The Next Big Business Opportunity

The Women’s Market for Insurance

As women’s risk mitigation needs continue to grow, a strong business case for insurance companies and financial institutions to deliver solutions tailored to the Women’s Market is emerging. This session explored the GBA member experiences in developing insurance value propositions for women customers and the strong business case they have found. Banco BHD León and Banco Pichincha revealed that insurance ties directly to the banks’ bottom line by providing a new source of revenue and growing the client base. Clients with insurance at those banks also have lower NPLs and higher customer engagement. Tying together insights from the recently concluded GBA Working Group on Insurance for the Women’s Market, Hilary offered insights and data points on how insurance for women is a profitable value proposition for both banks and insurance companies.

Key Points

  • The Women’s Market for retail insurance is already US$770 billion and is expected to grow to US$1.7 trillion by 2030 – representing between 19 and 22 percent of the premium volume worldwide.
  • A 2016 GBA member survey revealed that although 80 percent of member banks recognize this opportunity and 63 percent have already conducted specific demand research, only a handful have actually implemented tailored insurance solutions for women. The business opportunity is significant and GBA members are at the vanguard of tapping it, demonstrating that insurance solutions for women can attract new clients and increase revenue, increase stability in the banks’ portfolios, and increase loyalty and engagement with women customers.
  • AXA recognized women as a profitable customer segment and commissioned the demand assessment study “She for Shield” in 2015, in collaboration with the IFC and Accenture.
    • The study and subsequent Women’s Market program pilots have revealed that women are risk aware, they seek to protect themselves, they are responsible for a majority of financial decisions, and they are loyal customers.
    • In developing markets, AXA sees an opportunity to help women improve their lives by providing insurance solutions that address basic needs such as health and education. In developed markets the focus is on the advancement of women’s financial independence. In all markets, AXA does not differentiate insurance products for men and women but rather tailors its other value-add offerings, marketing and communication.
    • AXA found that women are profitable customers and in some segments – such as motor or P&C – women may be more profitable than men. They noted that while some companies are chasing commissions, the real value is in the potential for deeper engagement with women customers across their lifetimes.
  • Banco Pichincha does not have separate products for men and women, but the bank uses specific techniques to reach more women, primarily in the sales and marketing approach – presenting products as solutions.
    • The bank’s demand research has found that women are particularly interested in coverage for the health of their families, but not necessarily individual products focused on them. It has also revealed that while men tend to live in the moment, women plan ahead, and thus are better suited to recognize the value insurance offers. Women entrepreneurs are concerned about the continued growth of their businesses and are best served by bundled offerings that insure not just assets and people but provide risk mitigation services.
    • They have found strong business results, as women with insurance have significantly fewer non-performing loans (4 percent of the loan portfolio compared to 12 percent for women without insurance), higher loan balances (2.6x higher), and higher savings balance (40 percent higher). Women with insurance also have 60 percent more products per customer than those without and 35 percent higher average number of years with the bank.
  • Banco BHD León does offer tailored products for women, which they built around the specific concerns and motivations women have that can be addressed by insurance.
    • Demand research and internal database analysis revealed that women were primarily interested in health and illness coverage for themselves and their families, as well as life insurance and accident insurance. Men prioritized accident insurance, then health and funeral expenses. BHD León used this research to develop insurance offerings that met women’s needs.
    • BHD León also bundles its insurance offerings with other solutions that are tailored for the specific needs of different sub-segments of women, including SME insurance bundled with an SME Assistance product for women entrepreneurs that features assistance from professionals (experts in taxes, labor laws, customs, etc.), costing around US$15 per month. A home insurance product is bundled with the bank’s Mujer Mujer credit card and includes home-specialized assistance such as access to plumbers, electricians and locksmiths.
    • Similar to Banco Pichincha, they found strong financial results for women who have insurance: most powerfully that women with insurance are 2.3x more profitable than women without insurance.
  • All companies had strong internal D&I initiatives that include internal targets and training for employees. Selling to women effectively was a large part of the companies’ training programs, as they noted the front line needs to fully understand and be able to communicate the insurance solution.
  • Bankers should be flexible and open to new ideas to support the risk mitigation and protection needs of women, and the dialogue between banks and insurance providers should be open.


Managing Director, MicroInsurance Centre at Milliman

Group Customer Director, AXA

Insurance Business Manager, Banco Pichincha
Presentation (members only)

Manager of Women’s Market, Personal and Business Banking; Banco BHD León
Presentation (members only)

Manager, Peer Learning and Knowledge; Global Banking Alliance for Women


We can develop products that focus on women’s needs and also have benefits for men.
— Michael J. McCord

Women are more risk aware – they may not take the same level of risk and are willing to protect themselves, their families and their businesses.
— Sara Fert

Our products for men and women are the same. The difference is how you reach the men and women and how you explain the products.
— María Belén Sánchez Valdivieso

At Banco BHD León we have proven that including insurance in our value proposition is profitable and good value for the bank.
— Pura Méndez