes away and vice versa. Private healthcare is seen as valuable to meet the protection needs of and is held by about 40 percent of their households once they feel that the population. This is strongly driven insurance products meet their needs. 87

92 COLOMBIA COUNTRY PROFILE: Opportunity Driver 3: A vibrant WHY AREN’T MORE WOMEN IN COLOMBIA women’s entrepreneur market BUYING INSURANCE TODAY? Colombia has the second highest Currently, women face several Women’s insurance needs are percentage of female executives in proactively not Even if addressed. constraints in accessing insurance the world (53 percent of executives bancassurance is not the dominant products and services. These 6 are women) , and has one of the barriers need to be addressed distribution channel today (agents most favorable environments for the by insurers in order to tap into make up about 60 percent of the development of women-owned SMEs the potential opportunities for market), market interviews revealed (ranked third out of 20 countries that women value this channel to growth presented by women. for the overall environment for address all their financial needs at female entrepreneurs) due to the Women are not sufficiently aware once. However, women expressed support and education available. of the range of existing insurance dissatisfaction with the way banks Nevertheless, insurers have not solutions that exist to mitigate offer insurance products. They expect yet developed dedicated insurance risks. Insurance is perceived today as tailored insurance products to be solutions for women entrepreneurs. a “fee” that must be paid, rather than proactively offered, based on the data Interviews confirmed that only a necessary and beneficial investment that banks have on them. Selena, a property insurance is mandatory, and in protection. Focus group discussions “I have a survey participant, stated: insurers do not currently offer any have shown that even women who mortgage so I bought the required credit combined protection for business can afford insurance are not always insurance, but didn’t even know that and personal lines, thereby missing aware of the types of risks they my bank offered property protection. out on cross-selling opportunities. face and how insurance can protect The agent didn’t offer it to me even them. This can be partially attributed though [he] knew I bought a home.” to the few types of insurance that are compulsory. In addition, limited Women expressed the same level of dissatisfaction about the ability exposure to insurance is a particular issue for women who are just of agents to offer them tailored entering the workforce (such as products. While agents have less recent university graduates) and/or data about their clients compared “Do they actually think I pay to banks, they can use informal accumulating assets, as they are not attention to their boring conversation to identify clients’ needs. acquiring the protection they need to protect their current wealth and future commercials which are not Women expect simplified processes income flow. When women are about applicable to my life? I do not and frequent contact points to retire, they need more financial even know what they try to The women with their insurer. resources than their husbands, due offer.” interviewed stated that the claims to their longer life expectancy. process was too complex and — Daniela, Insurance Client, Bogota, “Too much paperwork and long Today, marketing efforts by insurers long: Colombia. waiting times, as my husband is not so are focused on the technical details patient he passes all claim submissions of insurance coverage, rather than ” said Gabriela, working on to me, on making the benefits of insurance mother from Bogota, Colombia. clearer to the clients. Raising awareness among women clients In Colombia, women respond better could significantly favor market to more personalized communication perception and take-up rate. In fact, than men; for example, they receive very little insurance marketing is a greeting card from their insurers on targeted toward women today. 88

93 COLOMBIA COUNTRY PROFILE: their child’s birthday and a reminder luxury that is received as part of their to contribute to their children’s health employer-contributed plans and not “My insurance agent was purchased individually. Bearing in plan. Women, however, also raised aware that I was pregnant mind that, on average, women earn the issue of poor communication but did not recommend to from their insurers regarding updates approximately half the income of extend my private medical 8 men, on their insurance policy status. they often perceive insurance as insurance to cover my child.” expensive and prefer to use informal Women see insurance as being insurance methods such as family Graciela, New Mother, Bogota, — Currently, insurance too expensive. contributions to meet their protection is mostly sold to the upper income Colombia needs. However, insurers need to bracket, which represents only understand if this perception is indeed 7 28 percent of the population. In a purchasing power constraint or a contrast, women in lower income lack of value-for-money assessment. brackets see life insurance as a Key Segments Women want to protect their assets independently of their 1. WORKING MOTHERS spouses. Interviews for this study with Liberty Seguro in Colombia Focus is on Key Characteristics: indicated that credit protection products are in demand due to the providing for her children and longer life expectancy of women compared to their spouses. In the case her children’s future (finance, of the death of a spouse, women want to ensure that they can maintain education); may be financially a certain quality of lifestyle. independent and want to Current products lack flexibility to meet women’s changing needs protect her own assets. for themselves and their dependents. Insurers see women as a May be For Middle Income: homogenous market and offer women-oriented products (such as used to relying on family and critical illness cover or cancer protection) without further segmenting friends for help, but due to their offer and marketing efforts according to women’s income and urbanization, no longer has lifestyle. Women want more flexibility to adapt the products to their as strong an informal support financial and family needs (for example, to use their life insurance network. payout as an education fund) instead of being offered the same standard set of products. For Upper Income: Has ample discretionary income to spend Discussions show that women are willing to spend on health insurance on sophisticated financial but indicated that the products are too generic: “ My product coverage is products, but may also prefer the same as for my husband. What about pregnancy related checkups?” Susana, less risky options such as a new mother, stated. savings/checking accounts. Women entrepreneurs’ protection needs extend beyond WOMEN ENTREPRENEURS 2. commercial insurance offerings. Despite the encouraging business Owns her Key Characteristics: environment for women entrepreneurs, market discussions revealed own business, may be balancing that women entrepreneurs tend not to have any insurance outside professional and personal the compulsory property protection for entrepreneurs. Insurers have demands, may be married and not been able to convince women of the benefits of commercial and may have children. personal coverage. 89

94 COLOMBIA COUNTRY PROFILE: HOW CAN THIS CHANGE? POSSIBLE SOLUTIONS TO BETTER PROTECT WOMEN be involved in the entire insurance To overcome these constraints, Further classify women clients and tap into the full potential of based on lifestyle preferences to process from purchasing, to claims, better understand their needs the women’s market, insurers will payout, and renewal. Specifically, women want to understand each step It is and develop product features. need to find solutions to increase and detail of the expected outcome. women’s insurance awareness, to important for insurers to segment the women’s population based on their offer tailored products proactively, Services such as reminders of and to improve the claims processes lifestyles and to allow flexibility to renewals, regular follow-ups on their and client communication. meet their individual needs. This can investment portfolio, and options include everything from introducing Target education campaigns to track claims online help provide more flexible payout options (such to increase awareness among women with transparency of the as offering different payout timeline women. Insurers need to build process, help them set expectations options depending on life milestones) and avoid unwelcome surprises. understanding around the common to more targeted market strategies. types of risks women face, and the Currently, the add-on services offered Develop affordable insurance different solutions insurance can by Colombian insurers to women solutions for the lower end of the offer to mitigate them. This will be are mature and of high quality — customer base, and make them particularly important for those who everything from assistance with driving accessible through alternative have just entered the workforce, home after a party to legal assistance Due to the distribution channels. as insurers can help these women with filling out an incident report is particularities of the lower income manage their income and financial widely available — but these are not segment’s purchasing behavior and needs. Programs on the benefits differentiated based on the various risk awareness, retailers and grocery of insurance for their children, the segments of the women’s population. stores are gaining in popularity general household well-being, and as ways to distribute insurance. their retirement needs will help put Analyzing data based on segment can Simple personal accident, credit insurance into a context that is more also help insurers to develop more life, and warranty insurance can be tangible products for life insurance relatable and relevant for women. sold through retail channels. When and health insurance. They will be Strengthen distribution channels using these alternative distribution able to see what the most frequently to proactively address women’s channels, insurers will need to develop claimed conditions and incidents are, needs. Banks currently have a wealth dedicated salesforce training materials and to develop products accordingly. to make sure their products can be of client information that is not successfully explained and sold. being leveraged to understand and proactively meet the needs of women Another approach is to explore the consumers. In order for bancassurance online channel, especially since women to truly meet the “one-stop-shop” in Latin America have been shown to status expectations, further analytics be more likely to purchase products and segmentation are needed. “As women increasingly 9 Currently, the online channel online. have access to education, Agents should also be trained comprises a small proportion of they will have greater the market, as most women prefer on how to better highlight and communicate the key attributes of face-to-face interactions. Security acknowledgment of products insurance products to women clients. concerns regarding online payments and risks, which will result This includes proactively identifying are another factor. However, there in an increased willingness is an increasing trend toward using customized solutions adapted to their to purchase insurance.” income level and moment in their lives. online aggregator sites (such as RedSeguro) that allow quick and easy Executive, Zurich Insurance Group, — Strengthen claims process and comparison and purchase of products, Bogota, Colombia improve communication. It is 10 Online reducing costs for the client. important for insurers to view sales and mobile sales channels can be as the start, but not the end of a used to reach women in remote relationship with women clients. areas, or those who have no access Women have a greater appetite to to traditional distributions channels. 90

95 COUNTRY PROFILE: COLOMBIA How to Meet the Needs of: 1. WORKING MOTHERS 2. WOMEN ENTREPRENEURS Further bundle entrepreneurs’ compulsory Develop products to meet women’s concerns for property protection insurance with other financial self-sufficiency. For women concerned products. Insurers should consider bundling liability about financial losses after a divorce, insurers should demonstrate how whole life and unit-linked life with mandatory protection products such as property products with annuities can help grow their wealth protection, as this will raise awareness of the need for professional liability insurance and encourage and protect against bankruptcy in case they are not women to purchase such insurance to protect against able to maintain joint assets. Insurers should offer business interruption. Bundling compulsory covers flexibility in life products to meet a woman’s needs by, with non-compulsory covers can create a platform to for example, providing a window when the insured can withdraw some of their investment or receive the raise awareness about holistic insurance cover and its annuities from their unit-linked products based on support to entrepreneurial growth. Flexibility will also setbacks in life (such as divorce), as opposed to a fixed be essential to ensuring that women will be able to adjust their coverage and bundle based on the maturity timeframe or at maturity. of their business. For example, professional liability Develop family solutions for health insurance. may be less important with one employee, but may Women receive private health insurance from their gain more importance as the enterprise hires more employer. Insurers should explore ways to allow people. It is important to add personal line products to these women to add their children to their policies. the package, and the impact on the business should be Insurers should also investigate how disability products explained. could be tailored to women, for instance, by offering Distribute through women’s entrepreneurship additional services to support women who have to Providing insurance through women’s change their lifestyle because of disability. associations. entrepreneurship associations in local geographies enables insurers to access an entire network of clients, similar to affinity insurance schemes, where insurance is offered to a defined group of people. Insurers will be able to provide group rates on life and health products — which are generally lower than individual rates — to the entrepreneurs. Partnership with an association also allows insurers to educate its members about risk management. Endnotes Francisco H. G. Ferreira, Julian Messina, Jamele Rigolini, 7. 1. The Economist Intelligence Unit. “Women’s Entrepreneurial Luis-Felipe López-Calva, Maria Ana Lugo and Renos Vakis, Venture Scope,” (2013). ‘Economic Mobility and the Rise of the Latin American Middle Total market size has been rounded for consistency. 2. Class“, 2013. World Economic Forum, “The Global Gender Gap Report,” 3. 8. World Economic Forum, “The Global Gender Gap Report,” Insight Report, (2008 and 2014). Insight Report, (2008 and 2014). Webster, Paul Christopher. “Health in Colombia: a system in 4. 9. ComScore “Consumers in Brazil and Argentina Most Likely to crisis” April 3, 2012. Accessible at: http://www.ncbi.nlm.nih. Make Purchases Online, Females More Likely than Males to gov/pmc/articles/PMC3314050/ Buy Online in Latin America” Press Release. December 1, 2010. Ibid 5. Accessible at http://www.comscore.com/Insights/Press- Releases/2010/12/comScore-Releases-Study-on-Latin- The Economist Intelligence Unit. “Women’s Entrepreneurial 6. American-E-Commerce-Landscape Venture Scope,” (2013). Ibid 10. 91

96 Women feel that male agents do not sufficiently address their needs and may prefer purchasing insurance from women agents 92 92

97 INDIA FIVE INSIGHTS 3. While a 1. large Insurance premium spend by women in portion of the “...India will be the most interesting Indian population India has the potential country to watch; we anticipate that to be between $22 is considered low nearly 90% of India’s population will be billion – $35 billion, huge income income, ‘middle class’ by 2040.” two growth projections approximately the to four times indicate that these — Goldman Sachs, The Power of the Purse, 2009 individuals may estimated premium quickly grow into a $10 billion of spent market for insurers. by women in 2013. 4. Women are still 2. Three million micro, small, and underrepresented as insurance agents medium enterprises in India today have despite agents full or partial women being a strong 1 ownership; women’s distribution force. entrepreneurship 5. The Indian has been growing government is at more than 4.5 promoting insurance 2 percent annually. and pension schemes — women face larger protection gaps than men due to their longer life expectancy, making pensions a high potential opportunity for insurers targeting the women’s market. SETTING THE SCENE: THE BUSINESS CASE y 2030, the annual women’s insurance market in India is predicted to be between the estimated premium approximately $22 billion – $35 billion, two to four times $10 billion of B spent by women in 2013. on health insurance premiums; by 2030, this can reach $0.05 billion In 2013, women spent $0.1 billion – $0.16 billion per annum. Life and non-life segments are expected to grow $17.7 – $27.6 at similar rates, from $8.6 billion (life) and $1.1 billion (non-life) in 2013, to respectively in 2030. $4.4 – $6.9 billion and billion 93

98 INDIA AT-A-GLANCE WHAT’S CAUSING $35 B OVERALL THIS GROWTH? WOMEN’S GROWING Improvement in tertiary INSURANCE FROM education $22 B MARKET Increase in income $10 B Increase in wealth and assets Increase in number of working 2-4x women GROWTH Growing awareness of 2013 2030* insurance products among women, particularly in the life and health sector Supportive regulatory environment $27.6 B Willingness to provide for LIFE GROWING their children INSURANCE FROM Concern about being a burden to their families $17.7 B Decrease in fertility rates and $8.6 B increase in life expectancy 2-3x drive the need for protection in old age GROWTH 2013 2030* Rise in the number of women’s unions Growing demand for insurance coverage for women owned businesses HEALTH GROWING KEY SEGMENTS: INSURANCE FROM $0.16 B 2-3x $0.05 B $0.1 B Women Entrepreneurs 2013 2030* GROWTH Low-Income Customers GROWING NON-LIFE *The 2030 market size estimate is FROM bounded by: INSURANCE Baseline Growth (lower boundary): a) Growth in the number of women $6.9 B customers and individual premium spend per customer due to $4.4 B improvements in the women’s socioeconomic factors Opportunistic Growth (upper b) 4-6x $1.1 B boundary): In addition to socioeconomic improvements, GROWTH 2013 2030* assume successful efforts in targeting more women to purchase insurance products and in upselling/cross-selling products to each woman 94

99 INDIA COUNTRY PROFILE: Women and girls are at a particular disadvantage in markets such as India where adding additional family members to health coverage makes the plan unaffordable OPPORTUNITY DRIVERS Opportunity Driver 1: an ability to increasingly afford Improvements in socio- protection and savings products. “There are hardly any great economic conditions are specialized plans available for increasing the number of Opportunity Driver 2: Growing women. Insurance companies working women, driving awareness of insurance this segment’s potential have attempted creating such products among women, as a customer base particularly in the life and plans but they have no major health sector, is spurred cost or feature advantage, The percentage of women with tertiary in part by a supportive degrees has doubled from 2008 – 2014, 4 vis-a-vis a regular plan in the regulatory environment while women’s income has increased market.” by more than 20 percent over the Social security, insurance, and pension 3 Women who can afford period. topics were a major focus of the — Mahavir Chopra, Director, Health insurance are willing to spend on health Indian national election campaign Insurance, Coverfox Insurance Brokers and life products, which represent a in 2014. Following the election, the particular area of growth. Increased Indian Finance Minister announced enrollment in tertiary education in February 2015 the introduction of means more women are expected to a universal social security system, enter the workforce in the coming which will give the population access years and will be exposed to optional to subsidized insurance and pensions private health insurance through their and provide coverage for accidents 5 employers, increasing awareness of Media coverage of these and death. insurance products in the future. programs has helped to increase the awareness of insurance among the Greater financial inclusion and general population, including women. career prospects for women are allowing them to accumulate wealth and assets, creating a need for and 95 95

100 COUNTRY PROFILE: INDIA 14 Another consequence of these percent of total demand. While there Opportunity Driver 3: Women think of others trends is the increase in elder care is no mandatory insurance coverage in 10 These cater to affluent homes. connection with entrepreneurship, the Research findings from the Indian people, widows in particular, and higher stakes for women running their market show that women are more are typically inaccessible for lower- own businesses are likely to raise their likely than men to be concerned willingness to purchase insurance. income groups which tend to about providing for their children include a high proportion of women. and ensuring that their family is Insurance products that improve able to maintain the same quality accessibility of old-age homes to Over 1 in 10 women has Figure A: of life in the event that they can no lower-income women are likely outstanding loans as a result of 6 Women are longer provide for them. to increase in the coming years. median expenses concerned about being a burden to their families and children through Opportunity Driver 5: A rise 7 Outstanding Loans funeral costs and outstanding debts. in the number of women’s in % of Adult Population unions and a growing women’s Opportunity Driver 4: Decreases entrepreneur market Health and in fertility and increases in 12.6% emergencies The Ministry of Micro, Small, and life expectancy drive need for protection in old age Medium Enterprises (MSMEs) Home 3.2% estimated that the number of women- constructions Old-age care in India has traditionally led businesses in India grows by 4.51 been provided by the family network. 11 and around one-third percent annually, Purchase However, women today are having 2.3% of India’s early-stage entrepreneurs home fewer children who can provide 12 The Indian government are women. care for them in their old age. operates more than 25 different School fees 6.0% Women also outlive men by four entrepreneur schemes exclusively for 9 years. These trends are increasing 13 women. The total supply of formal Funerals and women’s need for pension products finance to women-owned MSMEs in 3.6% weddings to address this protection gap. 2012 was around $42 billion, resulting in a finance gap of $116 billion, or 73 Source: World Bank, 2011 Case Study: Unilever’s Project Shakti Hindustan Unilever Limited (HUL), Unilever’s business Moreover, HUL invests its resources in training the in India, generates about half its profits from rural entrepreneurs, helping them become confident, business-savvy professionals capable of running their areas. To increase its market share, HUL sought to increase its reach from 100,000 villages to 500,000 own enterprise. It is conceivable that a corresponding channel to offer insurance coverage could be villages, but was constrained by insufficient retail successful in the rural areas as well. Also, insurers distribution networks, advertising coverage, and poor roads and transport. To overcome these constraints, may wish to explore the possibility of corporate HUL created Project Shakti. Shakti contributes by tie-ups with such consumer goods companies and creating profitable microenterprise opportunities for leverage on their extensive distribution networks in rural India. Rather than building a network from rural women. Armed with microcredit, rural women become Shakti entrepreneurs: Direct-to-home scratch, insurers can seek to use the existing set- distributors in rural markets. This microenterprise ups of these companies to sell their products. offers low risks and high returns. The products distributed are some of the country’s most trusted brands of customer goods, and include a range of mass- market products especially relevant to rural clients. 96

101 INDIA COUNTRY PROFILE: Key Segments The women entrepreneur segment has not yet been penetrated. 1. WOMEN ENTREPRENEURS Women entrepreneurship is on the rise; there are nearly three million Own a Key Characteristics: micro, small, and medium enterprises in India owned partially or entirely 22 business, may be balancing However, women by women and employing over eight million people. professional and personal entrepreneurs frequently lack insurance coverage, due to insufficient demands, may be married, and awareness and poor targeting by insurers. A major issue for women may have children. entrepreneurs is the lack of formal access to finance, resulting in a lack of collateral and start-up capital. Women entrepreneurs struggle with non- credit needs such as cash management and insurance, and lack access to non-financial services such as training, mentoring, and networking. Women in the lower income segment lack access to insurers’ sales 2. LOW-INCOME CUSTOMERS Despite urbanization accelerating in recent years, 68 percent channels. 23 Focus is on Key Characteristics: of the Indian population still lives in rural areas. Fewer insurance making sure her basic needs policies are sold to the rural population compared to city-dwellers, are met, relies on family, due to difficulties in accessing these geographies. For example, health friends, and neighbors for insurance penetration in India is around 5 percent across India, but up to 24 support and financial advice 13 – 15 percent in urban areas. Only a minority of sales are associated (which may not always be with mobile or online purchasing, which limits access to insurance for accurate), may worry about women in urban areas. leaving debt to her children. Women see the cost of insurance as too high and often cannot afford insurance. Currently, insurance companies cater primarily to the middle and high-income brackets, leaving the majority of the Indian population — and so the majority of women — without insurance 25 coverage. Approximately 25 percent of the Indian population still falls under the low-income bracket, earning less than $1.25 per day, according to the World Bank, driving up the potential for microinsurance beyond typical products such as agricultural insurance and credit life for women. WHY AREN’T MORE WOMEN IN INDIA BUYING INSURANCE TODAY? Women are still not sufficiently of insurer’s portfolios, based on of compulsory insurance and 15 Several low levels of education limit served by the insurance industry and, statements by insurers. women’s exposure and literacy in insurance products that cater to despite the improvements outlined above, the lack of awareness on women are currently being offered; insurance products. Low levels of insurance benefits remains a key compulsory insurance-only motor however, few have been successful in 16 Media coverage shows the market. vehicle insurance is compulsory – barrier. Moreover, for many women, that women feel that male agents commercial insurance products are limit women’s insurance coverage, as they are less likely than men to own simply too expensive despite increases do not sufficiently address their 18 in women’s incomes overall. needs and may prefer purchasing a vehicle and purchase insurance. 17 insurance from women agents. The rural population is significantly Women’s needs are insufficiently less aware of insurance than the addressed by insurance companies. Although insurance awareness 19 urban population. Lack of awareness Women only make up 20-30 percent is growing, in some areas, lack of the different types of protection 97

102 COUNTRY PROFILE: INDIA available limits decision-making HOW CAN THIS CHANGE? POSSIBLE SOLUTIONS and fails to capitalize on women’s TO BETTER PROTECT WOMEN ability to influence the purchase decisions of others by not equipping To tap into the women’s market, being, and their retirement needs will them with the right knowledge insurers need to develop education help put insurance into a context that to perform this role effectively. campaigns, strengthen their is relatable and relevant for women, distribution channels, and develop and will enable them to learn more Women tend to rely on savings, product features to meet women’s about the different products available. rather than insurance, in case of needs. Pricing needs to be reviewed a health emergency. World Bank Leverage women in the salesforce and women clients’ journey improved. data on outstanding loans supports to sell products to women clients. Bundled entrepreneur products that there is a market for financial Insurers in India primarily use individual can support the growth of the investments in general and in particular agents to place their products in the women’s entrepreneur market. 20 For example, 12.6 percent for women. market. While there are efforts to of women have outstanding loans in Targeted education campaigns increase the number of women agents, health and emergencies, indicating that to increase awareness among approximately 75 percent of them women are willing to spend more on Insurers need to build women. are still men. Findings indicate that health than on other types of expenses. programs designed to enable women male agents are not as successful as to better understand the concept and women in addressing women’s needs Finally, women and girls are at a 26 Insurers should take advantages of insurance. They should as consumers. particular disadvantage in markets steps to further grow the women specifically focus on the most common such as India where adding additional agent salesforce and use them to tap types of risks women face for which family members to a health coverage into the women’s insurance market. insurance can offer peace of mind makes the plan unaffordable, and provide a real safety net against and coverage for female family In India, experience by Bharti AXA Life the unknown. This will be particularly 21 members is often deprioritized. Insurance shows that the average important for university students or premium per policy sold by female young professionals, as insurers can agents’ can be up to 50 percent higher help these women manage their 27 than those sold by men agents, income and financial needs early on. while Aegon Religare Life Insurance found that while 31 percent of agents Programs on the benefits of insurance are women, they bring in close to 40 for their children, the household well- 28 percent of total Aegon’s business. Employing women agents in rural areas can help insurers to reach 29 of the out to the near 70 percent Case Study: population that lives in rural areas. For example, in the manufacturing Support Women Agents industry, Unilever successfully engages 30 to rural women as their salesforce In India, women expressed concerns about the lifestyle of the sell their products. Insurers need to insurance agent. For example, night time events with clients look into how to adapt the business (such as dinners) can be disruptive to family life, or even a model to reach out to more women. safety concern, especially if women are traveling alone. Conduct in-depth research on One way to address the safety concerns of women agents is for insurers what women expect from health and brokers to provide a ride–share program for women. For women insurance. According to the World agents who live in remote areas or who need to travel late at night, Bank, women in India have the highest a ride-share program will be invaluable to ensure their safety. The amount of loans outstanding for 31 program needs to be flexible to adapt to a woman’s timetable – for Insurers health and emergencies. example, women who need to drop their children off at daycare will need to conduct research to find require a later pick-up time. Such out what women need from health programs exist in India; Bajaj Allianz, for instance, offers pick-up and drop- off assistance to women agents. 98

