Creating an Insurance Value Proposition for Women

The Women’s Market for Insurance

This session discussed the untapped potential of the insurance market for women. Recent economic and demographic trends that make the insurance sector a key business opportunity for different financial services firms were mentioned. Although there are similarities across segments, there is no one-size-fits-all strategy. Various business models were discussed, but the most important areas were determined to be alignment for partnership, and KPIs and choosing the right measurements. Lessons from AXA and Banco BHD León were also highlighted.

Key Points

    • The women’s insurance market represents a significant untapped business opportunity. Macro trends such as greater education levels, longer life expectancy and other socioeconomic factors, as well as micro trends, including women’s pivotal role in the family and their thirst for knowledge and time poorness, mean that women will playing a significant role in this market.

Insurance Women 2016 GBA Summit

  • There are different segments within the Women’s Market for insurance, with specific needs and characteristics. However, AXA found that at different stages, many of the needs are common across segments, including the need for protection, flexibility, reducing business interruption and protection for her home.
  • AXA also analyzed the key barriers to insurance access, which allowed it to map what needed to be unlocked in order for women to overcome the main hurdles. They also saw that they needed to communicate differently with women.
  • Through market research, Banco BHD León found that the main concerns of women were regarding protection and security, as well as health. A value proposition was designed with both financial and non-financial offers, including insurance and assistance. A multidisciplinary team was assembled to execute, including Banco BHD León’s insurance company and a health insurance entity.

Insurance Women 2016 GBA Summit

  • Five solutions were designed to address these needs. Each solution bundled a financial product with an insurance product, so that all were able to holistically address each need: health, business, home, mobility and education.
  • There are three models that can be considered when developing these types of solutions:
    • Bank owns an insurance company – aligning the sales force can be easier.
    • Bank has no relationship with insurance company – a commercial relationship must be identified with a company that has an aligned strategy.
    • Bank partners with an insurance company – developing the customer value proposition is easy, but implementation is challenging. It is important to design simple products, as the sales force will find them easier to implement.
  • Establishing the right KPIs is key, as is ensuring that KPIs change as the business grows.

 

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Insurance Women 2016 GBA Summit

SPEAKERS

MODERATOR: SUSAN HOLLIDAY
Principal Insurance Officer, Financial Institutions Group, IFC
Presentation (members only)

DAWN MILLER
Chief Executive Officer, AXA Insurance Company (US)
Presentation (members only)

MARIA GABRIELA MARINE
Marketing Manager,
Banco BHD León
Presentation (members only)

DANIEL GUTIÉRREZ
VP Business Development,
Banco BHD León

IN THEIR
WORDS:

“Not all women are the same; we need to consider the needs of each segment.”
— Susan Holliday

“There is exceptional buying power among women and women SME owners.”
— Dawn Miller

“[In our market research], we always included the input from our sales force and those that have a first line of communication with clients.”
— Maria Gabriela Marine

“When you go to the branches, it’s really important to listen to your customers. Every person is different, but we are not used to listening to their needs. We are used to pushing products.” 
— Daniel Gutiérrez