Page 26 - Insurance Times April 2022

policies. Obvious example is cover for pregnancy. In addition, motor policy, Auto Mulher, aimed at women. Services
women tend to retire early but live longer than men. Women include 24-hour vehicle or home assistance, access to drivers
have no or smaller pensions to help sustain their lifestyle and who can pick up children from school or drive people to the
address health challenges. hospital, pick-up and delivery of cars for repair and discounts
on such items as car-safety seats. These innovations
Despite the business opportunity, the challenges may seem reflectre search in insurance.
insurmountable. However, there are practical solutions that
insurers can take to the open market by addressing women's In India, Tata AIG developed the Wellsurance Woman Policy,
needs. Companies need to make sure they have accurate covering critical illnesses, including breast cancer, along with
data about the gender of their customers-not just overall, other benefits. The policy offers a health helpline and
but also by product. To make progress in marketing to discounts for health and wellness services and cosmetic
women, insurers must establish a clear baseline, KPIs and reconstruction surgery after an accident. They also offer a
incentives related to growing their female customer base. family policy which among other features covers children's
Example: Increase in women policyholders or growth in the education in the event of death or total disability.
number of active female agents.
These examples show that few insurers are placing attention
Another issue is the need for insurers to be solution- on women customers. To be successful, companies that
oriented. Current insurance products are designed with market to women must fully integrate gender into their
men's needs in mind. They fall short of women's expectations strategies and have a deliberate woman -centric business
to mitigate risk and prepare for the future. This requires a plans. Regulators can provide stimulus, if focused on gender
good understanding of women's financial and health issues.
concerns and equipping them with tools. And hence,
women often look to advisors to help them address such Governments and the private sector must understand the
challenges. need to make insurance more women-inclusive. Finally, the
industry can grow and flourish by promoting gender diversity
Insurers also must call on women as influencers to increase within insurance companies and their intermediaries - at
their knowledge and use of insurance, while enhancing the management and working levels. By taking such steps,
market's trust level. Partnerships with other stakeholders - targeting and serving the women's market becomes second
governments, schools, hospitals, non-profits, churches and nature.
temples-can help educate women consumers.
The research paper "Mainstreaming Gender and Targeting
In South Africa, 1st for Women (Telesure group) is a brand Women in Inclusive Insurance: Perspectives and Emerging
focused on the needs of women customers. Products include Lessons" published in April 2017 by the Sector Initiative
life, health, motor, buildings and home contents. Women like Systems of Social Protection and Sector Programme Global
some features, like handbag coverage (part of home- Initiative for Access to Insurance (GIZ GmbH in Germany)
contents policy) and tailor-made women's health coverage. suggests that even women from low- and middle-income
classes are prepared to spend 15% of their monthly income
Assupol, another South African insurer has a majority-female on insurance. It means women are more risk-aware than
clientele @ 58 %. For new business the percentage is 65% men.
in some years. Assupol attributes its success to two factors:
products that address the different life stages of women, If Increasing penetration of insurance for women is
and high proportion of women in client-facing roles, such as successful, there are important secondary benefits:
sales and client service. The company deploys mobile offices 1. Women's participation in the economy will increase.
to townships and villages, making it easier for women who
2. Children whose parents are insured could continue
cannot leave their families for meetings with insurance
education despite disasters or accidents.
representatives.
3. More employment opportunities for women in the
In Brazil, Porto Seguro has added concierge services to its insurance industry. T

26 The Insurance Times, April 2022