103 INDIA COUNTRY PROFILE: How to Meet the Needs of: Finally, to ensure that women are not excluded 1. WOMEN ENTREPRENEURS from family cover, insurers should consider Women Offer solutions for entrepreneurs. packaging family healthcare to automatically include entrepreneurs face many challenges in taking out bank all family members. An example of this is India’s Self- loans. Keeping in mind that entrepreneurship can be Employed Women’s Association’s (SEWA) family health used as a vehicle for economic growth as a whole, microinsurance plans which, although they are more and considering the number of women entrepreneurs expensive than individual coverage, keep incremental in the market, insurers should focus specially on the costs low by ensuring a larger population; between 2005 33 women entrepreneur’s market segment. Success in and 2009, this program tripled in size. this segment has a particular power of multiplication, Rethink distribution systems. Insurers need to enabling women to grow their business by offering think of innovative ways to reach out to the women credit life insurance policies and thus securing their population outside of cooperation with MFIs. Insurer access to bank loans. Furthermore, insurers can offer can make further use of the growing online access women life insurance policies with the incentive of and mobile penetration by targeting women-centric using these as collateral to obtain bank loans at a lower platforms and domains or online media sites geared cost. Costs can be lowered in the long run as women toward women. The effect of this is amplified, especially entrepreneurs enter into life and health insurance by the growing significance of mobile phones. Insurers contracts by assuring that the entrepreneurs receive have an opportunity to draw learnings from Project adequate illness-related treatment so their working Shakti, an innovative and successful rural distribution ability is optimally preserved. Life insurance coverage initiative of HUL that targets small villages populated by may also stimulate women to seek other insurance less than 5,000 individuals (see Case Study: “Unilever’s solutions such as bankruptcy insurance. Project Shakti”). 2. LOW-INCOME CUSTOMERS Identify opportunities to lower costs, such as through mobile distribution or partnerships. Explore microinsurance market for family cover. Furthermore, as women do not currently see Women play a role as influencers in their households insurance as an affordable product, insurers need to as well as caregivers, and should therefore be a natural review their pricing and also identify their major cost segment to target for the insurance industry. However, drivers — a strong cost driver will most likely be the the majority of products available in the market are agent distribution model. Offering more products via not affordable to them. Insurers need to think beyond mobile phones will help to lower distribution costs, as traditional microinsurance products such as agricultural commissions for agents are usually high, and increase and credit life covers to cater to specific events in a reach. As online access in India continues to grow as woman’s lifecycle, such as childbirth or a spouse’s death. 34 expected, insurance products can be offered via the Women are particularly vulnerable to health issues and online market as well. tend to delay seeing a doctor for cost reasons. Pregnancy and maternity-related riders, in particular, are of utmost importance. Focusing on women means planting a seed to grow the individual cover to a family cover. 99

104 INDIA COUNTRY PROFILE: rise, by working to better identify the insurers have an opportunity to align insurance, whether it is related to clients that are entering the middle their products around the available women-specific conditions or for class and retaining them by offering the benefit of their children. government subsidies to optimize uptake and returns for clients, in them a higher level of protection. A Make use of the knowledge that particular for women. In offering product built on adding additional women are key influencers for longevity-oriented products, insurers short-term protection would also In financial decisions in a household. can also address women’s increased require new distribution partners India, men are traditionally the financial as other channels, such as banks or need for retirement savings as they decision-makers throughout all income telecommunication providers, which are experiencing lower fertility rates, brackets, with women being influencers and thus cannot rely as much on might be better positioned to capture of financial decisions. In tailoring and their children. In addition, insurers the rise in income than agents. targeting products, insurers should raise can help make old-age homes women’s awareness of insurance with Leverage ongoing discussions and more affordable with a suitable media coverage. With current plans a view of enabling and empowering insurance coverage advance. women as advocates for insurance by the Modi government elected in in household financial decisions. 2014 to improve insurance and pension coverage for all Indians, the topic is Convert clients along their journey currently receiving significant media from lower income to middle class. ‘‘Studies show that women are attention. Furthermore, government A study from Goldman Sachs on the key drivers for a sustainable subsidies are available — for example, power of the women’s consumer for pension schemes — if individuals growth in a developing market notes that “Beyond 2025, India enter into certain types of contracts. country.” will be the most interesting country to Insurance companies should use the watch; we anticipate that nearly 90% of publicity related to current discussions — Tapan Singhel, Managing Director and India’s population will be ‘middle class’ to increase awareness of their CEO, Bajaj Allianz General Insurance, 32 Insurers would be wise to by 2040.” products in the market. Furthermore, 8 Pune, India capture this growth as clients’ incomes 100

105 INDIA COUNTRY PROFILE: Endnotes The International Finance Corporation (IFC), “Micro, Small and Harshal T. Pandve, and Chandrakant V. Parulekar. “Health 1. 19. insurance: Is Indian rural population aware?” (2013). http:// Medium Enterprises Finance Improving Access to Finance for www.ncbi.nlm.nih.gov/pmc/articles/PMC3783668/ Women-owned Business in India,” (2014). The World Bank, “Global Findex Database 2014: Measuring 20. Daniela Yu and Yamini Tandon, “India’s Big Problem: Nurturing 2. Financial Inclusion around the World; Indicator: Outstanding Entrepreneurs,” Gallup, August 1, 2012 Loans in % of females, 15+,” World Bank Global Findex, World Economic Forum, “The Global Gender Gap Report,” 3. Accessed April 2015. Insight Report, (2008 and 2014). 21. “Microinsurance that works for Women: Making Gender- 4. Gauri Kohli, “Growth insured — A Close look at the Indian Sensitive Microinsurance Programs,” Women’s World Banking, Industry” January 27, 2015. Zurich Insurance Company, ILO Microinsurance Innovation Shishir Sinha, “Govt announces details of new insurance, 5. Facility and the Swiss Development Cooperation, (2009). pension schemes,” The Hindu Business Line.March 2, 2015. 22. The International Finance Corporation (IFC), “Micro, Small and 6. Kamalji Sahay, “About Time Insurers Unlocked Women Power,“ Medium Enterprises Finance Improving Access to Finance for The Financial Express, May 4, 2014. Women-owned Business in India,” (2014). Available at http:// www.ifc.org/wps/wcm/connect/ 7. Shishir Sinha, “Govt announces details of new insurance, a17915804336f2c29b1dff384c61d9f7/Womenownedbusiness1. pension schemes,” The Hindu Business Line.March 2, 2015. pdf?MOD=AJPERES 8. “Bajaj Allianz Promotion Women’s Careers,“ Allianz, Press The World Bank, “World Development Indicators” Indicator: 23. Report, January 10, 2014. Accessible at https://www.allianz. Rural Population (% of total population) (2014),“United com/en/press/news/company/human_resources/news_2014- Nations, World Urbanization Prospects, Accessed April 2015. 01-09.html/ Chandralekha Mukerji,”Budget 2015: Inexpensive health, 24. 9. World Economic Forum, “The Global Gender Gap Report,” accident, pension and life insurance for all,” The Economic Insight Report, (2008 and 2014). Times, February 28, 2015. Aparajite Ray, “It’s houseful in old-age homes,” The Times of 10. 25. Ibid. India, October 24, 2014. 26. Teena Jaim, “Women emerging as star insurance agents,” Live Daniela Yu and Yamini Tandon, “India’s Big Problem: Nurturing 11. mint, September 9, 2009 Entrepreneurs,” Gallup, August 1, 2012. Yogini Joglekar,“Women Pulling Ahead of Men as Insurance 27. 12. Palanivelu, Dr. V.R. and M. Rehmath Jahan “Women Agents,” DNAIndia, September 29, 2011. http://www.dnaindia. Entrepreneurship in the Context of Gender Competitiveness, com/money/report-women-pulling-ahead-of-men-as- Opportunities and Hurdles“ International Conference on Arts, insurance-agents-1592843 Economics and Management (ICAEM’14) March 22-23, 2014. 28. Insurance Research Center, “India: Proportion of Women Life Vinesh “Role of Women Entrepreneurs in India,” Global Journal 13. Insurance Agents Rise,” (2011). http://www.irc.ac.ir/en/news/ of Finance and Management, (2014). Accessed at http://www. news.php?newsid=273 ripublication.com/gjfm-spl/gjfmv6n5_14.pdf 29. Census of India, “Rural Urban Distribution of Population,” The International Finance Corporation (IFC), “Micro, Small and 14. (2011). Accessed at http://censusindia.gov.in/2011-prov-results/ Medium Enterprises Finance Improving Access to Finance for paper2/data_files/india/Rural_Urban_2011.pdf Women-owned Business in India,” (2014). Available at http:// www.ifc.org/wps/wcm/connect/ 30. Unilever, “For Rojamma, Project Shakti means being able to a17915804336f2c29b1dff384c61d9f7/Womenownedbusiness1. educate her daughters,” February 28, 2005.Accessed athttp:// pdf?MOD=AJPERES www.unilever.com/Images/es_Project_Shakti_tcm13-387473_ tcm244-409741.pdf 15. Kamalji Sahay, “About Time Insurers Unlocked Women Power,“ The Financial Express, May 4, 2014. World Bank, “Outstanding Loans in % of Adult Population,” 31. Accessed March 2015. Only Insurance, “Life Insurance — Indian women have little or 16. no life insurance,” Accessed June 2015. http://www. Sandra Lawson and Douglas B. Gilman, “The Power of the 32. onlyinsurance.com/Life-Insurance/Indian-women-have-little- Purse: Gender Equality and Middle-Class Spending,” Goldman or-no-life-insurance.aspx Sachs Global Market Institute, (2009). 17. Yogini Joglekar, “Women pulling ahead of men as insurance 33. “Microinsurance that works for Women: Making Gender- agents,” September 29, 2011. http://www.dnaindia.com/ Sensitive Microinsurance Programs,” Women’s World Banking, money/report-women-pulling-ahead-of-men-as-insurance- Zurich Insurance Company, ILO Microinsurance Innovation agents-1592843 Facility and the Swiss Development Cooperation, (2009). 18. Manish Shirgaokar, “The Rapid Rise of Middle-Class Vehicle 34. Vinesh “Role of Women Entrepreneurs in India,” Global Journal Ownership in Mumbai,” Fall 2012. http://www.uctc.net/ of Finance and Management, (2014). Accessed at http://www. research/UCTC-DISS-2012-01.pdf ripublication.com/gjfm-spl/gjfmv6n5_14.pdf 101

106 Women in Indonesia expressed demand for health insurance add-on products which would help them with their household tasks, and help reduce their burden to care for their aging spouses 102 102

107 IND ONES IA FIVE INSIGHTS By 2030, the insurance 3. Cost, awareness, 1. and lack of targeted premium spend of women clients in Indonesia is products are the biggest faced by women $9 billion – predicted to be constraints approximately in accessing insurance. $14 billion, “Women care about the protection of the estimated 10 to 16 times 4. Over 18 percent of loans the family and steer the husband toward premium of $0.9 billion taken out by women spent by women in 2013. The taking out life insurance.” are to cover health and women’s market in Indonesia 1 emergency costs, and — ACA Insurance Executive, Jakarta, Indonesia is expected to experience the 2 of women only 1 percent fastest growth rate out of currently personally pay for the 10 emerging markets. health insurance, reflecting insufficient insurance 2. The average income of women has doubled in coverage for healthcare. the last six years, making 5. Women in Indonesia women growing influencers will need to plan for 18 of household finances. years of retirement and will demand products to protect their health and assets in their old age. SETTING THE SCENE: THE BUSINESS CASE verall, the Indonesian insurance market has shown tremendous growth over the last 10 years. The sector is poised to record further growth through a large and relatively untapped market of almost 250 million people and an expanding economy. By 2030, the insurance premium spend of women O clients in Indonesia is estimated to be $9 billion – $14 billion, approximately 10 to 16 times the estimated premium of $0.9 billion spent by women in 2013. The projected growth rate in the women’s insurance 3 market in Indonesia is the fastest of all the focus markets, reflecting the rapid growth expected in the insurance industry overall. $0.016 billion – The women’s health insurance market is expected to grow from $0.002 billion in 2013 to $0.025 billion $0.7 billion in 2013, by 2030. The women’s life insurance market is expected to grow from to $7.0 billion – $11.0 billion in 2030, while the non-life insurance market is expected to grow from $0.2 billion in 2013 to $2 – $3 billion. The rapid growth in the women’s insurance market can be partially attributed to the currently low representation of women as clients in the insurers’ portfolios. Interviews with several local insurance companies in Jakarta, Indonesia, revealed that women clients represent only between 8 percent-12 percent of total policyholders. Women make up a higher percentage of health insurance clients (25-50 percent), and less of life insurance clients (less than 10 percent). As women’s socioeconomic progress is reflected in their purchasing habits, it is expected that they will become a much bigger portion of insurers’ portfolios. 103 103

108 INDONESIA AT-A-GLANCE WHAT’S CAUSING $14 B OVERALL THIS GROWTH? WOMEN’S GROWING Progress in tertiary education INSURANCE FROM $9 B MARKET Increase in income Increase in life expectancy creating a need for life 10-16x $0.9 B insurance and pension GROWTH products, and a greater 2013 2030* demand for healthcare 5 more years of retirement as compared to men Declining birth rates entailing $11 B the need to rely on savings LIFE rather than children as GROWING INSURANCE safety net FROM Women see good opportunities $7 B to start a firm in Indonesia Favorable environment for 10-16x $0.7 B women owned businesses GROWTH 2013 2030* KEY SEGMENTS: HEALTH GROWING INSURANCE FROM Retirees $0.025 B 9-15x $0.016 B $0.002 B GROWTH 2013 2030* Low-Income Customers *The 2030 market size estimate is bounded by: Baseline Growth (lower boundary): a) Growth in the number of women customers and individual premium spend per customer due to GROWING NON-LIFE improvements in the women’s socioeconomic factors FROM INSURANCE Opportunistic Growth (upper b) boundary): In addition to $3 B socioeconomic improvements, assume successful efforts in targeting $2 B more women to purchase insurance products and in upselling/cross-selling products to each woman 10-17x $0.2 B GROWTH 2013 2030* 104

109 COUNTRY PROFILE: INDONESIA Due to the fragmented geographical landscape of Indonesia, women often lack access to insurance and rely on agents “to come to the village once in a while” OPPORTUNITY DRIVERS Opportunity Driver 1: Women Opportunity Driver 2: Women model of financial aid and physical are making tremendous face a bigger protection support to women as they grow older, progress in tertiary gap, which drives the savings, access to healthcare, and education and have more need for life, pension, and elderly assistance will become crucial than doubled their salary healthcare products to accommodate the aging population. Women’s life expectancy in Indonesia A report by McKinsey found that, as Opportunity Driver 3: has increased to reach on average 73 clients move up in income bracket and Women in Indonesia see it as 6 The official retirement age for spending, they are purchasing more years. desirable to start a business 7 4 discretionary items such as insurance. in Indonesia, which women is 55 years 10 means that they will need to plan for According to McKinsey, “that will Nearly half (49 percent) of women 18 years of retirement, compared to mean an additional $1 trillion in annual see good opportunities to start a firm spending by the nation’s optimistic and their male counterparts, who have an in Indonesia but lack access to financial increasingly sophisticated consumers.” average retirement span of 13 years. resources or fear bankruptcy if their Within the last six years, women’s business fails, demonstrating clear This protection gap creates a need for enrollment in tertiary education demand for formal financial services. life insurance and pension products, has doubled and so has women’s 11 increases the demand for better 5 About 21 percent of the adult income, increasing their capacity to healthcare, and puts additional population are established business spend on products such as insurance pressure on children to care for their owners, which is one of the highest for themselves and their family parents. Birth rates are declining, and rates in Southeast Asia compared to members. However, the vast majority have reached 2.2 children per family in neighboring countries at a similar of women are still not aware of the 8 against 5.6 children per family in 2015 economic development level. Of the benefits of insurance, underscoring 9 . This has significantly changed 1970 total number of small and medium the need for more targeted education the support structure for the elderly sized enterprises in Indonesia, 30 on the benefits of insurance. 12 population: the younger population percent are owned by women. cannot rely on their children’s support as a safety net in the future. Without children to provide the traditional 105

110 INDONESIA COUNTRY PROFILE: WHY AREN’T MORE WOMEN IN INDONESIA BUYING INSURANCE TODAY? hospital. First views on the quality of risk on their lives. Frequent natural Currently, women in Indonesia the treatment and the government face several challenges in obtaining disasters in Indonesia have resulted in 14 however, funding are rather skeptical; many women becoming accustomed insurance, and general awareness many women would be willing to about insurance as a risk mitigation to the possibility of a tragedy. Despite purchase complementary health cover. this, women often underestimate solution is low. In the future, these Women in Indonesia show high rates how these events will affect their women may face a large protection gap linked with aging, which they of death, from high blood pressure lives and assets. Women interviewed 15 a problem which could and obesity, either underestimate or which, indicated that they might have heard of insurance, but do not see the link they believe, current products do potentially be addressed by access to between the risks they face and how not sufficiently address. Women better healthcare. Many women who insurance could help them maintain entrepreneurs also struggle to want better quality of care still rely on their spouses, who often do not understand the risks they are facing or improve their living standard. and how insurance could support see the need to purchase additional Women need better healthcare 16 them in growing their business. health cover. Currently, however, The Indonesian government products. healthcare products in Indonesia are Many women are not aware of introduced a new national health restricted to hospital cash plans and potential risks and the concept of insurance program in early 2014 require upfront self-funding, which with the aim of covering the entire insurance. Market discussions with is often a challenge for women. 13 insurers, insurance associations, and The service means that population. Women are often forced to take out patients now have a choice as to women indicated that the biggest loans for healthcare costs; over 18 barrier for women is their unawareness where they can access treatment, as percent of loans taken out by women long as they can afford to travel to the and underestimation of the effect of are to cover health and emergency 18 17 costs. Only 1 percent of women currently personally pay for healthcare insurance, demonstrating the lack of insurance coverage for healthcare. Women entrepreneurs’ protection needs are not met. As previously stated, 49 percent of women in Indonesia see good opportunities to start their own company, as it gives them more flexibility in managing their household and care responsibilities. However, women entrepreneurs 19 to initiate struggle to access funding and grow these businesses. Currently credit life cover is only available through microinsurance, and excludes women entrepreneurs with larger- scale businesses who are looking for collateral to get their loans approved. One of the biggest fears for women in starting a business is the risk of bankruptcy. Insurers could provide some form of bankruptcy protection which would further support women entrepreneurs and business owners overall. It would also help with access to financial resources and attract more women to the workforce. 106

111 INDONESIA COUNTRY PROFILE: Key Segments Retirees face an enormous protection gap. Women retirees in 1. RETIREES Indonesia are facing a higher protection gap due to their lower income, Key Characteristics: Focus is on and higher life expectancy rates, as well as the decline in birth rates. maintaining quality of life after As Indonesia’s population is aging, and with women’s life expectancy 20 retirement, health conscious, exceeding that of men by at least five years, healthcare products will be willing to spend for best health needed to provide women with additional services to cater to their needs. benefits, may inherit assets 21 of the total population was covered by any sort In 2013, only 8 percent from spouse, may be looking to of formal pension, which leaves the large majority uncovered in their downsize, but still own assets 22 old age. Statistics suggest that over 41 percent of the elderly (60 years such as cars; pragmatic about and above) live in poverty. Additionally, with 18 years of retirement to spending, not technology savvy. plan for, women are under great pressure to make their savings last and protect their health for a long period of time. She may need assistance around the home. Women in Indonesia expressed demand for services tied to health insurance products. These services would help elderly women with household tasks that they may not be physically strong enough to conduct, and help reduce their burden to care for their aging spouses. These could include discounts on in-home care, or a special hotline for home emergencies Women interviewed said Many women cannot afford insurance. 2. LOW-INCOME CUSTOMERS that insurance, particularly life and health products, is not affordable Key Characteristics: Focus is on for them. Focus group discussions indicate that bundled life and health making sure the family’s basic packages for young women are currently available for around $25 needs are met, rely on family, per month, which represents 5 percent of a woman’s average salary. friends, and neighbors for Cover costs are likely to be higher for older women. For reference, life support and financial advice insurance packages in the United States are around $61 per month for (which may not always be younger women — however, this represents only 2 percent of a women’s 23 accurate), may worry about average annual salary of $40,000. leaving debt to their children. Due Low-income women may lack access to purchase insurance. to the fragmented geographical landscape of Indonesia, women often lack access to insurance and rely on agents “to come to the village once in a while.” Nearly 50 percent of the population lives in rural areas and interviewed insurers indicated that fewer policies are sold to the rural population compared to people living in cities. In rural areas, this results in agents becoming the most dominant distribution channel. 24 Life insurance agents in particular capture 50 percent of the insurance sales in these populations. According to discussions with Asosiasi Asurani Jiwa Indonesia in Jakarta, about 18 percent of sales are generated via direct selling. Based on discussions with the insurers, hardly any sales are generated from mobile or online purchasing as Indonesia’s IT infrastructure does not yet fully support such an offering. 107

112 INDONESIA COUNTRY PROFILE: HOW CAN THIS CHANGE? POSSIBLE SOLUTIONS TO BETTER PROTECT WOMEN Insurers should consider engaging Insurers in Indonesia have started To tap into the women’s market, new distribution partners such as insurers need to establish education to engage hospital staff as part of campaigns, explore ways to reach telecommunication providers. Indonesia campaigns to increase understanding is the fourth largest mobile market in about health risk. Hospital staff are out to the majority of the population, the world, showing enormous potential asked to speak to women about develop products that address health risk — in particular, about women’s needs in health and business, for using mobile as a distribution 25 breast cancer — to reinforce the channel. and make products affordable. Phones can be used to reach out to the rural women’s population, importance of health insurance. Targeted education campaigns to complementing an online offering increase awareness of risks that Marketing initiatives should help to the urban women’s population. Insurers need to build women face. women visualize the risks to which Insurers can consider a call back programs that enable women to better women are exposed to, as they are option as part of their client service often not aware of these. In addition to understand the most common types of to lower the clients’ cellphone costs. risks they face based on their lifestyle, clarifying and simplifying information 26 on the coverage, insurers should help In Indonesia, 87 percent of women and how insurance can mitigate these risks. This will be particularly women understand the benefits of with Internet access indicated they would prefer to shop online and follow important for those who have just having insurance, and the dangers entered the work force, as insurers social media recommendations. This in foregoing insurance cover. indicates that the online channel may can help these women manage their Explore innovative distribution income and financial needs early on. be worth evaluating and potentially models via mobile channels to pursuing. Among Indonesia’s 40 million reach out to the geographically Programs that articulate the benefits female Internet users, 66 percent of insurance for their children, the fragmented women population. have bought items online for their household well-being (via health Insurers should review their distribution 27 said they are families, and 74 percent protection), and their retirement models in order to reach out to the most influenced by friends in social geographically split population. needs will help put insurance into a media and community platforms. context that is relatable and relevant The majority of policies are sold via With rising Internet usage, online for many women to learn more about agents; mobile and online distribution insurance products are likely to offer channels are underdeveloped. the different products available. a potential opportunity for insurers to reach the women’s segment. Engage growing population of educated women as members of A higher number of the salesforce. educated women also leads to more women being eligible to join the Case Study: insurers’ salesforce and sell products to other women, which is a channel for Leveraging the Arisan insurers to further leverage. Women agents can help insurers expand and tap Insurers have developed a novel approach to educating the into rural areas. Working as an agent women client market by combining both doctors and the “Arisan” gives women the ability to work at club — a popular type of social gathering that approximately 75 their own pace while managing their percent of women in Indonesia participate in — as distribution family and gaining financial benefits channels. Working with doctors, midwives, and nurses, insurers (see Case Study: “AXA’s ‘Wanita Hebat’ organize events with the Arisan club members, where the medical (Amazing Women) Program”). professionals will help women visualize and understand health risks that they are susceptible to — such as breast cancer. Following In addition, engaging more female sales the presentation of health risks, the insurers will then show agents can help build trust in insurance participants what products are available to help them manage products. In rural areas, where these risks. Interviews with women in Indonesia indicate that this there may be less defined financial method is effective, as women trust medical authority figures. infrastructure, trust is critical for clients. 108

113 COUNTRY PROFILE: INDONESIA How to Meet the Needs of: insurers can evaluate the effectiveness of 1. RETIREES online and mobile distribution as they pursue it, Develop product add-on services that support and subsequently grow this channel. elderly women in their daily life. Women will need Microinsurance products currently available on the mar - more and longer health support in the future. Insurers ket only focus on credit life and agricultural insurance. should think about services to either add to the policies There are no products specific to women that either fo - of retired women, or to include them in their children’s cus on women’s retirement needs or meet the education policies to help them cope with their daily life. These funding needs of children. Insurers should explore ways to services could include mobile nurses to check on them; address these needs through add-ons to existing products. assistance with their grocery shopping; or additional medical services such as providing blood pressure Consider innovative distribution and education readers. In the past, women in rural areas faced similar channels. issues of accessibility in banking and created their own 2. LOW-INCOME CUSTOMERS community solution by gathering themselves in an “arisan,” an association of women created to help them Explore the microinsurance market and transition gather socially and share the latest on fashion, jobs, As many women do products to ensure affordability. and life, as well as to engage in peer-to-peer lending not currently view insurance as an affordable product, by taking turns in sharing a sum of money through insurers need to review their pricing and consider the 28 Arisans can be seen as contributions to a group fund. development of a transition product as outlined in the an alternative to banking solutions in this type of rural study. Insurers should also identify their major cost environment. The arisan solution also shows that women drivers, as the agent distribution model is likely to be can develop creative solutions when they lack access to expensive. Offering more products online and via the required products and services. For example, discussions mobile phone will help to lower distribution costs, as with women revealed that they often use the money commissions for agents are usually high. As online and from an arisan to fund losses that could potentially have mobile channels may not be significantly developed at been funded by insurance (see Case Study: “Leveraging present, the focus will possibly continue to be offline the Arisan”). channels, leveraging agents in the near future. However, Case Study: AXA’s “Wanita Hebat” (Amazing Women) Program AXA Indonesia has pioneered a program to recruit are highly efficient. Overall, these promising women as agents in Indonesia. Data from certain results demonstrate that AXA Indonesia’s push product lines have shown that there is a correlation to increase gender diversity among its salesforce between growth of the women agent workforce will differentiate AXA from its competitors. and growth of the women customer base. AXA has closely monitored the results of the ongoing recruitment program since it began in October 2014, and results show an increase in the number of recruits and certification rates, indicating that the targeted messaging and marketing channels 109

114 COUNTRY PROFILE: INDONESIA Develop further bundled products insurers can protect a certain level of • Direct payments of hospital expenses credit, and increase the credit limit that cater to women’s healthcare, • Health check-ups depending they cover based on performance of retirement, and funding of their on a women’s age children’s education needs at the business. This will help women • Disability benefits 80 percent affordable prices. access the initial capital they need to start their business, and use their of insurers surveyed in Indonesia Additional services for the elderly, • future earnings as collateral to build confirmed that product design is such as home care services their asset base and increase their already an important aspect of through mobile nurses and credit limit. In case of bankruptcy, their their differentiation for women. In support for grocery shopping order to avoid a protection gap for loans would be insured. Anecdotal Insurers should also collaborate evidence in interviews has shown that women in the future, insurers need with the government to explore to expand the spectrum of holistic women are more likely than men to ideas on combined funding, as this protection products to cover their pay back loans, so women potentially will relieve the government from health and retirement funding. Bundled present a lower risk for insurers. the sole responsibility of funding products, while currently offered by a Additional products might also be future payments to the elderly. number of insurers, are currently very explored, such as coverage in case of expensive for women. These products Offer products that support women insolvency or business interruption as should also provide an opportunity entrepreneurs in receiving funding this is the biggest fear of women to receive advances from the policy for their business and provide a entrepreneurs. Insurers should think to fund their children’s education. safety net in case of bankruptcy. about how this fear (or risk) can be In addition to annuity payments, One potential way insurers can help mitigated. products could potentially include: women access credit is through offering protection for their credit based on future payback potential. For example, 110

115 INDONESIA COUNTRY PROFILE: Endnotes The World Bank, “Global Findex Database 2014: Measuring IRIN: Humanitarian News and Analysis, “Indonesia: Gender 1. 16. inequality endangers women’s health,” May 17, 2010. Accessible Financial Inclusion around the World; Indicator: Outstanding at http://www.irinnews.org/report/89150/indonesia-gender- Loans in % of females, 15+,” World Bank Global Findex, Accessed inequality-endangers-women-s-health April 2015. 2. The World Bank, “Global Findex Database 2014: Measuring The World Bank, “Global Findex Database 2014: Measuring 17. Financial Inclusion around the World; Indicator: Outstanding Financial Inclusion around the World; Indicator: personally paid Loans in % of females, 15+,” World Bank Global Findex, Accessed for health insurance, female, 15+,” World Bank Global Findex, April 2015. Accessed April 2015. 3. Focus Markets: Brazil, China, Colombia, India, Indonesia, Mexico, The World Bank, “Global Findex Database 2014: Measuring 18. Financial Inclusion around the World; Indicator: personally paid Morocco, Nigeria, Thailand, and Turkey for health insurance, female, 15+,” World Bank Global Findex, 4. Arief Budiman, Heang Chhor and Rohit Razdan, “Understanding Accessed April 2015. the Diversity of Indonesia’s Customers,” McKinsey Quarterly, April 2013. IFC “Strengthening Access to Finance for Women-Owned SMEs 19. in Developing Countries” October 2011. Accessible at http:// World Economic Forum, “The Global Gender Gap Report,” 5. www.ifc.org/wps/wcm/connect/ Insight Report, (2008 and 2014). a4774a004a3f66539f0f9f8969adcc27/G20_Women_Report. Economist Intelligence Unit, “Country Forecast,” Economist 6. pdf?MOD=AJPERES Intelligence Unit Database, accessed January 2015. 20. World Economic Forum, “The Global Gender Gap Report,” Trading Economics, “Indonesia Retirement Age 2009-2015.“ 7. Insight Report, (2008 and 2014). Accessed June 2015. Available at http://www.tradingeconomics. Jan Priebe and Fiona Howell, “Old-Age Poverty in Indonesia: 21. com/indonesia/retirement-age-men Empirical Evidence and Policy Options A Role for Social 8. United Nations Department of Economic and Social Affairs. Pensions” March 2014. “World Population Prospects.” Accessed June 2015. 22. Ibid. 9. Leilani Hastings, “Decreasing Indonesia’s fertility rate from 5.6 to 23. IFC “Strengthening Access to Finance for Women-Owned SMEs 2.6: Can it be reduced to 2.1?” Maternal Health Task Force. in Developing Countries” October 2011. Accessible at http:// February 28, 2014. www.ifc.org/wps/wcm/connect/ Global Entrepreneurship Monitor. “Global Entrepreneurship 10. a4774a004a3f66539f0f9f8969adcc27/G20_Women_Report. Monitor 2013 Indonesia Report.”(2013). pdf?MOD=AJPERES Ibid 11. 24. Trading Economics. “Rural Population in Indonesia.” Accessed June 2015. Accessible at http://www.tradingeconomics.com/ 12. IFC “Strengthening Access to Finance for Women-Owned SMEs indonesia/rural-population-wb-data.html in Developing Countries” October 2011. Accessible at http:// www.ifc.org/wps/wcm/connect/ 25. Redwing, “Indonesia’s Mobile Driven Telecoms Market,” (2014), a4774a004a3f66539f0f9f8969adcc27/G20_Women_Report. accessed from http://redwing-asia.com/market-data/ pdf?MOD=AJPERES market-data-telecoms/ Novia D. Rulistia, “What’s at stake in a high-society ‘arisan’?” 13. 26. “Indonesian Women’s Online Shopping Habits,” The Wall Street Jakarta Post. November 24, 2011. Accessible at http://www. Journal, November 29, 2014, accessed from http://blogs.wsj. thejakartapost.com/news/2011/11/24/what-s-stake-a-high- com/briefly/2014/11/29/indonesian-womens-online-shopping- society-arisan.html habits-the-numbers/ Jack Hewson, “Indonesia’s innovative healthcare scheme,” 14. 27. Ibid Aljazeera. January 16, 2014. Accessible at http://www.aljazeera. Novia D. Rulistia, “What’s at stake in a high-society ‘arisan’?” 28. com/indepth/features/2014/01/indonesia-innovative- Jakarta Post. November 24 2011. Accessible at http://www. healthcare-scheme-201411485331598453.html thejakartapost.com/news/2011/11/24/what-s-stake-a-high- 15. World Health Organization, “Indonesia: WHO statistical profile,” society-arisan.html Last updated January 2015. Accessed June 2015. 111

116 Women prefer investing in tangible assets and struggle to see the benefits of insurance 112

117 MEXICO FIVE INSIGHTS 1. The women’s retail 3. 25.7 percent of women in Mexico insurance market “Men think of their wives first, then their in Mexico has the are involved in children. Women tend to think of their entrepreneurial potential to grow children first.” $26 billion – $40 but activities, to six to billion women entrepreneurs by 2030, Representative, Asociación Mexicana — the estimated 10 times are currently not de Instituciones de Seguros (AMIS), specifically targeted as $4 billion insurance Mexico City, Mexico insurance customers. premium spend by women in 2013. 4. Mexican women may be willing to 2. The rise of single “The relationship between income and one in four mothers — spend as much insurance in the national market is a ‘U’ households in Mexico as 10 – 15 percent shape, where the lower and higher income of their salary on is headed by a single 1 mother — and the rise healthcare protection brackets recognize the need for insurance, for themselves and in the percentage of while the middle income bracket perceive the population living their families. they have the wealth to pay out of pocket in poverty point to for replacements.” 5. Affluent women an increased need for in Mexico expressed affordable protection. — Executive, Zurich Seguros, Mexico City, Mexico a strong interest in add-on services to insurance products. SETTING THE SCENE: THE BUSINESS CASE $26 billion – $40 billion he women’s retail insurance market size is projected to grow to by insurance premium spend 2030; approximately six to 10 times that of the estimated $4 billion by women in 2013 Given the vast and growing protection gap for women, life insurance premium . T spend is expected to grow from $2.0 billion in 2013 to $11.7 billion – $18.1 billion by 2030, while non- in 2030. $13.6 billion – $20.9 billion in 2013 to $2.0 billion life premium spend is expected to grow from $433 – $669 million. Health insurance is expected to grow from $77 million to 113

118 MEXICO AT-A-GLANCE WHAT’S CAUSING $40 B OVERALL THIS GROWTH? GROWING WOMEN’S FROM Increase in labor force INSURANCE $26 B participation MARKET Increase in income Increase in tertiary $4 B 6-10x education GROWTH 2013 2030* Increase in financial literacy and awareness of insurance Increased health risks intensify the need to spend on protection GROWING LIFE FROM INSURANCE Willingness to purchase $18.1 B private healthcare products and critical illness products for themselves, their $11.7 B husbands and families 6-9x $2 B GROWTH Increasing number of 2013 2030* women entrepreneurs KEY SEGMENTS: HEALTH GROWING INSURANCE FROM Women Entrepreneurs $669 M 6-9x $433 M $77 M GROWTH 2013 2030* Working Mothers *The 2030 market size estimate is bounded by: GROWING Baseline Growth (lower boundary): a) NON-LIFE Growth in the number of women FROM INSURANCE customers and individual premium $20.9 B spend per customer due to improvements in the women’s socioeconomic factors Opportunistic Growth (upper b) boundary): In addition to socioeconomic improvements, $13.6 B 7-10x assume successful efforts in targeting $2 B more women to purchase insurance products and in upselling/cross-selling GROWTH products to each woman 2013 2030* 114 114

119 COUNTRY PROFILE: MEXICO Female agents are perceived to be good at educating and training clients on insurance benefits, and see their jobs as lasting through the entire insurance lifecycle OPPORTUNITY DRIVERS Opportunity Driver 1: protection stronger than ever. Focus Additionally, according to Visa’s Increases in labor force group discussions have indicated 2013 International Barometer of participation and income Women’s Financial Literacy study, that women are increasingly willing out of 27 countries surveyed, women to purchase private health plans and From 2008 to 2014, women’s critical illness products for themselves, in Mexico talk to their children participation in the labor force about money management issues their husbands, and their families. increased by 11 percent while women’s Currently, women spend about 7 most often, indicating they place 2 income increased by 73 percent. percent of their income on insurance, a high level of importance on These social and demographic factors which indicates significant room for ensuring that future generations are a strong source of growth in the 4 6 As women are financially savvy. in health and life insurance. growth number of women clients and the learn more about the importance amount they spend on insurance. In Opportunity Driver 4: of using insurance for protection, particular, the increase in labor force Opportunities for growth in the they will also be able to influence participation means that more women women’s entrepreneur market others in their household to invest will be enrolled in insurance plans, in insurance, both life and non-life. notably through their employers. In Mexico, 25.7 percent of the female adult population are involved in Opportunity Driver 3: Increased 7 Opportunity Driver 2: but entrepreneurship activities, health risks intensify the Increase in tertiary education are hardly covered or targeted by need to spend on protection and financial literacy insurers. Women entrepreneurs face constraints in accessing credit, and Between 2012 and 2014, more than An increase in tertiary education this can limit the growth of their six million Mexicans were diagnosed enrollment is expected to favor 8 This is a particular market enterprises. with diabetes, causing Mexico to spend the acknowledgment of formal segment for insurers to target, as more than $4 billion in 2012 alone to risks management mechanisms, 5 manage diabetes-related problems. women entrepreneurs are likely to 3 such as insurance. This issue and the rise of other diseases have a great need for risk protection. have made the need for healthcare 115

120 COUNTRY PROFILE: MEXICO WHY AREN’T MORE WOMEN IN MEXICO BUYING INSURANCE TODAY? travel to an insurance agency or bank. Women do not perceive the value Currently, women face several constraints in accessing for money of insurance and may Considering women are less mobile and rely more on public transportation, consider it expensive. the insurance market: Many see 12 insurance as luxury that is only this is particularly time-consuming. Women are not aware of the affordable by the wealthy. This is Women do not trust insurers. benefits of insurance. Women This is reinforced by the fact that women partially due to a lack of understanding are not aware of the range of earn, on average, half the income of protection provided by insurance. of the policy terms and exclusions. 10 and may not want to spend on men, Women are often surprised when their This is particularly prevalent within what they consider “not a priority.” the lower and middle income coverage is denied or when they do In addition, women prefer investing bracket, who are less likely to have not receive the full claims payment 11 they expected. In interviews with in tangible assets and struggle access to private insurance. women clients, they commented that to see the tangible benefits of Furthermore, the compulsory status “hidden in the fine much of the detail is insurance, especially within the of insurance in Mexico is inconsistent middle class, where women have print” and is not clear to them even at a state level. For example, although when they seek clarification through recourse to informal protection third-party liability motor insurance additional questions. Women have systems, such as relying on loans is compulsory on all federal roads, it from family members or friends. also indicated that they would like is enforced inconsistently at the state more insight into the claims process, level, and only 30 percent of vehicles In addition to price, reaching insurance which is seen as an integral part of 9 currently hold it. points of sale might actually be costly Because women their experience with insurers. Those are less likely than men to own the both in terms of money and time. who do not live up to their promises vehicle, they are less likely to purchase Women reported that outside of major are seen as untrustworthy and can and be aware of motor insurance. urban centers, it can be complicated to discourage women from returning. HOW CAN THIS CHANGE? POSSIBLE SOLUTIONS TO BETTER PROTECT WOMEN To address these issues and tap into the Invest in microinsurance or these risks; how they can access full potential of the women’s market, other low-cost products through insurance; and what the common limits or exclusions of policies are. This insurers will need to find solutions to partnerships. A large percentage of Mexico’s population lives in poverty increase awareness and build trust, will be particularly important for those 14 improving service while lowering the and, based (52.3 percent in 2012) within the lower and developing middle price of their policies. on a 2014 study from Munich Re, income bracket. approximately 66 percent of Mexico’s Targeted education campaigns Develop partnerships to increase population are potential microinsurance to increase trust and awareness visibility. Insurers need to create 15 clients. This presents an opportunity partnerships outside traditional Insurers need to build among women. for insurers to provide microinsurance distribution channels to increase their campaigns to educate women about as these households are likely to be the benefits of insurance based on their visibility in the market and better vulnerable to external and internal connect with women in their daily lives. lifestyle needs. Education can be done shocks, such as natural disasters, through a variety of channels such as unemployment, and chronic diseases. Creative partnerships as featured in the television and retail stores, which are Insurers can create new products with Zurich and Avon case study prove to be integrated into women’s everyday partners such as reputable NGOs and successful in reaching out to informally life, and not necessarily only through governments to provide insurance to and semi-formally employed women. financial institutions or employers. low-income customers, while creating Content can focus on helping women strategic alliances with the federal Partnering with women’s associations understand the most common types government, which implements social can help to educate women about their of risks based on their lifestyle; how programs. Building strategic alliances risks and reach large groups of women insurance can be used to mitigate with private microfinance institutions at a single point. 116

121 MEXICO COUNTRY PROFILE: Key Segments Women entrepreneurs face increased exposure to risk due 1. WOMEN ENTREPRENEURS to personal circumstances. Mexican women entrepreneurs face Key Characteristics: Own her own additional risk of business interruption compared to men. Focus group micro-, small- or medium-sized discussions found that women are more likely than men to operate businesses, may be balancing their businesses from home, and hence are more likely to face business professional and personal interruptions due to their household duties. In addition, caretaking demands, may be married and duties may also take women away from income-generating activities. may have children. According to the World Bank Global Findex, 53 percent of women indicate it would be “not at all possible” or “not very possible” to come up 13 with emergency funds, compared to 45 percent of men. Women entrepreneurs have insufficient access to credit. Inability to access credit creates a barrier to starting their businesses and limits financial options to grow and obtain insurance for their businesses. In fact, many women rely on their personal savings and contributions from their families for funding, which makes them particularly vulnerable to business interruption and/or failure. Women look for tailored value-added services such as childcare, 2. ORKING MOTHERS W repair or replacement assistance, and expect health insurance to Key Characteristics: Focus is on be more integrated in their overall life. Market research indicated providing for her children and that women who purchase insurance want more wrap-around services her children’s future (finance, to help them manage their individual work-life demands, and value education); may be financially assistance services as much as they value the financial benefits of independent and want to insurance. As non-communicable diseases are on the rise, women protect her own assets. expect to be rewarded for staying healthy. Women expect private health insurance to be more integrated into their lives and critical illness For Middle Income: May be used products to reflect women-specific features. to relying on family and friends for help, but due to urbanization Women want to protect their assets and income independently of no longer has as strong informal their spouses and family members. Women interviewed in Mexico support network. raised concerns around protecting their income and assets throughout changes in their legal status, from marriage to divorce or widowhood. For Upper Income: Has ample Key drivers of this sentiment were societal customs that favor men as discretionary income to spend the sole property holder, and patrilineal lines of inheritance that can be on luxury financial products, valued above all others. In addition, the rise of single mothers means but may also prefer using less this population may have a smaller social network, have a much smaller risky options such as savings/ safety net through informal protection methods, and thus may find checking accounts. greater value in formal protection provided by insurers. “I’d rather spend some of my income now to make sure I have a [financial] backup in case something happens, rather than not have anything when it’s too late.” — Patricia, Young Professional, Mexico City, Mexico, 117

122 MEXICO COUNTRY PROFILE: How to Meet the Needs of: Offer add-on services based on lifestyle 1. WOMEN ENTREPRENEURS Insurers needs and make their lives easier. Form partnerships with banks to help women also have the opportunity to build relationships with access credit. One potential way insurers can help current women clients by offering them flexible service women access credit is through offering protection options such as child care services from a trusted for their credit based on future payback potential. For agency. Survey participants in Mexico said that insurers example, insurers protect a certain level of credit, and need to be more proactive in offering tailored products then increase the credit limit they protect based on and services based on the lifestyle needs of women. performance of the business. This helps women access For example, working mothers are looking for help to the initial capital they need to grow their business, and balance the needs of their household with their work, use their future earnings as collateral to build their while elderly women may need help with mobility asset base and increase their credit limit. Evidence from and health monitoring, such as a 24-hour heart-rate- microfinance has shown that women are more likely monitor service that can respond in the case of an than men to pay back loans and therefore are a better emergency. Women heads of household in other Latin risk for insurers to take on. American markets, such as Brazil, are also using mobile applications to manage their finances, a value-added Distribute through women’s entrepreneurship service that insurers can provide. associations. Providing insurance through women’s entrepreneurship associations in remote locations Health products should reflect what women can do enables insurers to access an entire network of to improve their health by offering discounts for gym customers, similar to affinity insurance schemes memberships, or if they take measures to lower their which provide insurance to a group of individuals weight to prevent diabetes and cardiovascular diseases. such as a company’s employees. Insurers will be able Critical illness coverage is seen as an important product; to provide group rates on life and health products however, not all products in the market cover gender- to the entrepreneurs, which are generally lower specific conditions. Insurers could make the product than individual rates. In addition, such partnerships much more applicable to women’s needs if this type of allow insurers to leverage the association’s network coverage were emphasized. and resources to educate its members about risk Offer products that support women in case of management. divorce and widowhood to help them maintain 2. WORKING MOTHERS As women are likely to face their living standards. financial difficulties in case of a divorce if the assets are Educate new mothers. Insurance companies can use not under her name, insurers should offer products that child-focused retailers, such as toy stores as distribution keep women from facing bankruptcy. A life insurance channels for education programs. These programs can product which pays out partially in case of a divorce focus on the benefits provided by insurance for children could support women to cover initial expenses and and their household well-being via health protection. include a rider for legal expenses to support them in This will help put insurance into a context that is case of divorce. As women cannot be certain that their relatable and relevant for women, and will enable them husband’s wealth will be transferred to them in the to learn more about the different products available. case that their husband passes away, insurers should help create ways to ensure certainty that women are beneficiaries. 118

123 COUNTRY PROFILE: MEXICO their premiums are being used to cover claims tracking more so than men, as it will complement microcredit with microinsurance. reduces uncertainty and allows them to any potential future claims. proactively plan for the outcome. Online Enabling online claims tracking will Increase the number of women tracking will also build women’s trust in Interview results with also be valuable for the women’s distributors. insurers, as they will be able to see what market. Market interviews with women AXA and Willis in Mexico City indicate insurers are doing with their claims and that women are perceived to be better customers show that they value online prevent them from misconceptions. at educating and training clients on the purpose, benefits, and types of insurance coverage, and are often considered more dependable and Case Study: helpful when clients have claims. A female agent often tends to see her job Zurich and Avon as lasting through the entire lifecycle of insurance, and not just up to the end Women are drawn to becoming independent agents because of the of the sale; thus they are more likely to flexibility the work allows. Most companies in Mexico, however, invest time explaining the full process do not offer benefits to their agents as they are not employees. To to clients. They consider themselves address this access gap, Zurich Seguros in Mexico has partnered as franchise owners and take pride in with Avon to provide health, medical, and accident benefits to Avon owning the client relationships. agents through an innovative incentive plan at no cost to Avon. Increase transparency through clear After two years of the partnership, Zurich Seguros and Avon are language and online claims tracking. excited to look for opportunities to expand their Given the emphasis that women place partnership to reach more women in the market. As one on understanding the details when Zurich Executive said: “In insurance, thinking outside deciding to purchase insurance, clearly of the box is important to reach a new customer stating what the exclusions are will base and grow penetration within the market.” help set expectations on what women will receive compensation for, and how Endnotes 1. Carrie Khan, “As Stigma Eases, Single Motherhood In Mexico Is World Economic Forum, “The Global Gender Gap Report,” 10. On The Rise,” NPR.org, May 13, 2013. Insight Report, (2014). Julia Paxton, “Subsistence Savings Strategies of Male- and 11. World Economic Forum, “The Global Gender Gap Report,” 2. Insight Report, (2008 and 2014). Female-Headed Households: Evidence from Mexico,” (2009). 12. OECD, “Women and Financial Literacy: OECD/INFE Evidence, Center for Financial Inclusion at Accion International, “Mexico’s 3. Prospects for Full Financial Inclusion,” September 2009. Survey and Policy Response,” Financial Literacy and Education Accessible at https://centerforfinancialinclusionblog.files. Russia Trust Fund, (2013). wordpress.com/2011/10/mexicos-prospects-for-full-financial- 4. Visa, “International Barometer of Women’s Financial Literacy,” inclusion-english.pdf (2013). 13. World Bank Development Indicators “Global Findex (Global 5. Patricia Rey Mallen, “Diabetes Affects Almost 50 Percent of Financial Inclusion Database)” Indicators: Coming up with Mexicans, Costs the Government $44B A Year,” International emergency funds: not at all possible, female (% age 15+) [w2], Business Times, February 2014. Coming up with emergency funds: not very possible, female (% 6. Euromonitor International, “World Consumer Income and age 15+) [w2], Coming up with emergency funds: not at all Expenditure Patterns 2014,” 13th edition, (2013). possible, male (% age 15+) [w2], Coming up with emergency funds: not very possible, male (% age 15+) [w2]. (2014). Accessed 7. World Bank Group “Enterprise Surveys: Mexico”, (2010) June 2015. accessible at:http://www.enterprisesurveys.org/Data/ ExploreTopics/gender#latin-america-caribbean 14. The World Bank, “World Development Indicators” Indicator: Poverty headcount ratio at national poverty lines (% of 8. Global Entrepreneurship Monitor, “Global Entrepreneurship population),” World Bank Poverty Working Group, Accessed Monitor 2012 Women’s Report,” (2013). April 2015. 9. International Monetary Fund, “Mexico: Detailed Assessment of 15. Munich Re Foundation, “10th International Microinsurance Observance of International Association of Insurance Conference,” (2014). Accessible at: www. Supervisors (IAIS) Insurance Core Principles,” March 2012. microinsuranceconference.org/2014 119

124 Women have expressed a need for add-on services to address their protection as well as their day-to-day life needs 120

125 OROC CO M FIVE INSIGHTS Based on company 1. The women’s retail 3. insurance market is interviews, women “Women are a vehicle for the promotion represent 50 percent expected to grow of insurance... [They] are protective and of the directly from two to four times could indeed influence greatly the uptake employed agent its current size, up of insurance.” and, in general, market to $50 million – $77 million by 2030. exhibit good sales skills. Representative, Societe Centrale de Reassurance — (SCR), Casablanca, Morocco 4. Women in Morocco 2. Between 2008 and value insurance as women’s income 2014, an important source in Morocco almost for private allowing more of funding doubled, “Credit protection is all that gets offered women to become healthcare, and are to me; it helps in case I cannot pay back my influencers of household even willing to pay finance decisions. for additional cover, loan, but covers nothing else.” on top of what their — Fatima, insurance client, Casablanca employers provide. 5. Women cooperatives in Morocco are relevant in the labor and could market represent a target segment for insurers to better provide insurance solutions. SETTING THE SCENE: THE BUSINESS CASE he Moroccan insurance industry is one of the largest in the Arab region, and the second-largest 1 By 2030, the potential size of the women’s retail market is in Africa, after South Africa. estimated to reach $50 million – $77 million in premium spend, approximately T two to four greater than the times $20 million women spent on insurance in 2013. Across product lines, the women’s life insurance market is expected to grow from in 2013 to $7.5 million $16.2 million – $24.8 in 2013 to $10.0 million million by 2030. The non-life insurance market is expected to grow from $27.5 million – $42.1 million by 2030, while the health insurance market is expected to grow from by 2030. Focus group discussions and interviews $6.6 million – $10.2 million in 2013 to $2.8 million provided evidence that there is a clear need and willingness among women to pay for the benefits that insurance can provide. 121

126 MOROCCO AT-A-GLANCE WHAT’S CAUSING $77 M OVERALL THIS GROWTH? GROWING WOMEN’S FROM INSURANCE Increasing salary $50 M MARKET Increasing disposable income $20 M Strained and inadequate public health system 2-4x Willingness to pay for private GROWTH healthcare 2013 2030* Increasing demand for better health insurance as a result of increase in income Willingness to purchase life insurance to provide for LIFE GROWING children’s future INSURANCE FROM Women represent 50% of the $24.8 M directly employed insurance workforce $7.5 M $16.2 M 2-3x Women are effective insurance sales agents GROWTH 2013 2030* Mandatory insurance driving awareness and sector growth KEY SEGMENTS: HEALTH GROWING INSURANCE FROM $10.2 M $6.6 M 2-4x $2.8 M Salaried Women Without Children GROWTH 2013 2030* Working Mothers GROWING NON-LIFE $42.1 M *The 2030 market size estimate is INSURANCE FROM bounded by: a) Baseline Growth (lower boundary): Growth in the number of women customers and individual premium spend per customer due to $27.5 M improvements in the women’s $10 M socioeconomic factors 3-4x b) Opportunistic Growth (upper boundary): In addition to GROWTH socioeconomic improvements, 2013 2030* assume successful efforts in targeting more women to purchase insurance products and in upselling/cross-selling products to each woman 122

127 MOROCCO COUNTRY PROFILE: As women move from the lower to middle income brackets, spend on insurance increases, in particular for products related to protecting their families OPPORTUNITY DRIVERS 7 Opportunity Driver 2: Women Opportunity Driver 1: their employers currently offer them. Women In Morocco today are will spend their higher Women in higher income brackets incomes on health and life earning more, and spending also indicated that life insurance is insurance in particular more of their disposable important to them to provide their income on insurance children with a sustainable future. Discussions with women in Morocco Women’s income has almost doubled indicate that private healthcare is Opportunity Driver 3: 2 between 2008 – 2014. Survey their preferred choice, even though Anecdotal evidence suggests 3 results and studies have indicated only 16 percent of the population is that women can be effective 4 that women are more likely to be Based covered due to the high cost. insurance distributors, aware of formal methods to mitigate on interview results, it is expected that especially considering cultural risks and of the insurance benefits as women’s income in Morocco grows and religious practices, which provided by their employer. Focus further, so will the demand for better require women distributors group discussions show that, as to sell to women clients health insurance. The public healthcare women move from the lower to system is strained in capacity, public Women represent 50 percent of middle income brackets, spend on hospitals’ medical equipment varies, the directly employed insurance insurance increases, in particular and staff is scarce, which makes workforce, with a higher proportion 5 for products related to protecting it difficult to provide quality care. of women below management their families. Moreover, financially Moreover, access to public healthcare level. Interviews with insurance literate women are also better is poor in rural areas, and the system companies demonstrate that women positioned to be strong influencers is unable to manage the need for are very effective as agents. 6 of purchasing decisions made by critical conditions, with waiting their husbands. The influencing role room deaths alarmingly common. Low turnover among women of women should not be overlooked, Women in Morocco value insurance workers supports the perception in as they are mostly the ones who as an important source of funding for the industry that women are loyal identify household protection needs, private healthcare, and those with employees. Interview results show evaluate and select products, and the financial resources are willing to women are viewed as trustworthy, sometimes make the final purchase. pay for private care on top of what 123

128 COUNTRY PROFILE: MOROCCO organized, and more eager to take on WHY AREN’T MORE WOMEN IN MOROCCO responsibilities. Women have a wide BUYING INSURANCE TODAY? sphere of influence, and are more likely to educate their friends and families in society between the low-income Currently, women face several about financial products, and so can bracket (microinsurance market) and constraints in accessing help insurers increase financial literacy. the middle class in terms of product insurance. These barriers need The role of women in influencing their offerings. This gap is especially to be addressed in order to tap households, families, and friends can be into the potential opportunities prevalent for entrepreneurs who find leveraged to increase insurance growth for growth in this segment. commercial insurance products too uptake by the broader population. expensive, but may not be satisfied Women are dissatisfied with the by microinsurance offerings. Furthermore, in some mainly rural transparency of policies and the conservative areas, women cannot claims process. Women report Women entrepreneurs’ needs are make direct purchases of goods and that policy terms are too complex not addressed by current market services from men. Rather, their offerings. and confusing. They also have Products in the market do husbands or fathers lead interactions not adequately address the needs of difficulties with the claims process within their economic environment. and with payout amounts, all of which women in terms of minimizing the Expanding the women’s salesforce discourage them from purchasing risks of setting up a new venture. Focus could help reach out directly to insurance products. Women who have group discussions indicate that many populations where direct interaction bought insurance products report that women entrepreneurs are unaware with men is culturally not accepted. they sought clearer communication of the business risks to which they are exposed; this is especially true on claims payment time, and expect Opportunity Driver 4: for women who run their businesses their insurer to honor the timeline Mandatory insurance is driving from their home, who are at both and payment amount they have sector growth and population professional and personal risk in the committed to. Survey results with awareness, especially case of certain misfortunes such as fire. women clients indicate that speed of within the salaried force payment recovery is a “ key influencer” Many entrepreneurs who are aware Compulsory insurance, such as third- in a woman’s choice of policies. of these multi-faceted risks feel that party motor liability, employee health Insurers who do not live up to their the current products are not offered insurance, and Contrat-Programme promises, either in the time or amount proactively by agents. Discussions (provides mandatory property, health, with women entrepreneurs revealed of payout, are seen as untrustworthy 8 and natural catastrophe coverage), that they perceive commercial “thieves,” dissuading women from has also been a strong driver of returning or renewing their policies. insurance as too expensive. There growth as the government looks to are many women’s cooperatives Women see insurance as too expand the overall industry, with in Morocco, particularly in rural Interview results show expensive. additional growth expected in the areas. These cooperative structures that women are more price-sensitive future. Salaried women will receive combine women ventures in one than men regarding insurance health insurance via their employers single productive unit and have been products. As 52.9 percent of Morocco’s and are more likely to recommend flagged as not being appropriately population lives on less than $4 the benefits of health insurance to covered by insurers with customized 9 per day, many women often view their friends. Having different types product offerings and pricing. insurance as a luxury. There is a gap of compulsory insurance will help women increase their awareness of risks and insurance benefits. “Buying from a women is easier as they can relate to my life circumstances and tell me about risks I face and I have never thought about before.” — Zainab, Head of Household, Casablanca, Morocco 124

129 COUNTRY PROFILE: MOROCCO Key Segments Over 40 percent of women are not aware of insurance and do 1. WORKING MOTHERS not see the benefits. Awareness is closely linked to purchasing 10 Key Characteristics: Has children, Gender differences in awareness of insurance in insurance cover. may have spouse, likely to steer general can be partly attributed to demographic and socioeconomic household finances toward factors. The lower the education level and income bracket, the less family purchases and risk likely women are to be aware of financial products. Without a strong mitigating measures. understanding of insurance products, women will not be likely to steer household finances toward these products. Women are dissatisfied with their access to insurance and the difficulty of the purchasing process. Women who are aware of the benefits of insurance want a quick and efficient service, especially as they balance professional and household demands. Interview results indicated a strong preference for online channels for research and purchasing. Working mothers are especially in favor of online channels due to the convenience. Women in rural areas lack access to the salesforce and often have to “wait” for the agent to see them. Currently, however, insurers lack innovation on this domain. Based on interviews, online and direct channels account for only 4 percent of sales; as such, this avenue offers significant potential for growth. Affluent women do not get offered tailored solutions. Women who 2. SALARIED WOMEN can afford insurance expect products that address their specific needs, WITHOUT CHILDREN particularly health and life products. Apart from some stand-alone (UPPER INCOME) initiatives, there are no women-specific product features and marketing May have a Key Characteristics: approaches, and women do not feel the marketing is effective, or that it tertiary degree, may be familiar is aimed directly at them. with financial products but still lacks confidence in making the right decision, may be looking to grow and protect her substantial income. HOW CAN THIS CHANGE? POSSIBLE SOLUTIONS TO BETTER PROTECT WOMEN To overcome these challenges, and should consider creating partnerships with FMSAR, an insurance association, to tap into the full potential of the with regulators to develop educational relevaled that it is a part of the “Foundation for Financial Education” to women’s market, insurers will need to programs for women, particularly find solutions to increase education, promote financial education in schools. for recent tertiary graduates. This offer tangible benefits, clarify the population is a growing demographic Simplify policy wording to enhance segment and is more likely to have policy language and the claims understanding and to build trust. process, as well as lower the costs. financial independence when it enters Clear information about exclusions the labor force. Some organizations and coverage limits should be Start insurance education early. are already educating the younger Because insurance awareness is so low emphasized, as it is what women generation; for example, interviews among women in Morocco, insurers focus on most when researching 125

130 COUNTRY PROFILE: MOROCCO and selecting a policy. Stating the to pay certain claims. This allows up the majority (60 percent) of insurers to proactively manage exclusions upfront will help set Morocco’s population. Women in the expectations regarding what women women’s expectations and reduces low-income segment indicated that unwelcome surprises that may result they would be interested in saving will receive in compensation and otherwise in a decrease in trust. for their children’s education via an how their premiums are used to insurance product and would like to Regular communication between cover any potential future claims. It is women clients and insurers during important for women to understand be able to access better healthcare. the claims process is key to building a these possible outcomes so they can A bridge product would support proactively plan for different events. long-term relationship based on trust. women’s journey into the emerging Increase transparency in the middle income class by slowly building Leverage women sales agents to claims process and follow through up to a full insurance cover through address needs of female clients. Survey participants in Morocco on payment promises. Market riders added on to the policy at various indicated a preference for a female research shows that women value stages of a woman client’s life cycle. online claims tracking more than salesforce. Insurers can leverage Identify and develop products men, as it reduces uncertainty and these agents, as well as data, to that can encourage growth in allows them to proactively plan understand the needs of women and women’s entrepreneurship. educate their entire salesforce on for the outcome. Online tracking Women entrepreneurs can help grow will help to build women’s trust in techniques to sell directly to women. the overall economy. Developing Best practices in other markets which insurers’ processes and integrity. new products and improving can be leveraged in Morocco include communication about the ones Beyond these considerations, integrity development of specific training and honesty are valued highly by the that already exist can increase the materials to help the salesforce women’s market. Insurers must also number of women starting their own better service women clients. follow through on their promises; businesses. A review of commercial they should, for example, document insurance pricing structures, for Offer more economical protection example, selling bundled solutions and explore microinsurance what they have communicated and/ or promised and notify the client opportunities. rather than several independent The low- and lower- middle income segments still make immediately if they are not able individual policies, should be explored to potentially drive down the price of commercial line products. Health and life insurance, in addition to the already available credit insurance, can help to free up more money to reinvest into the business. Insurers need to revise their communications to highlight how these types of insurance can impact entrepreneurial growth. Leverage the women’s employee base. Anecdotal evidence from market interviews has demonstrated that women in the salesforce are perceived as being more patient in explaining policy coverages and are more understanding toward the concerns of other female clients, and hence more likely to proactively address them. Insurers should make sure to integrate findings from women sales agents into product development and client sales training, and should ensure gender diversity throughout their insurance value chain. 126

131 COUNTRY PROFILE: MOROCCO How to Meet the Needs of: 2. SALARIED WOMEN WITHOUT 1. WORKING MOTHERS CHILDREN (UPPER INCOME) Targeted education campaigns to increase awareness among women. Insurers need to engage Turn client needs into product offerings. To capitalize in education programs that can support the increase on the opportunity that women represent, insurers need of awareness and the understanding of risks women to understand where women experience challenges in are exposed to, as well as explain the benefits of their daily lives and incorporate wrap-around services insurance. Programs on the benefits of insurance that address these pain points and make insurance more for their children (such as how life insurance will tangible. Women have expressed a need for add-on reduce the potential burden on their children), and services to address their end-to-end protection needs for household well-being (via health protection), will (for example, helping draft accident reports, providing help present insurance into a context that is relevant psychological counseling after an accident) as well as for women. This, in turn, will empower them to take their day-to-day life needs. Some survey respondents action in learning more about the product, influencing said that, ideally, a good insurance package for women the purchasing decision (by helping select the product), should combine traditional insurance products with and making the purchase themselves. assistance services. Providing such services helps women with more than just their long-term protection Develop products according to women’s needs and financial needs; it demonstrates that insurance and attract them through targeted marketing. protection also helps with day-to-day tasks and helps Women want insurance products that cater to their integrate the insurance brand into their everyday lives. needs. Health insurance should feature women- specific components such as pregnancy riders, and life insurance should offer flexible payment terms. Endnotes 1. KPMG. “Sector Report: Insurance in Africa, ” (2015)Accessible 6. Global Health Workfoce Alliance, “The Morocco Country Case Study: Positive Practice Environments,” 2010. Accessible at: at : https://www.kpmg.com/Africa/en/IssuesAndInsights/ Articles-Publications/General-Industries-Publications/ http://www.who.int/workforcealliance/knowledge/PPE_ Documents/Insurance%20in%20Africa%202015.pdf Morocco_CaseStudy.pdf DR Hotchkiss, et Al. “Household Health Expenditures in 7. World Economic Forum, “The Global Gender Gap Report,” 2. Morocco: Implications for Health Care Reform,” Tulane Insight Report, (2008 and 2014). University Medical Center School of Public Health. (1999) The World Bank Group “Enhancing Financial Capability and 3. 8. “New laws seen boosting Maghreb insurance sector,” Thomson Inclusion in Morocco: A Demand-Side Assessment” December 2014. Accessible at: http://responsiblefinance.worldbank.org/~/ Reuters: Zawya. August 11, 2014. Accessible at: https://www. zawya.com/story/New_laws_seen_boosting_Maghreb_ media/GIAWB/FL/Documents/Publications/Enhancing- Financial-Capability-and-Inclusion-in-Morocco-FINAL.pdf insurance_sector-ZAWYA20140811072442/ 9. The World Bank,“Poverty & Equity: Country Dashboard: Ruger, Jennifer Prah and Daniel Kress, “Health Financing and 4. Insurance Reform in Morocco” July 2007. Accessible at: http:// Morocco (2007),“ Accessible at http://povertydata.worldbank. org/poverty/country/MAR www.ncbi.nlm.nih.gov/pmc/articles/PMC2898512/ 10. The World Bank, “Enhancing Financial Capability and Inclusion 5. Aida Alami,“Morocco’s Health Care System in Distress” New in Morocco: A Demand -Side Assessment, ”(2014). York Times. March 27, 2013. Accessible at http://www.nytimes. com/2013/03/28/world/middleeast/fewer-than-30-percent- of-moroccans-have-health-insurance.html 127

132 Insurers should offer additional medical and life insurance protection as a bundled product to entrepreneurs, to support these women in growing their businesses 128

133 NIGERIA FIVE INSIGHTS 1. The insurance 3. Affordability is premium spend of the key constraint “I do understand that private healthcare to insurance uptake women clients in would improve my quality of life, however, as over 60 percent of Nigeria is predicted I do not have the money left at the end of Nigeria’s population is to reach $5 billion – the month to afford it. Insurers ask us to considered low-income, $8 billion by 2030, pay first and claim back — where should approximately leaving room to grow nine to the estimated the microinsurance 13 times the money come from?” $0.6 billion premium of market. Lola, Insurance Client, Lagos, Nigeria — spent by women in 2013. 4. Women are seen While not the largest as successful sales opportunity out of the capable of agents, 1 Nigeria focus markets, “The way women approach their work, breaking down trust is the second fastest barriers. they are able to bring more organizational growing market. skills and trust.” 5. Women are highly 2. Women likely to suffer from entrepreneurs in — Executive, AIICO Insurance, Lagos, Nigeria after financial shocks Nigeria are a growing their husbands die for area of focus due to unfavorable financial institutions, inheritance practices in but are not well served Nigeria — or in case of by insurers. a divorce — resulting in high demand for insurance for their personal assets. SETTING THE SCENE: THE BUSINESS CASE he insurance premium spend of women clients in Nigeria is predicted to reach $5 billion – $8 spent by 2030, approximately nine to 13 times the estimated premium of $0.6 billion billion T by women in 2013. After Indonesia, Nigeria represents the second fastest growing women’s insurance opportunity out of the 10 focus markets, thanks to the rapid increase in income experienced 2 by women. The biggest driver of growth is expected to come from non-life products. In 2013, the non-life product which represents 80 percent of women’s total insurance premium $0.56 billion, line was valued at spend. This segment’s willingness to spend on non-life products makes this a high-potential growth area for insurers. Women’s overall financial situation is expected to improve, as the rising middle class’ ability to grow their assets will require more non-life protection, while the compulsory liability insurance for entrepreneurs is another driver for growth. In 2030, the women’s non-life insurance The life insurance market is projected to grow from $4.6 billion – $7.1 billion. market is projected to be in 2013 to by 2030, while health insurance is expected to grow $621 million – $952 million $76 million from $2 million – $3 million. $0.2 million to 129

134 NIGERIA AT-A-GLANCE WHAT’S CAUSING $8 B OVERALL THIS GROWTH? GROWING WOMEN’S FROM INSURANCE Increase in salary and $5 B disposable income MARKET Room for growth of the microinsurance market $0.6 B 9-13x Need for better healthcare GROWTH 2013 2030* Private healthcare is the preferred choice for many women Women’s willingness to spend on private cover LIFE GROWING for themselves and INSURANCE FROM their children Room to create insurance $952 M products catering to $621 M women entrepreneurs 8-13x $76 M Women show better sales GROWTH 2013 2030* performance Women can act as advocates for insurers KEY SEGMENTS: HEALTH GROWING INSURANCE FROM $3 M 9-13x $2 M $0.2 M Women Entrepreneurs GROWTH 2013 2030* Low-Income Customers $7.1 B NON-LIFE GROWING *The 2030 market size estimate is INSURANCE bounded by: FROM Baseline Growth (lower boundary): a) Growth in the number of women $4.6 B customers and individual premium spend per customer due to improvements in the women’s socioeconomic factors b) Opportunistic Growth (upper $0.56 B 8-13x boundary): In addition to socioeconomic improvements, assume successful efforts in targeting GROWTH 2013 2030* more women to purchase insurance products and in upselling/cross-selling products to each woman 130

135 NIGERIA COUNTRY PROFILE: Women not only value private coverage for themselves but would also like to extend it to their children OPPORTUNITY DRIVERS Opportunity Driver 1: Women enable insurers to reach out to the years old in Nigeria is 117 per 1,000 today are earning more and majority of the population for whom children, one of the highest in the have more disposable income 5 At the root of the situation is regular insurance products will not world. available to spend on insurance be affordable. There are currently the significant under-development no gender-specific microinsurance of the Nigerian healthcare system: While an increase in education is products available in the Nigerian inadequate infrastructure and not reflected in the overall formal market, indicating that the specific insufficient public funding have led workforce participation (which has needs of women may not currently to gaps in the supply of medicine decreased slightly over the last six be effectively addressed. as well as poor access to health years), it has led to higher incomes professionals. Women are particularly among already formally employed Opportunity Driver 3: Women affected by insufficient healthcare, women: the average salary for women will spend their higher incomes and market discussions have shown 3 has tripled from 2008 – 2014. on health insurance for that they are more inclined to spend themselves and their children on private healthcare than men. Opportunity Driver 2: There Discussions have also indicated that is room to grow the women’s The combination of high infant microinsurance market many women not only value private mortality, illness, and death during coverage for themselves but would childbirth significantly lowers life Despite the improvements in income also like to extend it to their children. expectancy of women and creates mentioned above, women remain at Despite measures by the Nigerian a need for better healthcare. higher risk than men of being in or government to address the state of falling back into the lower income public health, private care will remain Adequate cover is important both to bracket, with over 60 percent of a preferred choice for many women. mothers and for their children, as the Nigeria’s population living below the mortality rate for children under five 4 poverty line. Microinsurance will 131

136 NIGERIA COUNTRY PROFILE: Opportunity Driver 4: There WHY AREN’T MORE WOMEN IN NIGERIA is room to grow the women BUYING INSURANCE TODAY? entrepreneurs’ market Currently, women face several Current products do not cater A study on women entrepreneurs to the needs of women. A review obstacles in accessing insurance. 6 by IFC shows that the women These barriers need to be addressed of the insurance products on the entrepreneurs’ market is often Nigerian market shows a lack of in order to tap into the opportunities underestimated and overlooked. for growth represented by women. availability of health insurance Banks have already started to grow with women-specific components the women’s market by simplifying The majority of women are not such as pregnancy riders or specific access to funding. However, despite aware of insurance and if they conditions in critical illness policies. providing compulsory insurance for are, they often mistrust insurers. business owners, insurers have not Local interviews indicate that health Awareness of products among women been able to demonstrate the value insurance has the greatest need for is low, in particular beyond compulsory of additional insurance to women gender-specific requirements. In insurance policies, which are applicable entrepreneurs. In particular, products 7 Nigeria, patients in the public health to entrepreneurs and car owners. like health insurance for business system often experience long waiting This lack of awareness and lack of owners, life covers to secure loans, familiarity causes women to view lists for medication and a low quality and business continuity covers are not insurers as untrustworthy. Women of care. While women recognize the currently bundled into the compulsory need for private care, currently only interviewed indicated that they cover, which would help women to 0.2 percent of the female population often felt the “small print” left them manage and grow their own business. unsure and doubtful. Women also pays for private healthcare. Market discussions revealed that women are perceived the insurance industry as Opportunity Driver 5: Women overall dissatisfied with the healthcare corrupt, and not run with the best show great strength in the interests of the client in mind. service; those who have the means sales process and act as seek medical consultation abroad to advocates for insurance The role of religion in society influences receive better healthcare, and look women’s decision to purchase Insurers stated that women have to purchase some form of insurance insurance. In Nigeria, 50 percent of the a stronger and more sustainable with global coverage rather than population identifies as Muslim, 40 customer base than men and show one that would only cover Nigeria. percent as Christian, and 10 percent better sales performances. Focus group 8 observe indigenous religions; some Products may not protect women discussions also indicated that women of the women interviewed remarked in the case of divorce or death of are more likely to work for an agency a spouse. In some places in Nigeria, that they believe that risks in their force than as brokers. lives are “in the hands of Allah” and customary law can prevent women in Women employed in the insurance Nigeria from inheriting their spouse’s are opposed to taking out insurance. 9 industry stated that they give informal In these cases, where women assets. Women are dissatisfied because advice on the benefits of insurance to are not aware of differences between conducting business with insurers their family and friends, an advocacy constitutional inheritance law and Many women expressed is difficult. effect that insurers can leverage to customary laws, the spouse’s assets the need to be able to better conduct their advantage. are most likely to be passed on to research as well as purchase insurance the family, who will also receive “Being able to get sufficient online. payments from his life insurance if no information either offline or online, and beneficiaries are named in the policy. purchase cover online quickly would support the sales process,” said Uloma, “Insurers are quick to collect a head of household in Lagos. premium but are a hassle when it comes to pay the claim. You Additionally, women are dissatisfied never know if they pay or not with the transparency of their cover and with the claims process. and if they pay, it is late.” Though they see both as vital services — Teresa, Entrepreneur, provided by insurers, they are not sure how and when their claim will Lagos, Nigeria be paid out, and they believe they will not get value from the product. 132

137 COUNTRY PROFILE: NIGERIA Key Segments Affordability is still The majority of women cannot afford insurance. 1. LOW-INCOME WOMEN one of the biggest barriers to insurance for women, as over 60 percent CUSTOMERS of the Nigerian population earns less than $1.25 per day. The focus Key Characteristics: However, World Bank data on outstanding loans support the idea that is on making sure her and there is a market for financial investments in general, and in particular, her family’s basic needs are for women. For example, 9.3 percent of women have outstanding loans met; she relies on family, in health and emergencies and 4.9 percent in school fees. Despite low friends, and neighbors for insurance penetration, it is important for insurers to capture the low- support and financial advice; income market in Nigeria, as they will be the emerging consumers. and may worry about leaving debt to her children. Women need to better understand the risks they face as 2. WOMEN ENTREPRENEURS In Nigeria, 36 percent of women are formal entrepreneurs. Key Characteristics: Owns her entrepreneurs, and women and men have roughly equal rates of 10 own business, and potentially entrepreneurship. runs it from her home; may Although Nigeria’s entrepreneurs must purchase compulsory have employees to provide for; professional liability insurance, in practice, insurers only provide the may be balancing professional cover once the entrepreneur’s business has reached a certain size. and personal demands; may be married and may have children. There is also little awareness of other insurance products and how they could help meet specific needs related to protecting and growing entrepreneurs’ businesses. In particular, theft, damage, fire, and income protection (in the case of insolvency) are coverages which are attractive for business owners. Many women are still relying on informal insurance, calling on neighbors and family to help out either with time or with financial support as the need arises. Business interruption insurance can also help women entrepreneurs grow their businesses, and they indicated, for example, that the unpredictability of power cuts due to less developed infrastructure significantly increases their costs of conducting business. HOW CAN THIS CHANGE? POSSIBLE SOLUTIONS TO BETTER PROTECT WOMEN To overcome these challenges the coverage and the claims process. awareness and understanding of the risks to which they are exposed, as well and tap into the potential of the Engage more women agents and women’s market, insurers will need as explain the benefits of insurance. distributors to reach the women’s to develop affordable and appropriate market. In addition to the lack of awareness, Another way insurers covers for the women’s segment, can reach more women and build there is a lack of trust, among especially women entrepreneurs. trust is through active engagement women, for insurers. Insurers need of women sales agents. Female to build trust through implementing Target education campaigns to standardized and transparent increase awareness among women. agents are perceived to have larger processes, in particular relating to the Insurers need to engage in education social networks and closer ties to community, friends, and family. They communication about the details of programs that can increase women’s 133

138 COUNTRY PROFILE: NIGERIA Currently in Nigeria, no scheme exists do not only sell financial products to officially incentivize female em - to their friends and family, but also “Women sales agents are ployees to become advocates for provide them with financial advice — better at building longer term in particular, on insurance products. insurance to their friends and families. relationships and building Referral schemes could be employed Female agents interviewed supported trust.” the idea that “women-to-women” to support the uptake of insurance selling is more successful, indicating - among women and potentially en — Executive, Ark Insurance Brokers, courage them to cover their families. they are better able to discuss personal Lagos, Nigeria family concerns and finance with In addition to improving reach, wom - other women. Working as an agent en sales agents can help build trust is also seen as quite desirable for and long-term client relationships as women, due to the flexibility and underlined by executives from both Ark financial independence it offers. How to Meet the Needs of: products can help increase the number of 1. LOW-INCOME WOMEN CUSTOMERS women starting and successfully growing their Explore the microinsurance market and women’s own business. product needs to cater for lower-income market. Train agents to recognize and market to the Women play a growing role as decision makers within needs of women entrepreneurs. Agents are not their households and should therefore be a natural trained to offer a holistic approach to cover all of segment to target for microinsurance. the entrepreneurs’ needs. Insurers need to develop Currently, microinsurance covers are mainly addressed training and supportive marketing material on the to men, as they tend to be the ones taking out a loan, insurance covers that are available, beyond those that for which they need a credit life cover. However, the are mandatory for entrepreneurs, and how they affect credit life cover will only ensure the payoff of the loan their business. Marketing materials should include and will not cover any further expenses associated with an explanation of risks that entrepreneurs face and the death of the husband. Therefore, insurers should how these risks can be mitigated. This can include explore possibilities to offer microinsurance products a demonstration on how health and life insurance, that extend beyond credit life and need to think of on top of the already available credit and liability innovative ways to reach out to the women population insurance, can help to free up money to reinvest into outside the cooperation with MFIs. the business. Women are particularly vulnerable to health issues Develop products that help cover business and tend to delay seeing a doctor for cost reasons. interruption. An additional range of products could Pregnancy and maternity related riders are of particular be explored, such as coverage in case of insolvency importance. Eventually, individual coverage can grow or business interruption; market discussions showed to family coverage. For example, LAPO, one of the top that this is the biggest fear of women entrepreneurs. structured and managed microinsurance facilities, Insurers should think about how this fear (or risk) can recently added coverage for C-sections within its be addressed. policies. The operation was deemed viable, with a claims 11 Address women entrepreneurs’ needs beyond ratio for this product at approximately 40 percent. Women entrepreneurs are commercial lines. vulnerable to personal shocks from illness or disability. 2. WOMEN ENTREPRENEURS Insurers should capture these risks by offering Identify and develop products that can help to additional medical and life insurance protection as a Women entrepreneurs grow women’s businesses. bundled product to entrepreneurs, to support these can help to grow the overall economy. Developing women in growing their business. products or improving communication about existing 134

139 NIGERIA COUNTRY PROFILE: Insurance Brokers and AIICO insurance. options, find price quotes, and review Explore ways to protect women Finally, discussions with insurers also independently of their spouse. additional services or claims procedures. Women may be excluded as indicate that women can be more suc - Women surveyed indicated they cessful in converting leads into clients. beneficiaries of their spouse’s life would prefer an online mechanism insurance if it is not clearly stipulated to be able to track the status of their Develop products and services that that they should be the beneficiaries. claim to understand when to expect address women’s needs. Women in Insurers should explore how they the payout as well as the amount. the middle and upper income brackets can ensure that the woman is named tend to be covered under group risk They want to be able to anticipate as a beneficiary at inception or if - any issues and to have information policies provided by their employ the woman can take out a policy on coverage details that they can er. This results in greater awareness on her spouse’s life so that a payout refer to in case of questions. of insurance benefits and, according is guaranteed. Sometimes payouts to focus group discussions, greater are not possible or are postponed demand for further add-on covers because the woman does not have from their employer, in particular a bank account. Insurers should for health and critical illness. Insur - work closely with banks to combine “When it comes to life ers should consider building stronger complementary products such as life offerings related to employee benefits. insurance, women are more cover and personal bank accounts. successful at turning leads Focus group discussions revealed Improve the ease of conducting into clients. In the car/motor that some women would appreciate business through online channels. space, female brokers are more additional services that include regular Women with Internet access said that successful at managing long health check-ups, particularly for cer - being able to purchase insurance online vical and breast cancer so as to enable term clients.” would save them time and would make early detection of illnesses. Insurers them more willing to buy insurance. — Executive, AXA Mansard, Lagos, therefore need to explore how to Online services would improve access incorporate women-specific addition - Nigeria to information to make an informed al services into healthcare products; decision or influence the husband’s for example, free check-ups would decision. Engaging women online can increase women’s satisfaction and also help them explore different coverage enable early detection of illnesses. Endnotes Ten Markets: Brazil, China, Colombia, India, Indonesia, Nigeria, 1. According to the Insurance Consumers Association of Nigeria, 7. Mexico, Morocco, Thailand, and Turkey Compulsory Insurance in Nigeria includes: Builders Liability, Occupiers Liability, Employers Liability, Healthcare Professional World Economic Forum, “The Global Gender Gap Report,” 2. Indemnity and Motor 3rd Party Liability Insight Report, (2008 and 2014) Central Intelligence Agency, “The World Factbook: Nigeria,” 8. 3. Ibid Accessed June 2015. The World Bank, “World Development Indicators” Indicator: 4. Rose Nwaebuni, “Nigeria: A difficult place to be a widow,” 9. Poverty headcount ratio at national poverty lines (% of November 27 2014. The Africa Report. Accessed at http://www. population),” World Bank Poverty Working Group, Accessed theafricareport.com/West-Africa/nigeria-a-difficult-place-to- April 2015. be-a-widow.html 5. The World Bank, “World Development Indicators” Indicator: 10. Global Entrepreneurship Monitor. “Global Entrepreneurship Mortality rate, under-5 (per 1,000 live births),” UN inter-agency Monitor 2012 Women’s Report.” (2013). Group for Child Mortality Estimation, Accessed April 2015. Denise Dias, Denis Garand, and Donna Swiderek, ‘Towards 11. The International Finance Corporation, “Banking on Women in 6. Inclusive Insurance In Nigeria” Making Finance Work for Africa, Business: Access Bank, Nigeria,” January 2008. Accessed at GIZ, and BMZ, June 2013. http://www.ifc.org/wps/wcm/connect /06d00080488553aeaffcff6a6515bb18/CaseStudy_Nigeria_D5. pdf?MOD=AJPERES&CACHEID= 06d00080488553aeaffcff6a6515bb18 135

140 Women want products and services that are straightforward and won’t add to their list of chores 136

141 THAILAND FIVE INSIGHTS 4. Women already 1. By 2030, the insurance premium dominate insurers’ “I have many different customer loyalty spend of women clients portfolios for private cards and use reward programs, but my in Thailand is predicted medical insurance, insurance does not offer anything.” 1 with one in five to be $5 billion – $8 women billion, in Thailand personally approximately — May, Insurance Client, Bangkok, Thailand paying for their health five to eight times the estimated premium insurance, despite of spent $1.0 billion the public system 2 covering 99.5 percent by women in 2013. of the population. Decreasing fertility 2. 5. Thai women spend rates and increasing about 3 percent of their life expectancy have income on insurance; led to a dramatic aging however, market of the Thai population. discussions show that Women have an women who are already average of 17 years of retirement to plan for, aware of the benefits of insurance, particularly and fewer dependents to support them. of life and health, are willing to spend 10- Women in Thailand 3. 15 percent of their account for the majority income on insurance, of the population indicating a large and 46 percent of the growth opportunity. working population. Compared to women in other focus countries, they are more likely to make financial decisions independently of their spouses. SETTING THE SCENE: THE BUSINESS CASE he Thai insurance market can be characterized as being in a state of steady growth. By 2030, the insurance premium spend of women clients in Thailand is predicted to be $5 billion – $8 billion the estimated premium of $1 billion spent by women in T or approximately five to eight times 2013. A similar growth rate is expected across all product lines; the women’s life insurance market is in 2013 to expected to grow from $0.69 billion $3.6 billion – $5.4 billion by 2030; the women’s non- and the women’s health to $0.19 billion life market is expected to grow from $1.1 billion – $1.6 billion; $0.52 billion – $0.81 billion. market is expected to grow from $0.1 billion to 137

142 THAILAND AT-A-GLANCE WHAT’S CAUSING $8 B OVERALL THIS GROWTH? GROWING WOMEN’S FROM Women outnumber men in INSURANCE tertiary education $5 B MARKET Strong participation in workforce $1 B Increasing income 5-8x Significant economic and GROWTH social power 2013 2030* Women in Thailand are key decision makers regarding financial products for their households Increasing life expectancy $5.4 B LIFE GROWING causing bigger protection gap FROM INSURANCE Comfort about insurance among middle class Decreasing birth rates causing $3.6 B bigger protection gap $0.69 B Willingness to spend on 5-8x health insurance for improved GROWTH services 2013 2030* Favorable business environment Growing number of women entrepreneurs HEALTH GROWING KEY SEGMENTS: INSURANCE FROM $0.81 B $0.52 B 5-8x $0.1 B Women Entrepreneurs GROWTH 2013 2030* Retirees NON-LIFE GROWING *The 2030 market size estimate is INSURANCE FROM bounded by: a) Baseline Growth (lower boundary): $1.6 B Growth in the number of women customers and individual premium $1.1 B spend per customer due to improvements in the women’s socioeconomic factors 6-8x $0.19 B b) Opportunistic Growth (upper boundary): In addition to GROWTH socioeconomic improvements, 2013 2030* assume successful efforts in targeting more women to purchase insurance products and in upselling/cross-selling products to each woman 138

143 THAILAND COUNTRY PROFILE: OPPORTUNITY DRIVERS Opportunity Driver 4: Opportunity Driver 1: Women for insurers to engage with women by Favorable business outnumber men in tertiary helping with their retirement planning. education, show strong environment supports the Women (like men) are only eligible for growth of women’s business participation in the workforce, retirement payments if they have paid and benefit from higher income 7 into the system for at least 15 years. Thailand’s women entrepreneurs are Women account for 51 percent of major drivers of the economy; with The aging population in Thailand Thailand’s population and about 46 annual growth rates of 2.25 percent, creates a need for women to percent of the working population they contribute nearly 40 percent of privately invest into pension or life 3 10 of (approximately 64 percent Discussions with local Thailand’s GDP. insurance to guarantee financial working-age women in Thailand women entrepreneurs indicated that resources for the future. 5 4 Nearly 60 percent are employed). they are not fully aware of the risks of the eligible women population they face as entrepreneurs and how Opportunity Driver 3: are enrolled in tertiary education. additional insurance protection, in An established level of Women are an integral component addition to liability cover, could support comfort with insurance and of the society and have significant a growing middle class them in growing their businesses. economic and social power. 8 of women In Thailand, 22.6 percent For commercial lines, no gender- Market interviews have shown personally pay for their health specific products exist to support that the majority of women in insurance, despite the public system female entrepreneurs. However, 9 Thailand are key decision makers of the covering 99.5 percent unlike developed markets, there regarding financial products for population. Some gender-specific are very few compulsory insurance their households. Their power is health products are already available products for entrepreneurs. fueled by women attaining higher on the Thai healthcare market, Compulsory insurance only exists levels of education than men, and an including components such as for gas stations and businesses that increasing income, and thus a better pregnancy covers or women-specific pose a risk to the environment. overall economic position in society. scans. Private medical care is seen When conducting business, many as a luxury product, but women in women look to banks as their Opportunity Driver 2: the emerging middle income bracket Women face a bigger immediate partners as their main show a willingness to spend on health protection gap than men concern is to get sufficient funding. insurance if it gives them access to due to higher life expectancy Funding requirements include start- better treatment, faster care, and and decreasing birth rates up expenses, expansion funding, or a more sophisticated medical facilities. loan as a result of a risk induced loss. On average, Thai women outlive men Insurers have an opportunity to become by six years. The rise in life expectancy, the security fallback option for business which is at 77 years for Thai women, owners who are not currently insured. is not supported by a higher age of retirement, which remains at 60 for both men and women. This means that “My bank provides me with women have to plan for an average all these discounts to food of 17 years of retirement. Moreover, vendors, so every time I go fertility rates decreased from 5.6 in 6 purchase something from and continue to 1970 to 1.4 in 2012 gradually decline. This means women there, I am reminded of why have fewer children to support them as I stay with the bank. I wish they age. Both of these trends lead to insurance companies would a protection gap, which is an opening do the same — to remind me why I should stay with them.” — June, Working Professional, Bangkok, Thailand 139

144 THAILAND COUNTRY PROFILE: WHY AREN’T MORE WOMEN IN THAILAND BUYING INSURANCE TODAY? Currently, women face several documents via an online portal. Women view the claims processes as burdensome, and this deters Updating personal and beneficiary constraints in accessing insurance products as the awareness of insurance them from insurance purchases. information is difficult. Many women as a risk mitigation solution is low. In Women in Thailand often return to view the process of changing this work after they have a child, which information as too time consuming, general, women are underestimating can compromise their free time. They and have indicated that this is one their needs for retirement planning want products and services that are and are dissatisfied with the of the key reasons why they change straightforward and won’t add to their client experience, while women their insurers. Interestingly, even entrepreneurs struggle to understand list of chores. Women in focus group when functionality is improved and purchasing functions are enabled discussions stated that they find the the risks they are facing and how by websites, women may still opt insurance could support them in policy documentation too long and for additional in-person support. complex. In particular, exclusions growing their businesses. An interview with AIG in Thailand are not stated in an obvious manner, While tailored products are available found that even though women may and claims processes are seen as based on women’s needs, many purchase online, they will still call in burdensome and long. “ I have taken out women lack awareness about the health and life insurance. The policies are to discuss the product in more detail risks they face and how insurance before buying insurance. really long and I have to admit I did not Market could help mitigate them. even read it. I know that the insurer has a discussions with women, insurers, and Insurers have not recognized big name which gives me enough comfort,” the Office of Insurance Commission women’s desire to communicate Tangmo, a working professional from Women (OIC) have revealed that, for women with their insurers. Bangkok, said. surveyed indicated interest in in Thailand, the main barrier to taking out insurance is awareness. While regular communication and building Women’s online activity is a relationship with a commercial increasing across different areas women know that, in the event of a of their lives but not for insurance insurance organization. The banking tragedy, they face various risks, they In Thailand, aggregator purchases. industry has realized that women like lack awareness of security and cover options that insurance can provide. In more holistic services and offer female- sites such as GluayGluay.com are specific credit cards which come with growing in popularity due to ease particular, the underestimation of their 11 additional incentives, such as movie of price comparison. own life expectancy and the need for But many 12 pension and life insurance products days or discounts for specific shops. women are frustrated by the lack of functionalities of insurers’ websites. In exposes women to a high risk of There is an opportunity for the insurance industry to consider particular, the policy data and claims poverty when they retire. innovative approaches to embed processing are not satisfying. It is not Current insurance products do insurance in women’s lifestyle. possible to receive pre-populated not target women’s lifestyle needs. Women are dissatisfied with the services offered by insurers to accommodate their lifestyle needs. HOW CAN THIS CHANGE? POSSIBLE SOLUTIONS Services such as roadside assistance TO BETTER PROTECT WOMEN are already provided by motor insurers, but the services for other products, offerings, and has started to To tap into the women’s market, such as life or homeowners, do not work closely with the Ministry of insurers need to establish education meet their expectations. Additional Education to start teaching children campaigns and develop ways to service offerings will become at school about the importance make insurance more accessible particularly important for an aging to the woman consumer. of insurance from an early age. women’s population, in particular to support women who will live by Targeted education campaigns Insurers in Thailand are involved in themselves without family support. to increase awareness of risks various initiatives to raise awareness The insurance that women face. and offer road-safety trainings at industry recognizes the current driving schools, using this new driver low levels of awareness that many base to educate parents about women have regarding insurance products such as personal accident 140

145 THAILAND COUNTRY PROFILE: Key Segments Pension and retirement planning are not sufficient to prevent 1. RETIREES Market discussions with Thai women revealed poverty in the future. Key Characteristics: Focus is on that they are not confident about planning their retirement. If they are maintaining quality of life after aware of their need to plan for retirement, they often indicated that retirement, health conscious, the products are very complex and that they would like to see more willing to spend for best health information on the investment of their funds. Pension products will be in benefits, may inherit assets great demand in the future. from spouse, may be looking to Given Thailand’s aging population, there will be an additional need downsize, but still own assets for services associated with life or health insurance, such as caretaker such as cars; pragmatic about services that visit the elderly at home or do grocery shopping for them if spending, not technology savvy. their children work or live further away. Women demand wrap-around services for themselves and aging Women’s retirement needs will go beyond payments by spouses. insurers, and they will require additional support to comprehensively plan for their aging and related healthcare needs. These types of services are particularly valuable for elderly women, as they usually take on more of the household tasks, but may not be physically strong enough to continue managing the home. Products that offer tied services to help both elderly women and men living independently will reduce elderly women’s burden of care for their spouses Women entrepreneurs lack understanding of the risks they face 2. WOMEN ENTREPRENEURS and current products to provide for their needs. As earlier stated, Key Characteristics: Owns her women entrepreneurs play a critical role in Thailand’s economy; own business, may be balancing however, they have very little understanding of the risks they face. professional and personal Insurance could be a great mitigator if positioned and explained properly. demands, may be married, and It should be noted that currently the only required insurance for business may have children. are the insurance policies that address the effects of business ventures that could damage the environment through exposure to chemicals, opening great opportunities for the much needed products. Women entrepreneurs need access to funding and risk mitigation One of the key issues for women options for their business ventures. entrepreneurs in Thailand is access to sufficient funding, and the fear of running an unprofitable business, which is not directly addressed by any insurance products currently available in the market. 141

146 THAILAND COUNTRY PROFILE: and life insurance, as well as advertise often a joint task by the insurers and understanding of what is included and products for education funding. regulators. Awareness on maintaining excluded in the policy, combined with Insurers believe that mothers are a healthier lifestyle (to reduce the less technical wording, will increase women’s understanding of what is more open to discussing the value rate of diabetes and cancer) and the benefits of health insurance are covered and avoid disappointment of insurance once they have a better understanding of the risks their when a claim occurs, ultimately other areas that are important to children face. However, insurers increasing trust in insurance. highlight, as Thailand has high levels indicated that this practice does not of obesity, with over 40 percent of For mothers working outside the population being overweight or extend to the whole country and is the home, develop services that 13 obese. currently available only in bigger cities. Insurance companies should support women in their busy daily consider combining information lives. Women appreciate services Insurers can also support the on health insurance products government and the OIC to increase offered by the motor industry and with health education programs awareness outside the school health insurers; however, other provided by the government. curriculum by further developing products lack service components and Ensure that policies are short and often only offer payouts as an option. educational campaigns to reach Policy documents should be more members of the population. Insurers should consider services clear. easy to understand and shorter than For example, in other developed to replace goods or sending skilled personnel directly to repair household current versions. Having a decent markets, road-safety campaigns are How to Meet the Needs of: 2. WOMEN ENTREPRENEURS 1. RETIREES Understand and point out the risks women Create education campaigns for pension products. Awareness of pension products, such as annuities, face as entrepreneurs and envelop products to needs to be greater, as women might otherwise end up protect against them. Women indicated that their in poverty when they reach retirement age. This means biggest fear is starting a business and running into financial difficulties, or even being unable to secure that the industry, regulators, and government need to startup funds. Credit life insurance, which already join forces to increase public awareness. exists in Thailand, is not always seen as collateral to Develop retirement offerings that reflect holistic secure funding, as many women are not aware of the needs and services beyond annuity payments. existence of the product. In addition to enhancing Retirement planning is of utmost importance for communications about the value of credit life cover, the aging women population. Insurers need to find insurers should consider developing a product that ways to begin educating potential consumers about protects women from bankruptcy. retiring early due to long annuity payout periods with Distribute through women’s entrepreneurship a high associated longevity risk. This communication associations. should focus on the risks that occur if women do not Partnerships with women’s entrepreneurship associations enable insurers to access sufficiently fund their retirement when they are young. an entire network of clients, similar to affinity insurance Given the decrease in birth rates, women in particular schemes. Insurers will be able to provide group rates on should expect less funding from their children in the life and health products to the entrepreneurs that are future and a decrease in the ability of their children to generally lower than individual rates due to spreading take care of them on a daily basis as they age. of the risk pool. In addition, partnership with an association allows insurers to leverage the association’s Insurers should investigate how additional services for the network and resources to educate its members about elderly such as pension products can enhance the tan - risk management. gibility of the pension product. Additional services could include caretaker services such as grocery shopping, or regular mobile nurse visits to check on their well-being. 142

147 THAILAND COUNTRY PROFILE: items such as air conditioning life insurance and have to submit credit card companies and banks, units or washing machines. duplicative information to the insurer. as it increases their touch points. Insurers should consider reward Attract women and strengthen Also, despite the online trend, many opportunities such as discounts on loyalty through stronger online women would still like to have the gym memberships or a diet tracking presence, especially for the higher option to talk to an agent on the app for lowering health risks in income bracket and younger phone (as part of the sales support) order to enhance communication to confirm information and answer segment. On average, women with their women consumers. expect add-on services, especially any additional questions. Leveraging women agents would be particularly functionalities for policy administration and claims management. Claims valuable for the industry as women are forms are usually available online, perceived to be better at explaining insurance products in Thailand and but need to be printed, filled in are preferred by women clients. manually, and then scanned in for “Insurers only pay the time They are seen as more patient and submission. Many younger women value of my broken items detailed when answering questions. complain that they need to look but then it is upon me to buy up and fill in too many data fields, a replacement and arrange For higher income women, use which could be pre-populated if a reward programs as a method to delivery.” portal would hold their data. Women improve communication. Many indicated that they are particularly — Bat, Working Mother, women appreciate reward programs dissatisfied with cases where they as additional services offered by Bangkok Thailand are the beneficiary on their husband’s Endnotes 8. 1. The World Bank, “Global Findex Database 2014: Measuring The World Bank, “Global Findex Database 2014: Measuring Financial Inclusion around the World; Indicator: personally paid Financial Inclusion around the World; Indicator: personally paid for health insurance, female, 15+,” World Bank Global Findex, for health insurance, female, 15+,” World Bank Global Findex, Accessed April 2015. Accessed April 2015. The World Bank “Thailand: Sustaining Health Protection for All” 2. 9. The World Bank “Thailand: Sustaining Health Protection for All” August 20, 2012. Accessible at: http://www.worldbank.org/en/ August 20, 2012. Accessible at: http://www.worldbank.org/en/ news/feature/2012/08/20/thailand-sustaining-health- news/feature/2012/08/20/thailand-sustaining-health- protection-for-all protection-for-all Asia Pacific Economic Cooperation, “Access to Trade and The World Bank, “World Databank — Thailand 2013; 3. 10. Growth of Women’s SMEs in APEC Developing Economies,” Indicator: Employment to population ratio, 15+, female (%) (modeled ILO estimate).” Accessible at http://data.worldbank. February 2013. Accessible at: http://wlsme.org/sites/default/ files/resource/files/2013_PPWE_Access-Trade-Growth- org/indicator/SL.EMP.TOTL.SP.FE.ZS. Women-SMEs.pdf The World Bank, “World Databank — Thailand 2013 and 2014; 4. Teledirect Telecommerce “Comparison sites starting to make 11. Indicators: Population, female (% of total) and Labor force, waves in Asia,” July 6, 2012. Accessible at http://teledirect.com. female (% of total labor force).” Accessible at http://data. worldbank.org/indicator/SP.POP.TOTL.FE.ZS and http://data. sg/comparison-sites-starting-to-make-waves-in-asia/ worldbank.org/indicator/SL.TLF.TOTL.FE.ZS. Krungsri Credit Cards “Krungsri Lady Titanium MasterCard” 12. 5. World Economic Forum, “The Global Gender Gap Report,” Accessed June 2015. Accessible at http://www.krungsricard. com/kccstatic/en/creditcard_lady_titanium.html Insight Report, (2008 and 2014). The World Bank, “World Databank — Thailand 2012,” Accessed 6. 13. Jitnarin N1, Kosulwat V, Rojroongwasinkul N, Boonpraderm A, July 2015 Haddock CK, Poston WS “Prevalence of overweight and obesity in Thai population: results of the National Thai Food OECD “Pensions at a Glance Asia/Pacific 2011” 2012. Accessible 7. Consumption Survey.” National Development and Research at http://www.oecd.org/els/public-pensions/49454202.pdf Institutes, Public Health Solutions of NYC, New York, NY 10010, USA. December 2011. Accessible at http://www.ncbi.nlm.nih. gov/pubmed/22526130 143

148 Women’s expectations are currently not met by bancassurance or agents, so there are opportunities for insurers to better train bancassurance staff to proactively offer gender- specific products 144

149 TURKEY FIVE INSIGHTS In 2030, the insurance 1. 3. Employers indicate women are premium that spend by “They know my financial situation; why do more likely to women clients in Turkey they not recommend the right products?” is predicted to reach purchase employer- $31 billion – $47 billion, provided insurance — Azra, Bancassurance Client, Istanbul, Turkey for themselves and approximately eight to 12 times the estimated their children. premium of $3.7 billion 4. Bancassurers spent by women in 2013. “Life insurance is not an easy product; I ask are the primary The women’s insurance my agent for advice, but when I want to distributors to opportunity in Turkey is change my premium payments, it takes the women, but are not the third largest out of agent a long time to get back to me with a meeting women’s 1 the 10 focus markets. needs in terms of revised cover calculation.” product offerings. 2. 40% of MSMEs are — Ada, Insurance Client, Istanbul, Turkey but owned by women, 5. Many women lack insurance products lack experience to fit their needs. and with insurance would benefit from add-ons and tangible services, and are largely overlooked by the insurance industry to date. SETTING THE SCENE: THE BUSINESS CASE he women’s retail insurance market in Turkey presents the third largest opportunity out of the 10 focus markets. By 2030, the potential size of the women’s individual insurance market is estimated to reach approximately eight to 12 times the estimated premium of $31 billion – $47 billion, T spent by women in 2013. The non-life product line is expected to dominate, growing from $3.7 billion in 2013 to $26.7 billion – $40.4 billion by 2030. The life insurance market is expected to grow $3.2 billion by 2030, while the health market is expected to grow $4.4 billion – $6.7 billion in 2013 to $0.5 billion from $122 million – $189 million. in 2013 to $15 million from 145

150 TURKEY AT-A-GLANCE WHAT’S CAUSING $47 B OVERALL THIS GROWTH? GROWING WOMEN’S FROM INSURANCE Increase in labor force $31 B MARKET participation Increasing income $3.7 B 8-12x Increase in tertiary education GROWTH 2013 2030* Increasing life expectancy causing bigger protection gap Women play a significant role in influencing LIFE GROWING purchasing decisions INSURANCE FROM Large and untapped $6.7 B entrepreneur segment $4.4 B 8-12x $0.5 B KEY SEGMENTS: GROWTH 2013 2030* Women Entrepreneurs HEALTH GROWING INSURANCE FROM $189 M 8-13x $122 M $15 M Working Mothers GROWTH 2013 2030* *The 2030 market size estimate is bounded by: Baseline Growth (lower boundary): a) Growth in the number of women customers and individual premium spend per customer due to improvements in the women’s $40.4 B socioeconomic factors Opportunistic Growth (upper b) NON-LIFE boundary): In addition to GROWING socioeconomic improvements, INSURANCE assume successful efforts in targeting FROM more women to purchase insurance products and in upselling/cross-selling $26.7 B products to each woman 8-13x $3.2 B GROWTH 2013 2030* 146

151 COUNTRY PROFILE: TURKEY Women want to take the time to understand the details of an insurance product and not focus only on the price OPPORTUNITY DRIVERS Opportunity Driver 1: Women’s employment increases, insurers will be base of working women consumers socio-economic situation is better able to target women and the for insurers to target. Furthermore, improving in Turkey, resulting while women are still paid on average family wallet through their employers. in an increase in the segment of 50 percent less than men, the average working women as a potential Opportunity Driver 3: Women women’s income has more than customer base 5 influence household purchasing doubled from 2008 – 2014, indicating decisions room for growth in terms of women’s In recent years, Turkey has experienced share of wallet and resulting in rapid economic growth, increasing Women in Turkey play a significant women being more likely to spend on employment prospects across the role in influencing purchasing decisions insurance products. population and enabling improvements and spreading awareness within their in health and education. Women families. In Turkey, 40 percent of Opportunity Driver 2: Women are living longer and are enrolling households have women as the sole are more likely to purchase in tertiary education in increasing 6 Increases in financial decision-maker. insurance through their numbers (enrollment doubled between income, as outlined above, combined employer 2 2008 and 2014). Currently, only 29 with improved financial literacy, will 3 percent of women participate in In addition to an increase in serve to further increase women’s the workforce, but data show that disposable income with which to household bargaining power. As almost half of all working women in purchase insurance, increases in labor women become more aware of the 4 Turkey work in the informal economy. participation could also mean increases risks in life and their potential financial However, the higher educational in the proportion of clients purchasing consequences, insurers can develop attainment is expected to be reflected insurance through their employer. Also, solutions that meet their concerns and in women’s participation in the labor as women’s education and their convert them into new customers. force in the coming years, growing the 147

152 TURKEY COUNTRY PROFILE: Opportunity Driver 4: The WHY AREN’T MORE WOMEN IN TURKEY women entrepreneurs’ segment BUYING INSURANCE TODAY? today is large and untapped If insurance companies want to Women see insurance as too A 2015 study by the World Bank expensive. capitalize on the women segment, Personal life insurance Group indicates that women- several issues need to be addressed. coverage is currently not affordable to owned businesses represent 40 all segments of the female population, 7 percent of registered micro, small, Women do not see tangible benefits especially for those who are financially and medium enterprises, and are in insurance today. Women may dependent on their husbands. Even currently underserved in terms never realize the benefits of insurance in the health sector where the of insurance. Because of the lack if they do not make a claim, especially government has implemented a series of available insurance products, as there are few touch points with the of reforms that have led to universal women entrepreneurs tend to rely insurer. Interview results suggest that 8 those who can afford health coverage, on informal means such as their women are not aware of pensions or the private system prefer the higher husbands and extended families for life insurance benefits. Women live, on quality of care offered. financial contributions, putting both average, seven more years than men them and their business at risk in the and retire two years earlier (58 for Women are dissatisfied with lack case of an event, such as death of a women, 60 for men), but they tend to of product targeting and poor spouse. Insurance could therefore Discussions with processing speed. underestimate their life expectancy, play a risk-mitigating role for women which makes them vulnerable to any local focus groups indicated that entrepreneurs with credit insurance, bancassurance (the largest distribution sudden economic shocks and affects which would be a valuable solution to channel for life products in Turkey) is their ability to afford retirement. secure business loans, and potentially less popular with women, as banks do Lack of tangible, immediate benefits explore other business insurance not always proactively offer products makes it difficult for insurance to solutions in addition to what is based on the client’s banking history, compete against other products for a currently offered. which women would prefer. Agents, women’s share of wallet. Discussions who make up the largest distribution indicate that women who are aware of insurance are more likely to purchase channel for non-life products, lack client data that financial institutions life insurance and pension products for themselves if affordable. might have. Therefore, they tend to offer highly standardized products and “After my promotion, the first tend to take time to revise coverage insurance product I purchased based on client requests. was health insurance — the quality of the healthcare is better and I get check-up HOW CAN THIS CHANGE? POSSIBLE SOLUTIONS services included in my cover.” TO BETTER PROTECT WOMEN — Belinay, Young Professional, Istanbul, Turkey To solve these problems and to tap graduated women who have greater potential for financial independence. into the full potential of the women’s market, insurers will need to find Currently, programs exist for banking solutions to offer to the women (such as those initiated by the Capital Women’s expectations are currently Markets Board of Turkey) could be entrepreneur segment. They must not met by bancassurance or agents, leveraged by insurers to identify target also raise awareness, offer tangible groups. A particular focus on health and benefits, and proactively meet the so there are opportunities for insurers needs of women while lowering costs. life insurance will be important, as these to better train bancassurance staff and are areas in which women have specific Develop targeted education needs and also an important influence their agents to proactively offer gender- campaigns to increase awareness in the decision-making process. specific products. Regulators and the among women. Insurers should launch educational financial services industry could develop programs helping women learn about education programs for women, the most common types of risks they particularly among the growing face based on their life milestones, demographic of young, recently 148

153 TURKEY COUNTRY PROFILE: Key Segments Bancassurance is the main distribution channel through which 1. WOMEN ENTREPRENEURS women buy their commercial insurance, but women entrepreneurs Owns her Key Characteristics: are not targeted sufficiently by the bancassurers. Women mainly own business, may be balancing use banks to purchase their commercial insurance, as they are one professional and personal of the key touch points for women starting or growing their own demands, may be married and business. Banks often require credit insurance to secure a loan and sell may have children. it with the loan. Women are, however, not made aware by the bank of other insurance products that could help them grow their business by mitigating risk. Women entrepreneurs may lack awareness of other insurance products. Limited financial management training and support provided to women entrepreneurs mean that many lack awareness of insurance products and the benefits they provide. Women entrepreneurs’ needs are currently not catered for holistically. Given that 50% of working women in Turkey are in the informal economy, and many do so in home-based businesses, they risk losing both their personal and professional assets in the case of events such as fire. No solutions are available to serve the holistic business needs of women, that is, to combine their business with their personal needs. Women are not aware of the benefits of insurance, and are often MOTHERS 2. WORKING mistrusting of insurance companies. This is mainly due to lack of Focus is Key Characteristics: experience with the insurance industry, as, historically, women’s spouses on providing for her children tend to make the final financial decisions. Women instead tend to play and her children’s future influencing roles in household finances. This influencing role, while (finance, education). important, offers them less exposure to the final purchase. Regulators and insurers have been working to bring more awareness to the public For Middle Income: May be on natural disasters, by, for example, introducing compulsory earthquake used to relying on family protection cover for all homes. However, state-run insurance education and friends for help, but due programs for women do not exist yet. to urbanization, no longer has as strong an informal In Many women lack the confidence to make financial decisions. support network as she had general, women in Turkey today still face cultural and societal barriers when living in a rural area. in reaching financial independence. Increased education of women is expected to increase the rate of labor force participation in the next For Upper Income: Has ample years, as well as increase women’s financial literacy. However, today discretionary income to many women still lack the confidence to make financial decisions spend on luxury financial independently. products, but may also prefer less risky options such as Women tend to be more interested in the details of the coverage. savings/checking accounts. Women want to take the time to understand the details of a product and not focus only on the price. An executive from AXA in Turkey said, “Women are rational, and interested in details. They ask more about the product’s characteristics and details of the coverage. Compared to male clients, female clients need to be assured more [about the benefits], especially as a new client.” 149

154 TURKEY COUNTRY PROFILE: How to Meet the Needs of: interruption insurance with health insurance 1. WOMEN ENTREPRENEURS or employee accident insurance. Flexibility to Rethink insurance packaging and communication adapt the product to the needs of the business will be . Women entrepreneurs’ needs for entrepreneurs important. for protection go beyond what is currently offered by banks and insurance companies. To enable women 2. WORKING MOTHERS to start and grow their businesses, insurers need Ensure women have sufficient information to explore innovative product solutions which de- available to feel confident in making or influencing risk business activities, such as insurance against purchasing decisions. Insurers can help women to bankruptcy. These products may also encourage make decisions by introducing shorter policy documents women to start their own businesses. Insurers and and using clearer and less technical language. Women banks further need to rethink the way that commercial have also expressed dissatisfaction with the claims insurance is packaged and how benefits to women are process, and being more transparent by giving them communicated. This will require closer collaboration the ability to track claims online could be a solution. between banks and insurers. Insurers could also use Leading practices in other markets demonstrate that a commercial insurance as an entry point to bundle transparent and well-explained claims process supports it with personal line covers such as life or health women’s decision-making and helps build their trust insurance. An example of this is bundling business in insurers. Increased confidence and trust of women interruption insurance with health insurance or in insurance products and services will have knock- employee accident insurance. Flexibility to adapt the on effects, as it has had with other financial products. product to the needs of the business will be important. Interview results show that women are trying to educate Identify specific needs of women entrepreneurs. their peers and employees on the importance of savings, Insurers in Turkey are starting to investigate the in particular, as their life expectancy is much higher than potential of women customers to better understand that of their husbands. their purchasing behavior as well as their influence on Employ more women sales agents to market to their husband’s decision making on financial products. Insurers women clients not currently being reached. However, currently, limited data exist on the insurance can leverage their own women’s workforce as advocates needs of female entrepreneurs. Most insurers for insurance and to test new product and marketing agree that property and liability insurance (such as ideas. Women staff indicated that they give informal compulsory earthquake insurance) will be important in advice to their friends and families about financial protecting the entrepreneur’s physical assets. “Only when I started working for an insurance products. Develop bundled products for personal and company, I understood how important a life insurance policy professional needs. Bundling insurance packages is. Not for me as such but for my children in case anything for women entrepreneurs who run their businesses happens to me,” Ecrin, a working mother woman from from their homes — addressing both their personal Istanbul, stated. Insurers should think about programs to and professional needs — will protect against loss of incentivize their women employees for recommending income in the event that they or their employees are insurance products to their friends. unable to work. An example of this is bundling business 150

155 COUNTRY PROFILE: TURKEY Proactively target products and Direct sales through mobile and online such as a new job, marriage, or channels are growing in popularity divorce, and how insurance can services to meet women’s needs and speed up process times. — especially through multi-national mitigate these risks. Insurers can Women’s insurers — as an effective way to expectations are currently not met by help women who have entered the reach a larger percentage of the bancassurance or agents, so there are workforce manage their income population at potentially lower opportunities for insurers to better and financial needs. Programs that cost. Loosening of regulations on articulate the benefits of insurance train bancassurance staff to proactively direct sales for pension products for their children (such as how life offer gender-specific products, by using analytics to offer “the right insurance reduces the burden on their means that it is no longer necessary children of events such as the death product at the right time.” Greater to have face-to-face interaction to receive cover, so policies can be collaboration with banks could enable of one of the parents), the household bought and activated online. These wellbeing (via health protection), and insurers to tap into a wealth of data, their retirement needs (how their sales channels will enable insurers since a client’s financial situation can husband’s life insurance policy may generate key insights into what could to reach more women in Turkey, including those who are not currently be offered, for example, knowing what help with their retirement financial needs) will help put insurance into a women are taking loans for. Actively part of the formal labor market, and are therefore less likely to receive context that is related to their lives. targeting women and offering tailored solutions to address their needs will insurance products via their employer. Make insurance more tangible and increase insurance penetration of Add-on services relevant to women. the women’s segment in Turkey. could be introduced to support women Beyond more tailored products and in their busy lives; for example, instead services, insurers need to answer of paying out a claim, the insurer could send a replacement directly, concerns related to processing speed for pricing requests and changes to or dispatch a certified handyman to “I was in contact with the bank repair broken items. Women’s interest policies. These transactions could be staff when I purchased the life improved by increasing the degree in healthy lifestyles could be a topic cover; sometimes I even forget for communication and could be an of automation in the underwriting process at the point of sale. element to build on, for example, by that I have cover as I only get offering discounts in health or fitness reminded when they take the Identify lower cost distribution centers through insurers’ reward premium out of my account.” channels to bring down the cost of programs. Women-specific add-on premiums. Agents and bancassurance services leveraging mobile phone — Nisa, Bancassurance Client, Istanbul, are expensive channels in terms of apps could also be another way to Turkey distribution for insurers — in fact, they make insurance more tangible. are among the main drivers of cost — but they are still the largest distribution channels in the Turkish market. Endnotes Ten Markets: Brazil, China, Colombia, Mexico, Morocco, Nigeria, 1. TEB Bank, Global Banking Alliance for Women, May 2015 6. Newsletter India, Indonesia, Thailand, and Turkey World Economic Forum, “The Global Gender Gap Report,” 7. The World Bank, “World Bank Group – Turkey Partnership: 2. Insight Report, (2008 and 2014). Country Program Snapshot.” April 2015. Accessible at http:// www.worldbank.org/content/dam/Worldbank/document/ 3. The World Bank, “World Development Indicators 2013” eca/Turkey-Snapshot.pdf Indicator: Labor force participation rate, female (% of female The World Bank, “Turkey on the way of universal health population ages 15+). 8. coverage through the health transportation program (2003- 4. Riada Akyol, “Turkish women’s informal work — a complex 2013) (English), January 1, 2015. story”, Aljazeera, August 2, 2014. World Economic Forum, “The Global Gender Gap Report,” 5. Insight Report, (2008 and 2014). 151

156 Realizing the full potential of the women’s insurance market will create impact far beyond the insurers’ bottom line, increasing innovation, women’s economic empowerment, and economic growth 152

157 11. Conclusion he women’s insurance market is poised for growth. Globally, the women’s premium spend is expected to grow by up to two times its current size to $1.45 trillion to T $1.7 trillion in 2030. Women entrepreneurs, who make up one third of the world’s business owners, are looking for financial solutions to expand their business and seek protection. Insurers who invest in understanding and targeting the women’s market will have a first mover advantage in capturing this growth. help women overcome constraints in accessing insurance There are currently significant gaps in addressing women’s needs for complete, affordable, and tangible products. Examples exist of insurers working with other organizations to increase financial literacy, market to insurance coverage that delivers peace of mind. In addition, insurers have not targeted products, marketing a majority-female workforce, and leverage existing or distribution approaches to different women’s community relationships to build their own brand and trust. segments. A comprehensive strategy is needed, beginning with collecting gender-disaggregated data and leading to Realizing the full potential of the women’s insurance development of products to provide the right coverage, market will create an impact far beyond the insurers’ at the right time, for the right woman. Distribution bottom line. Women’s multifaceted roles in society methods will need to provide women with enough clear make them a unique conduit for positive social information on products, while at the same time deliver and economic progress. By leveraging saleswomen efficiently and in a personalized manner. and their client-facing qualities, and by growing women homemakers, employees, business owners/ Greater inclusion of women within the insurance entrepreneurs, and retirees’ insurance coverage, industry, more specifically in the marketing and distribution functions will enable insurers to respond markets can expect increased economic growth and innovation, as well as stronger economic to the diverse needs of clients. Additional hiring cannot be empowerment. This, in turn, will further the growth of the only solution. Insurers can start now, by encouraging their salesforce to lead with listening and developing an insurers’ customer base, completing a virtuous cycle. understanding of women clients’ unique needs. Success will also require collaboration; insurers will need to engage with other stakeholders ranging from governments to NGOs to complementary industries to 153

158 Insurance will help women recognize and anticipate risks, a behavior they will pass on to their family and community 154

159 Annex A: List of Graphs and Figures LIST OF GRAPHS ... Women’s Retail vs. Total Retail and Commercial Insurance Market Size in the 10 Focus Markets 14 Graph 1 Graph 2 2013 Women’s Insurance Market Size in the 10 Focus Markets ... 15 Graph 3 15 2030 Women’s Insurance Market Size in the 10 Focus Markets ... 2013 Women’s Life Insurance Market Size in the 10 Focus Markets ... 16 Graph 4 2030 Women’s Life Insurance Market Size in the 10 Focus Markets ... 16 Graph 5 Life Expectancy in Years of Women vs. Men in the 10 Focus Markets 17 ... Graph 6 Graph 7 Gap in Years Between Life Expectancy and Statutory Retirement Age for Women and Men ... 17 2013 Women’s Private Health Insurance Market Size in the 10 Focus Markets ... 19 Graph 8 2030 Women’s Private Health Insurance Market Size in the 10 Focus Markets ... Graph 9 19 Graph 10 2013 Women’s Non-Life Insurance Market Size in the 10 Focus Markets ... 20 Graph 11 2030 Women’s Non-Life Insurance Market Size in the 10 Focus Markets 20 ... Female Enrollment in Tertiary Education in the 10 Focus Markets 21 Graph 12 ... Female Labor Force Participation Rates in the 10 Focus Markets ... Graph 13 22 Graph 14 Women’s Estimated Earned Income in the 10 Focus Markets ... 23 Graph 15 Trend Between AXA’s Women Salesforce and Women Clients in Asian Markets ... 26 LIST OF FIGURES Projected Women’s Insurance Market Size in 2030 in the 10 Focus Markets ... 15 Figure 1 Figure 2 Projected Women’s Life Insurance Market Size in 2030 in the 10 Focus Markets ... 16 Figure 3 Projected Women’s Private Health Insurance Market Size in 2030 in the 10 Focus Markets ... 19 20 Figure 4 Projected Women’s Non-Life Insurance Market Size in 2030 in the 10 Focus Markets ... 155

160 Annex B: Definitions Sellers of insurance Partnership or relationship between an Bancassurance: Insurance Distribution/Salesforce: products. Include independent insurance agents, tied insurer and a bank, whereby insurance is sold through the insurance agents, insurance brokers, and bancassurance bank. representatives. Baseline Growth: Growth in the number of women Life Insurance: For the purposes of this report, life clients and personal premium spend per customer due insurance is divided into two categories: to improvements in socioeconomic factors of women, with no changes to any other variables. This is the growth Offers Protection Oriented Life Insurance: assuming that no efforts are made to target more women protection only — payout to a beneficiary in the case and/or to upsell/cross-sell to more women. of the policyholder’s death. This type of insurance is used to secure the policyholder’s income to be passed Book of Business: The clients or accounts serviced onto the beneficiary to reduce the financial burden by brokers, agents (tied and independent), and bancassurance representatives. on the beneficiary after the policyholder’s death. Examples include whole life, credit life, and term life. Brazil, China, Colombia, Indonesia, India, Focus Markets: Offers protection Mexico, Morocco, Nigeria, Thailand, Turkey Savings Oriented Life Insurance: component (e.g. payout for claims) and savings For the purposes of this report, Health Insurance: component (e.g. investments in mutual funds) that health insurance is defined as private health insurance. provides returns to the policyholder. Savings oriented Private health insurance is defined to be voluntary policies life insurance in certain markets can offer tax benefits offered through insurance companies, with premiums that can make it more appealing than investments calculated based on risk ratings. in banking products. Examples include endowment, universal life, and annuity products. 156

161 Microinsurance is a mechanism Microinsurance: Unit-Linked Life Insurance Products: Unit Linked products are type of insurance vehicle in which the to protect low-income households against risks, 154 policyholder purchases units at their net asset values and such as illness, a death in the family, or crop failure. Microinsurance is typically defined in terms of the also makes contributions toward another investment 157 income of target clients (those with daily income of vehicle. $2 to $8), the limits on the amount of premium or the “U Shaped” Relationship between Income and size of the benefit set by the local regulator (variable, Insurance Purchase: Lower income correlates to based on market, type of insurance, and coverage), or a 155, 156 higher insurance purchase due to high perceived need combination of these criteria. for financial protection. As income increases, insurance For the purposes of this report, purchase decreases to a minimum, due to perceived belief Non-Life Insurance: that out-of-pocket spend is sufficient to recover loss. non-life insurance is defined as property and casualty (P&C) insurance. Examples include motor insurance and After the minimum point, insurance purchase rises with additional increases in income due to perception that home insurance. higher value assets will require more extensive coverage. In addition to the socioeconomic Opportunistic Growth: Women purchasers of retail insurance improvements, this assumes successful efforts in Women Clients: products. targeting more women to purchase insurance products (increasing the number of women who purchase insurance) and in upselling/cross-selling products to each Individual annual Women’s Insurance Market Size: woman (increasing the premium spend per woman). premium spend by women retail customers, including spend by those who are self-employed. The market size Factors and behaviors that Opportunity Driver: does not include commercial lines (e.g. women covered increase women’s ability or willingness to purchase under employer plans) or insurance spend by women on insurance, which, in turn, increases the size of the others (e.g. spend on children). women’s insurance market. Examples include: increase in socioeconomic conditions, increase in bargaining power. “S Shaped” Relationship between Income and Insurance Purchase: As income increases, purchase of insurance will increase at an exponential growth rate due to perceived need for more protection. Growth will continue until the inflection point, where insurance purchase slows with increase in income due to saturation of insurance products. 157

162 Programs that articulate the benefits of insurance for their well- children, the household being (via health protection), and their retirement needs will help put insurance into a context 158

163 Annex C: Detailed Methodology he market sizing presented in this report is global in scope, but focuses on 10 emerging markets (Brazil, China, Colombia, India, Indonesia, Mexico, Morocco, Nigeria, Thailand, and Turkey). These markets were selected based on rapid T growth experienced by both the women’s and insurance markets. The socioeconomic advancements made by women vary by market, but trends indicate an increased need in the future to protect women’s assets and independence in the future. In addition, insurance companies’ rate of growth in these markets is rapidly outpacing growth in the developed markets. A recent study by McKinsey & Company noted that though developed markets accounted for 84 percent of insurance premiums, developing markets drove more 158 than half of the global premium growth. In particular, projections indicate that global insurance growth will be driven in large part by the BRIC (Brazil, Russia, India, and China) markets, as well as parts of North Africa, Asia, and Latin America. Primary and secondary research were used to gather quantitative data on women’s insurance purchasing behavior — i.e. the uptake of insurance within the women’s market. Qualitative data was also collected to inform analysis on the trends, challenges, and opportunities in the women’s insurance market, as well as to validate and test assumptions. Data was collected over the course of eight weeks beginning January 2015. See Figure M1 for an overview of the methodology. A key finding from the data collection process is the limited amount of publically available gender disaggregated quantitative data on women’s purchasing behavior in the insurance industry, specifically on the number of women insurance clients and the total insurance premium spend per woman. Hence, qualitative data from interviews were used to make logical assumptions and test trends in these areas. Overview of Methodology Figure M1: 2 1 Secondary Research Primary Research 3 Identification of Causal Factors 4 Sizing of the Women’s Insurance Market Opportunity 159

164 1. Primary Research 174 interviews and surveys were conducted across 10 markets with the following stakeholders: • Senior insurance, reinsurance and bancassurance representatives: What is the current status of women as both customers and members of the salesforce in the insurance markets, and what initiatives are currently in place to increase women’s involvement in insurance? • Insurance brokers and agents: What benefits and challenges are faced by women in the salesforce? • Women consumer focus groups (from various demographic brackets, including entrepreneurs): What are their perceptions, needs, and usage of insurance products in their markets? • Insurance associations: What are the current products and services offered by insurers, and are they relevant and meeting the needs of women customers? • Insurance regulators: How do public policies and programs currently provide opportunities and barriers to involving more women in the insurance sector? • What are the trends in male vs. female engagement in insurance related fields (e.g. business Universities: management, engineering, actuarial sciences)? 2. Secondary Research Desk research was also conducted using the following sources (see Figure M2 right): • Literature Review: Review of existing reports on gender, insurance, and development from academics, international development organizations, and insurance industry authorities to understand and learn from existing initiatives on women in insurance. This secondary research complemented data collected through primary research. • Insurance Industry Database – AXCO – Economist Intelligence Unity – Swiss Re – Munich Re • Gender and Development Database – International Labour Organization – United Nations Statistical Division (UNSTAT) – World Bank – World Health Organization – World Economic Forum 160

165 Types of Data Collected from Secondary Research Figure M2: Insurance Business Insurance Assets Environment Premiums Premiums Insurance Fiscal Position Consumption Density Insurance Social Wellbeing Economic Sectors Penetration Insurance Macro Economics Penetration - Policy Environ ment Education Education Financial Behavior Financial Behavior Regulatory Regulatory Environment Environment Health Care Health Care Employment/ Employment/ Employment/ Employment/ Income levels Income levels Income levels Income levels Demographics Demographics Demographics Demographics Demographics Demographics 3. Identifying Causal Factors that Influence Women’s Purchase of Insurance A statistical exercise was carried out to determine what economic, behavior or socioeconomic factors have the greatest influence on women’s uptake of insurance. This required identification of a data set to represent women’s insurance uptake (the dependent variable) to test various economic, behavior, and socioeconomic causal factors (independent variables) against. Identification of a data set to represent women’s insurance uptake (dependent variable selection) The data assessment found that data on female insurance penetration is sparse. Personally paid for health insurance for 2011 was selected as the proxy to represent women’s insurance uptake as it was available across (percentage age 15+) all markets. Identification of causal factors that influence personally paid health insurance purchase (independent variable selection) A regression analysis was then carried out to test which economic, behavioral or socioeconomic factors most influenced women’s propensity to personally pay for health insurance. The regression was conducted across 137 markets. Upon analysis of the Personally Paid for Health Insurance data set for men and women, findings show there is a high correlation between male and female insurance penetration (see Figure M3). 161

166 Correlation Between Women’s and Men’s Personally Paid Health Insurance Purchase Rates (15+) Figure M3: Personally paid for health insurance, female (% age 15+) Personally paid for health insurance, male (% age 15+) 50 40 98% Correlation 30 20 10 0 Markets The variation between countries is explained by general macro-economic factors such as GDP per capita, but offers little insight into what might be affecting the behavior of women in particular. To understand drivers of women’s insurance buying behavior, focus was shifted to the difference between men’s and women’s insurance penetration. The gap between men and women is smaller in some markets than others (see Figure M4), so a deeper understanding was needed on what market factors lead to greater parity between men’s and women’s insurance purchase rates. Figure M4: Difference Between Women’s and Men’s Personally Paid Health Insurance Purchase Rates (15+) Difference 4 2 0 -2 -4 -6 -8 Markets Using a cross sectional regression model, 197 data series were tested for their correlation with the gap between the rates of men’s and women’s personally purchased health insurance. These data sets range across demographic, education, employment, financial behavior, fiscal position, regulatory, and healthcare categories. Through the regression, individual wealth (GDP per capita), fertility rate and women’s labor force participation rate were found to have the biggest influence on the gap between men’s and women’s health insurance purchase rates. These relationships were measured with a high degree of statistical confidence. 162

167 T-Value for Model Variable P-Value for Model Correlation with gap between men’s and Coefficients Coefficients women’s insurance purchase rates 0.4 3.66 0.1% Ratio of female to male labor force participation 2.2% 0.18 2.45 GDP per capita (current $) 2.99 0.07 0.7% Fertility rate, total (births per woman) Countries with higher rates of individual wealth and women’s labor force participation tend to have a smaller gap between men’s and women’s health insurance penetration. Hence, these variables were identified to have the strongest influence in closing the gap between men’s and women’s insurance purchase rates. Fertility rate, total (births per Ratio of female to male labor force GDP per capita (current $) participation rate (%) woman) 15,000 100 8 10,000 6 50 4 5,000 2 0 0 0 GDP per capita (Current US$) Fertility rate, total (births per woman) Ratio of female to male labor force participation rate (%) Markets Markets Markets Although these three variables were found, statistically, to have the strongest influence on the gap between men’s and women’s insurance purchase rates, market interviews with insurance specialists identified that individual wealth and labor force participation are the most relevant factors in influencing women’s purchase of insurance, due to their increased ability and willingness to spend on insurance. Hence, only individual wealth and women’s labor force participation were used as inputs for the market sizing exercise. Fertility rate is reflected in the qualitative findings of the report as the number of dependents women have, a factor used to segment the women’s market. 4. Sizing the Women’s Insurance Market Opportunity The size of the women’s insurance market is defined as the annual individual premium spend by women retail clients, including spend by those who are self-employed. The market size does not include commercial lines (e.g. women covered under employer plans), insurance spend by women on others (e.g., spend on children), or insurance purchases women may have influence over or public spending on insurance for women. Given the complexities of calculating and forecasting the premium volume opportunity within the insurance industry, particularly at a global scale, these projections should be taken as indicative. 163

168 The size of the women’s insurance market was calculated using the following formula: A) Number of Women Women’s Insurance B) Premium Spend who Purchase Market Opportunity per Woman Insurance (Premium Value) The sections below will provide further explanation to the variables: The number of women who purchase insurance was calculated a) Number of women who purchase insurance: using the following formula: ii. Percentage of women in i. Female labor force A) Number of Women the labor force who purchase participation (15-65) who Purchase Insurance personal insurance iv. Percentage of female v. Percentage of women iii. Female population population 65+ who who receive a passive (65+) receive a passive income income who purchase personal insurance (pension) Description of variables and calculations i. Female labor force participation: As identified in the cross-section regression analysis above, labor force participation is an important variable that influences women’s insurance purchase rates. Interview findings substantiated that women who work will be more likely to purchase insurance due to access to income. Hence, female labor force 159 participation was used as a basis to estimate the number of women who purchase insurance. ii. Percentage of women in the labor force who purchase personal insurance: Not all women in the labor force will purchase individual insurance. To the percentage of women who did, the percentage of the adult working 160 was multiplied with the total adult population (male and female population (15+) who purchased insurance 161 15 – 65) to get an estimate of the total number of insurance clients in each market. The percentage of women retail clients in select insurers’ portfolios was then used to determine the total number of women retail insurance clients in a market. This was then calculated as a percentage of the total female labor force. Women who retired from the labor force also purchase individual insurance. The population Female population 65+: iii. 162 of retired women was assumed to be all women over age 65. It was assumed that only women who earn a Percentage of female population 65+ who receive a passive income: iv. 163 passive income (e.g. through pension) will be able to purchase insurance when they are retired. It was assumed that when v. Percentage of women who receive a passive income who purchase personal insurance: women retire, a lower percentage will be willing to purchase personal insurance (compared to the percentage of employed women who purchase personal insurance — variable ii) given their decrease in income. The percentage 164 of the percentage of employed of pensioned women who purchase insurance was estimated to be 70 percent women who purchase insurance. 164

169 b) premium spend per woman (as percentage of income): The spend per woman was calculated using the following formula: viii. Income per vii. Total vi. Total woman (from B) Premium spend aggregate aggregate employment or per woman consumer consumer pension) spending insurance spend Description of variables and calculations 165 vi. Total aggregate consumer insurance spend Total aggregate value of consumer insurance spend within the market. : This includes life, private health, and property and casualty spend by individuals and self-employed, and does not include commercial lines insurance (e.g. does not include insurance provided by employers). 166 Total aggregate consumer spending: vii. Total aggregate value of all consumer spend within the market. For the purposes of calculating the market sizing, it was assumed that the total consumer spend represented the total income. Gender disaggregated data on total consumer insurance spend and total consumer spend was not available; therefore, it was assumed that men and women spend the same percentage of their consumer spending on insurance in 2013. However, women were projected to having a higher willingness to spend in 2030. 167 viii. Pension income was Income per woman: Estimated earned income per woman at purchasing power parity. calculated by applying a net pension replacement rate defined as the individual net pension entitlement divided 168 Net pension replacement rate was assumed to be the best indicator of pension by net pre-retirement earnings. income earned by retired women. 165

170 Scenarios In predicting the market size for 2030, a range of values is provided as two growth scenarios were considered: 1. Baseline growth (lower boundary of the range): Growth in the number of women customers and premium spend per customer due to improvements in the socioeconomic factors of women, with no changes to any other variables. This is the growth assuming that no efforts are made to target more women and/or to upsell/cross-sell to more women. Growth Assumptions Variable 169 i. Female labor force participation Growth as projected by ILO A) Number of Women who No Change ii. Percentage of women in the labor force who Purchase purchase personal insurance Personal 170 iii. Female population 65+: Growth as projected by UN Insurance iv. Percentage of female population 65+ who No Change receive a passive income No Change v. Percentage of women who receive a passive income who purchase personal insurance B) Premium Spend vi. Total aggregate consumer insurance spend No Change per Woman No Change vii. Total aggregate consumer spending Growth projected using historical rates from viii. Income per woman 171 World Economic Forum In addition to the socioeconomic improvements listed 2. Opportunistic growth (upper boundary of the range): above, assume successful efforts in targeting more women to purchase insurance products (increasing the number of women who purchase insurance) and in upselling/cross-selling products to each woman (increasing the premium spend per woman). Variable Growth Assumptions 172 Growth as projected by ILO A) Number of i. Female labor force participation Women who Growth proportional to the industry growth rate ii. Percentage of women in the labor force who 173 Purchase personal purchase personal insurance as projected by Munich Re Insurance 174 iii. Female population 65+: Growth as projected by UN iv. Percentage of female population 65+ who No Change receive a passive income Growth proportional to the industry growth rate v. Percentage of women who receive a passive 175 income who purchase personal insurance as projected by Munich Re vi. Total aggregate consumer insurance spend Growth as a percentage of current spending. B) Premium Spend Market interviews indicated that women in focus per Woman markets were willing to pay 10 to 20 percent of their salary on insurance, which is, on average, 50 percent more than what they were currently spending on insurance. It was assumed that insurers are able to capture the full increase in women’s willingness to pay. vii. Total aggregate consumer spending No Change Growth projected using historical rates from viii. Income per woman 176 World Economic Forum 166

171 Assumptions Made Assumption Description Assumption Type 177 “Current Women’s Insurance Market Size” was calculated using premium data from 2013 Calculation The women’s insurance market size for each product line was calculated by taking the ratio of Calculation 178 product line premium value to total premium volume for the total insurance industry, and applying the ratio to the total women’s insurance market size. For example, the market size for the women’s life insurance market was determined by calculating the ratio of the life insurance premium value to the total insurance premium value for the entire insurance industry, and applying this ratio to the total women’s insurance market size. Due to limited data availability, the size of the non-life market was calculated by subtracting the size Calculation of the life and health market from the overall market size Calculation The growth rates (CAGR) for women’s labor force participation, women’s income, insurance premium, insurance density, and percentage of the women’s population who purchase insurance were applied consistently to the calculations for all product lines and for the overall market size Most recent data was used, with datasets ranging from 2010 – 2013. Data Limitations: Given the novelty of the topic, there are a number of data limitations in calculating the market size: • Limited data was collected on the insurance needs of women in all income brackets and geographies (e.g., rural, urban) due to time constraints in the research. More research is needed to gain a deeper understanding of each segment’s needs and wants. • No data was available across the markets on the total personal premium spend (across all product lines) by women on insurance, so insurance spending as a percentage of total consumer spending was identified as the most representative variable for each market. Note that insurance spend as percentage of total consumer spend is for 2013 is not gender-specific (i.e., it is assumed that in 2013, men and women spend the same percentage of their income on insurance); however, women are projected to spend a higher percentage of income on insurance in 2030. • Limited information was available on the percentage of women who hold insurance in each country, so projections were made based on financial inclusion reports and select insurers’ portfolios. • Extrapolating the global insurance premium market size for women required averaging the values across many different markets, so care should be taken when making direct comparisons between the focus market and the global market. 167

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177 Annex E: Endnotes 19. Ernst and Young, “High Achievers: Recognizing the Power of Walter H. Zultowski, “The Changing Middle Market for Life 1. Society of Actuaries , (2014): Schaumburg, Insurance in China,” Women to Spur Business and Economic Growth,” (2013). Illinois. Phil Borges, “Women Empowered: Inspiring Change in the 2. Individual health insurance only covers additional health 20. Emerging World,” (2007). insurance purchased by women. It does not include 3. Including spend by those who are self-employed. government and employee benefits. 4. E.g., figures do not include women covered under employer 21. Ronald Gordeon, Tian Xu and Lorry Xie, “Brazil’s Health life or health plans. Insurance,” 2012, http://assets.ce.columbia.edu/pdf/actu/ 5. Ernst and Young, “High Achievers: Recognizing the Power of actu-brazil.pdf Women to Spur Business and Economic Growth,” (2013): 22. World Health Organization, “Global Health Expenditure 1-12. http://www.ey.com/Publication/vwLUAssets/Women_ Database,” accessed April 2015. http://apps.who.int/nha/ the_next_emerging_market/$FILE/ database. WomenTheNextEmergingMarket.pdf. Munich Re Economic Research, “Insurance Market Outlook,” 23. 6. The relationship between labor force participation, (2015). education, and income also varies greatly by market Swiss Re, “Keeping Healthy in the Emerging Markets: 24. depending on the cultural and social role of women, and Sigma Insurance can Help,” , no 1, (2015). needs to be examined on an individual country level. Only individual spend is calculated — the market size does 7. 25. Defined as Property and Casualty (P&C) insurance not include commercial lines (e.g., women covered under World Health Organization, “Global Health Expenditure 26. employer plans), insurance spend by women on others (e.g., Database,” accessed April 2015, http://apps.who.int/nha/ spend on children), insurance purchase women may have database. influence over, or public spending on insurance for women. 27. Munich Re Economic Research, “Insurance Market Outlook.” Swiss Re, “World Insurance in 2013: Steering Towards 8. (2015) — Note: CAGR projections are for 2015 – 2016. Sigma , no 3, (2014): 1-47. Recovery,” Swiss Re, “Keeping Healthy in the Emerging Markets.” 28. Calculated using data from: Munich Re Economic Research, 9. 29. Women’s independence and income may not rise in all “Insurance Market Outlook,” (2015): 1-4. markets — sociocultural conditions of the market need to be 10. For more information on the description of baseline and taken into account when projecting growth of the non-life opportunistic growth, please see Appendix C: Detailed market. Methodology. Comparisons between the women’s non-life and overall 30. The 10 emerging markets of focus are: Brazil, China, 11. non-life market must be done with caution. In the non-life Colombia, India, Indonesia, Mexico, Morocco, Nigeria, market, it is the underlying asset that is insured; therefore Thailand, and Turkey. households may share assets with only one policy holder. 12. Swiss Re, “World Insurance in 2013: Steering Towards Tertiary education enrollment rate for women in Brazil 31. , no 3, (2014). Sigma Recovery,” remained constant. 13. Baseline growth — growth from projected market-specific Sandra Lawson, “Women Hold up Half the Sky,” 32. Goldman improvements in women’s socioeconomic conditions; see no 164, (2008): 1 – 16. Sachs Global Economics Paper Annex C: Detailed Methodology. Ibid 33. Opportunistic growth — assumes successful efforts in 14. OECD, “Women and Financial Literacy: OECD/INFE 34. targeting more women to purchase insurance and in Financial Literacy and Evidence, Survey and Policy Response,” upselling/cross-selling more products to each woman; see Education Russia Trust Fund , (2013). Annex C: Detailed Methodology. 35. UN Women, “Progress of the World’s Women 2015 – 2016: Calculated using data from: Munich Re Economic Research,” 15. Transforming Economies, Realizing Rights,” 2015: 76. Insurance Market Outlook.” Female labor force participation rates for China, Colombia, 36. Swiss Re, “World Insurance in 2013: Steering Towards 16. and India have decreased, while rates for Indonesia, Nigeria, Sigma , no 3, (2014). Recovery,” and Thailand have remained the same. 17. Ibid IFES and IWPR, “Focus on Morocco: Paid Work and Control 37. 18. Anjali Banthia, Susan Johnson, Michael J. McCord, and of Earnings & Assets Topic Brief,” The Status of Women in the Brandon Mathews, “Microinsurance That Works for Women: , (2010): 1 – 15. Middle East and North Africa Making Microinsurance Programs Gender-Sensitive,” Ibid 38. no 3, (2011): 1 – 33. Microinsurance Paper 173

178 Bain and Company, “Customer Loyalty and the Digital 39. PriceWaterhouseCoopers, “Employee Benefits preference 58. varies according to gender and age: PwC research,” (2015). Transformation in P&C and Life Insurance: Global Edition Global Insurance Loyalty (2014). http://www.bain.com/ 2014,” 40. Sylvia Ann Hewlett, “Why Women are the Biggest Emerging Images/DIGEST_Customer_loyalty_and_the_Digical_ , March 8, 2010. https://hbr. Harvard Business Review Market,” transformation_in_insurance.pdf. org/2010/03/leverage-your-female-demograph/. 59. Andrew Osterland, “Female Clients more Likely than Men to 41. World Bank. “The World Development Report 2012: Gender News, April 24, 2014. http:// Make Referrals,” Investment Equality and Development,” (2012): 150 – 182. www.investmentnews.com/article/20120424/ 42. Ibid FREE/120429972/female-clients-more-likely-than-men-to- make-referrals. Sandra Lawson and Douglas B. Gilman, “The Power of the 43. Purse: Gender Equality and Middle-Class Spending,” Goldman 60. Sylvia Ann Hewlett, Andrea Turner Moffitt with Melinda Sachs Global Market Institute , (2009): 1-22. Marshall, “Harnessing the Power of the Purse: Female Investors and Global Opportunities for Growth,” Center for 44. Sandra Lawson and Douglas B. Gilman, “The Power of the Talent Innovation (2015): 1-9. http://www.talentinnovation. Purse: Gender Equality and Middle-Class Spending,” Goldman org/_private/assets/HarnessingThePowerOfThePurse_ , (2009). Sachs Global Market Institute ExecSumm-CTI-CONFIDENTIAL.pdf Heeju Shin, “Female-headed Households, Living 45. Yogini Joglekar, “Women Pulling Ahead of Men as Insurance 61. Arrangements and Poverty in Mexico,” (PhD diss. University DNAIndia , September 29, 2011. http://www.dnaindia. Agents,” of Texas at Austin, 2012). http://repositories.lib.utexas.edu/ com/money/report-women-pulling-ahead-of-men-as- handle/2152/17907. insurance-agents-1592843 Assupol, “Women and Insurance — an Assupol Perspective,” 46. Insurance Research Center, “India: Proportion of Women Life 62. (2014). Insurance Agents Rise,” (2011). http://www.irc.ac.ir/en/ 47. Ibid news/news.php?newsid=273 Blackrock, “Men vs Women: Risk Aversion,” NASDAQ, 48. Joglekar, “Women Pulling Ahead of Men as Insurance 63. November 6, 2014, accessed July 2015, http://www.nasdaq. Agents.” com/article/men-vs-women-risk-aversion-cm297364 Esther Duflo, “Women Empowerment and Economic 64. 49. Barclays Wealth, “Barclays Wealth Insights — Volume 2: A Development.” Journal of Economic Literature Vol. L, December Question on Gender,” (2007). 2012. 50. Felix Salmon, “Charts of the day: female risk-aversion 65. VanderBrug, “The Global Rise of Female Entrepreneurs.” edition,” Reuters, February 24, 2014, accessed July 2015 Hewlett, Moffitt with Marshall, “Harnessing the Power of 66. http://blogs.reuters.com/felix-salmon/2014/02/24/charts- the Purse: Female Investors and Global Opportunities for of-the-day-female-risk-aversion-edition/ Growth.” 51. Barbra Stewart, “Women are Risk Aware — not Risk 67. Michael Silverstein, Kosuke Kato and Pia Tischhauser, , November 5, 2013, accessed April Adverse,” The Edmonton Sun Boston “Women Want More (in Financial Services),” 2015, http://www.edmontonsun.com/2013/11/05/women- Consulting Group Opportunities for Action , (2009). https:// are-risk-aware----not-risk-averse. www.bcg.com/documents/file31680.pdf. 52. Kerstin Puchstein, Jorg Schiller, and Frauke von Bieberstein, 68. Michael Silverstein and Kate Sayer, “The Female Economy,” “Can We Trust Consumer’s Survey Answers When Dealing , September, 2009. https://hbr. Harvard Business Review with Insurance Fraud? Evidence from an Experiment,” org/2009/09/the-female-economy Universität Bern , (2014): 1-34. 69. Savita Iyer-Ahrestanim “Room to Grow: How Advisors’ Accenture, “The Digital Insurer Claims Customer Survey: 53. Think Approach to Women Might Hurt their Business,” Why Claims Services Matter,” (2014). Advisor , September 30, 2013. http://www.thinkadvisor. Ibid. 54. com/2013/09/30/room-to-grow-how-advisors-approach- to-women-might 55. Puchstein, Schiller, and Bieberstein. “Can we trust consumer’s survey answers when dealing with insurance 70. Accenture, “Why Claims Services Matter.” fraud?” (2014). World Bank. “The World Development Report 2012: Gender 71. 56. Accenture, “Why Claims Services Matter.” Equality and Development,” (2012): 80 - 82 Michelle Hendriks, Judith D. de Jong, Atie van den Brink- 57. 72. Deanna Chitayat, “Gender Equality in Caregiving: The United Muinen, Peter Groenewegen, “The Intention to Switch American Psychological Association, Nations Response,” Health Insurer and Actual Switching Behavior: Are There , July, 2009. http://www. Psychology International Newsletter Differences between Groups of People?” Health Expectations apa.org/international/pi/2009/07/un-gender.aspx 13 no. 2, (2010): 195-207. MetLife, “Latin American Employee Benefits Trends Study,” 73. (2015). https://www.metlife.com/assets/institutional/ products/benefits-products/LATMAReport_10_17A.pdf 174

179 Kalyani Mehta, “Stress among Family Caregivers of Older 74. 92. Banthia, Johnson, McCord, and Mathews, “Microinsurance That Works for Women: Making Microinsurance Programs J Cross Cult Gerontol 20, no 4 (2005): Persons in Singapore,” Gender-Sensitive.” 2009. 319-334. Anna Gincherman, “Designing Women Focused Financial 93. 75. Hilary Nichols, “A Must-Have when Launching Insurance in Women’s World Banking Uganda: Consumer Education,” Products — Women’s World Banking’s Approach,” Women’s , , published on December 12, 2013. http://www. February 16, 2015. http://www.womensworldbanking.org/ World Banking news/blog/must-launching-insurance-uganda-consumer- slideshare.net/womensworldbanking/anna-gincherman education/ 76. Rose Nwaebuni, “Nigeria: A Difficult Place to be a Widow,” Intel, “Women and the Web: Bridging the Internet gap and 94. The Africa Report , November 27, 2013. http://www. theafricareport.com/West-Africa/nigeria-a-difficult-place- creating new global opportunities in low and middle-income to-be-a-widow.html countries,” (2012): 10 – 100. 77. 95. GSMA, “Bridging the Gender Gap: Mobile access and usage Gincherman, “Designing Women Focused Financial Products.” in low and middle-income countries,” Connected Women 2015 , (2015): 1-118. 78. Accenture, “Why Claims Services Matter.” Vodafone, “Connected Women: How mobile can support 96. Michael Silverstein and Kate Sayer, “The Female Economy,” 79. women’s economic and social empowerment,” (2014): 1-35. Harvard Business Review , September, 2009. https://hbr. org/2009/09/the-female-economy IFC, “Strengthening Access to Finance for Women-Owned 97. SMEs in Developing Countries,” (2011): 6-62. 80. Michael Silverstein, Kosuke Kato and Pia Tischhauser, 98. Boston “Women Want More (in Financial Services),” Fletschner and Kenney, “Rural Women’s Access to Financial Services.” Consulting Group Opportunities for Action , (2009). https:// www.bcg.com/documents/file31680.pdf. International Labour Organization, “Gender and 99. employment.” Accessed June 2015. 81. Michael Silverstein, Kosuke Kato and Pia Tischhauser, Boston “Women Want More (in Financial Services),” 100. Asli Demirguc-Kunt, Leora Klapper, Dorthe Singer, Peter Van , (2009). https:// Consulting Group Opportunities for Action Oudheusden, “The Global Findex Database 2014: Measuring www.bcg.com/documents/file31680.pdf Financial Inclusion around the World,” The World Bank Group, OECD, “Financial Literacy and Inclusion: Results of OECD/ no 7255, (2015): 10-71. 82. Policy Research and Working Paper INFE Survey Across Countries and by Gender,” Financial Accenture, “Succeeding at Microinsurance through 101. Literacy and Education Russia Trust Fund , (2013). differentiation, Innovation and partnership,” (2012): 1-18. 83. Ibid 102. IFC, “Microinsurance Has Potential to Become $50 Billion Market,” International Monetary Fund, “Detailed Assessment of Financial Institutions Industry News and Events , June 3, 84. Observance of International Association of Insurance 2011. http://www.ifc.org/wps/wcm/connect/industry_ext_ content/ifc_external_corporate_site/industries/ IMF Country Supervisors (IAIS) Insurance Core Principles,” financial+markets/news/microinsurance+ , no 12 – 13, (2012 – 2013). Reports has+potential+to+become+$50+billion+market+. 85. Accenture, “Why Claims Services Matter.” Banthia, Johnson, McCord, and Mathews, “Microinsurance 103. Michael Silverstein, Kosuke Kato and Pia Tischhauser, 86. That Works for Women: Making Microinsurance Programs “Women Want More (in Financial Services),” Boston Gender-Sensitive.” , (2009). https:// Consulting Group Opportunities for Action 104. Bert D’Espallier, Isabelle Guérin, and Roy Mersland, “Women www.bcg.com/documents/file31680.pdf. Working Paper and Repayment in Microfinance,” (2009): 1-24. 87. IFES and IWPR, “Focus on Morocco: Paid Work and Control http://www.microfinancegateway.org/sites/default/files/ of Earnings & Assets Topic Brief,” mfg-en-paper-women-and-repayment-in-microfinance- 88. Diana Fletschner and Lisa Kenney, “Rural Women’s Access to mar-2009_0.pdf. Financial Services: Credit, Savings and Insurance,” The Banthia, Johnson, McCord, and Mathews, “Microinsurance 105. Agricultural Development Economics Division ESA Working Paper That Works for Women: Making Microinsurance Programs no11-07, (2011): 1-22. Gender-Sensitive.” Anna Rappaport, “Key Retirement Concerns and Planning 89. Allegra Palmer, “An Unintended Secret: Microinsurance in 106. , April 2015. http://www. Tips for Women,” Forbes Investing Morocco,” Women’s World Banking , May 19, 2014. https:// forbes.com/sites/pensionresearchcouncil/2015/04/08/ www.womensworldbanking.org/news/blog/unintended- retirement-planning-key-but-under-recognized-concerns- secret-microinsurance-morocco/ for-women/ Ibid 107. Sandra Lawson and Douglas B. Gilman, “The Power of the 90. Purse: Gender Equality and Middle-Class Spending,” Goldman Sachs Global Market Institute, (2009). Heeju Shin, “Female-headed Households, Living 91. Arrangements and Poverty in Mexico.” 175

180 108. IFC, “Strengthening Access to Finance for Women-Owned Lloyd’s Global Lloyds, “Factsheet: Insurance and Growth,” 127. SMEs in Developing Countries.” Underinsurance Research , (2012). https://www.lloyds.com/~/ media/files/news%20and%20insight/global%20 128. Banthia, Johnson, McCord, and Mathews, “Microinsurance underinsurance%20report/factsheets/the%20role%20of%20 That Works for Women: Making Microinsurance Programs insurance%20industry.pdf Gender-Sensitive.” Ernst and Young, “Women: The Next Emerging Market,” 109. , Intesa SanPaolo Intesa SanPaolo, “Pollizza Business Gemma,” 129. (2013). accessed April 2015. http://www.intesasanpaolo.com/ tutela-piccole-imprese/polizza-business-gemma.jsp. Donna J. Kelley, Candida G. Brush, Patricia G. Greene and 110. Yana Litovsky, “Global Entrepreneurship Monitor: 2012 130. Ibid Women’s Report,” Global Entrepreneurship Research 131. European Commission, “Statistical Data on Women Association, (2012): 6. EU Director-General for Enterprise Entrepreneurs in Europe,” IFC, “Strengthening Access to Finance for Women-Owned 111. and Industry , (2014). SMEs in Developing Countries.” 132. Intesa SanPaolo, “Annual Report 2014,” March 17, 2014; p. 93, Ibid 112. 143. World Bank Group, “Supporting Growth-Oriented Women 113. Intesa SanPaolo, “Social Report on Customers 2012,” (2012). 133. Entrepreneurs: a Review of the Evidence and Key http://group.intesasanpaolo.com/scriptIsir0/si09/ Challenges,” Innovation, Technology and Entrepreneurship Policy contentData/view/Clienti_en.pdf?id=CNT-04- Note no 5, (2014). 000000012C5D7&ct=application/pdf. 114. Kelley, Brush, Greene and Litovsky, “Global Entrepreneurship 134. Oliver Wyman and Insurance Europe. “Funding the future Monitor: 2012 Women’s Report.” Insurers’ role as institutional investors,” June 2013. 115. ILO, “Small premiums, long-term benefits: Why poor women 135. Goldman Sachs, Economic Opportunity for Women. need microinsurance,” World of Work Magazine no 69, Accessible at: http://www.goldmansachs.com/our-thinking/ August, 2010: 31-33. pages/access-to-capital-for-women-entrepreneurs. html?CID=PS_01_19_07_00_00_00_01 Accessed June 2015. 116. Banthia, Johnson, McCord, and Mathews, “Microinsurance That Works for Women: Making Microinsurance Programs In the EU, legislation prohibits price discrimination by 136. Gender-Sensitive.” gender. 117. Sarah Bel and Craig Churchhill, “Using Insurance to Drive World Health Organization, “Falls” WHO Media Center Fact 137. Trade,” International Trade Forum Magazine, April 2012. http:// n 344, (2012). http://www.who.int/mediacentre/ Sheet www.tradeforum.org/article/Using-insurance-to-drive- factsheets/fs344/en/ trade/ Porto Seguro Porto Seguro, “Seguro Auto Mulher,” 138. , accessed 118. Candida Brush, “How Women Entrepreneurs Are April 2015. http://www.portoseguro.com.br/seguros/seguro- Forbes Transforming Economies and Communities,” de-veiculos/seguro-de-automovel/linha-de-produtos/ , February 16, 2013. http://www.forbes.com/ Entrepreneurs seguro-auto-mulher. sites/babson/2013/02/16/how-women-entrepreneurs-are- 139. Accenture, “Insurers Commit to Digital Transformation as a transforming-economies-and-communities/ Lever of High Performance,” 2013 Digital Insurance Survey: 119. The International Finance Cooperation, “Women-Owned Europe, Latin America and Africa , (2013): 3-22. SMEs: A Business Opportunity for Financial Institutions,” 140. Alpesh Shah and Burjor Dadachanji, “Insurance @ Digital — 2014. 20X by 2020,” , (2014): 5-13. Boston Consulting Group and Google 120. Bangladesh, Brazil, China, Egypt, India, Indonesia, Iran, ComScore, “Women on the Web: How Women are Shaping 141. Mexico, Nigeria, Pakistan, Philippines, Republic of Korea, the Internet,” (2010): 3-30. Russia, Turkey, and Vietnam IFC, “Strengthening Access to Finance for Women-Owned 142. 121. DeAnne Aguirre, Leila Hoteit, Christine Rupp and Karim SMEs in Developing Countries.” Sabbagh, “Empowering the Third Billion: Women and the , (2012): 3-11. World of Work in 2012,” PwC and Strategy& Mark Tran, “Ghana Mobile Firms Offer Free Insurance to 143. Keep Customers Hanging On,” , May 2, 2014. The Guardian IFC, “Women-Owned SMEs: A Business Opportunity for 122. http://www.theguardian.com/global-development/2013/ Financial Institutions.” may/02/ghana-mobile-free-insurance 123. Ibid 144. Qualcomm Wireless ReachTM, Vital Wave, and GSMA, 124. Ibid “Transforming Women’s Livelihoods through Mobile and IFC, “Strengthening Access to Finance for Women-Owned 125. Broadband: a Study on the Value of Mobile Broadband for SMEs in Developing Countries.” Working Women in the Developing World,” February, 2014. http://www.qualcomm.com/mwomenreport 126. Kelley, Brush, Greene and Litovsky, “Global Entrepreneurship Monitor: 2012 Women’s Report.” 145. Kaspersky Lab, “Consumer Security Risks Survey 2014: Multi-Device Threats in a Multi-Device World,” (2014). 176

181 146. 162. Central Intelligence Agency, “The World Factbook 2013 – ComScore, “Women on the Web: How Women are Shaping the Internet.” 2014.” 147. Accenture, “Why Claims Services Matter.” 163. International Labour Office, “ILO Social Security Inquiry; Indicator: Old-Age Pensioners Recipient Ratio Above 148. Fletschner and Kenney, “Rural Women’s Access to Financial Retirement Age,” , updated June 4 Social Security Database Services.” 2014, accessed April 2015. http://www.ilo.org/dyn/ilossi/ Allianz, Bajaj Allianz promoting women’s careers, Accessed 149. ssiindic.viewMultiIndic3?p_lang=en&p_indicator_code=CR- June 2015. https://www.allianz.com/en/press/news/ 1f%20OA. company/human_resources/news_2014-01-09.html/ 164. Based on discussions with various insurance market experts. 150. BS Reporter, “After All Women Bank, Now All Women Euromonitor International, “World Consumer Income and 165. Insurance Branch,” Business Standard , January 3, 2014. http:// 13th edition , (2013). Expenditure Patterns 2014,” www.business-standard.com/article/finance/after-all- women-bank-now-all-women-insurance- 166. Ibid branch-114010300875_1.html World Economic Forum, “The Global Gender Gap Report,” 167. 151. Nippon Life Insurance, “Annual Report 2014,” March 31, 2014: , (2008 and 2014). Insight Report p. 32 -33. 168. OECD, “Net Pension Replacement Rates,” Pension Entitlement 152. Tara Siegel Bernard, “Financial Advice by the Demographics,” , updated November 2013, accessed April 2015. Database http://www.oecd.org/els/public-pensions/indicators.htm. The New York Times , February 20, 2015. http://www.nytimes. com/2015/02/21/your-money/financial-advice-customized- 169. International Labour Organization, “Estimates and by-sex-ethnicity-or-demographics.html?mwrsm=Email&_ Projections of the Economically Active Population (EAPEP).” r=0 170. United Nations, “Population,” World Population Prospects: the 153. OECD, “Women and Financial Literacy.” 2012 Revision Database , updated 2012, accessed April 2015. http://esa.un.org/wpp/unpp/panel_population.htm. 154. Impact Insurance “What is microinsurance?” Accessed June 2015. Accessible at: http://www.impactinsurance.org/about/ 171. World Economic Forum, “The Global Gender Gap Report.” what-is-microinsurance 172. International Labour Organization, “Estimates and 155. Accenture: Succeeding at Microinsurance through Projections of the Economically Active Population (EAPEP).” differentiation, Innovation and partnership, January 2012. 173. Calculated using data from: Munich Re Economic Research, Jeanna Holtz, Principal Associate, Abt Associates’ 156. “Insurance Market Outlook,” (2015): 1-4. International Health Division. “Insurance and Healthcare United Nations, “Population.” 174. Needs in Dev Countries,” 2014. Calculated using data from: Munich Re Economic Research, 175. Investopedia.com “Unit Linked Insurance Plan- ULIP,” 157. “Insurance Market Outlook.” Accessed June 2015. 176. World Economic Forum, “The Global Gender Gap Report.” McKinsey & Company, “Global Insurance Industry Insights: 158. fourth Global Insurance Pools An in Depth Perspective,” 177. Swiss Re, “World Insurance in 2013: Steering Towards edition, (July 2014). Recovery,” Sigma , no 3, (2014): 1-47. 159. International Labour Organization, “Estimates and 178. Ibid. Projections of the Economically Active Population (EAPEP),” 2013 Edition , updated July 2013, accessed April 2015, http:// laborsta.ilo.org/applv8/data/EAPEP/eapep_E.html. Select sources include: Metlife, “Measuring Financial 160. , (2014). Center for Inclusion in Turkey,” Focus on Inclusion Financial Inclusion, “Mexico’s Prospects for Full Financial Inclusion,” A White Paper from the Financial Inclusion 2020 Project , (September 2009). Rosemary Onuoha, “Only one out of ten Nigerians has Insurance,” Vanguard, September 02, 2013, http://www.vanguardngr.com/2013/09/only-one-out- of-ten-nigerians-has-insurance-noi-polls/ Kamalji Sahay, The Financial “About Time Insurers Unlock Women Power,” , May 4, 2015, accessed May 2015. http://www. Express financialexpress.com/article/personal-finance/about-time- insurers-unlocked-women-power/69405/ Central Intelligence Agency, “The World Factbook 2013 – 161. 2014,” (2013), Washington, DC, accessed April 2015. https:// www.cia.gov/library/publications/the-world-factbook/ index.html. 177

182 PHOTO CREDITS Pg 14 IFC Oddvar Paulsen/CGAP Pg 43 Pg 46 Bancamía/IFC Pg 92 Narayan Debnath/DFID Pg 95 Curt Carnemark/World Bank Pg 105 Curt Carnemark/World Bank 178

183

184 SEPTEMBER 2015

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