The insurance industry is expected to earn up to US$1.7 trillion from women alone, with almost half coming from 10 emerging economies, presenting a significant business opportunity for sustainable and inclusive growth, according to a report released by IFC, AXA Group and Accenture.
The report, “SheforShield: Insure Women to Better Protect All”, is a first-of-its-kind study of the women’s insurance market in the emerging economies of Brazil, China, Colombia, India, Indonesia, Mexico, Morocco, Nigeria, Thailand, and Turkey. It analyses the business opportunity the women’s market represents for insurers, identifying growth drivers and highlighting women’s evolving and growing protection needs in order to ensure the industry develops the most relevant value-added propositions for this segment.
The report found that the insurance industry has largely overlooked women as a key customer segment, despite significant growth potential in the market. By more effectively reaching out to women, the industry could significantly increase their participation in the economy and further support social and economic development in emerging markets.
Exploring the impact of the women’s market on both the demand for and supply of insurance, the report also highlighted the contribution women can make as agents, as marketing and sales leaders, and as professionals who would expand coverage to clients in emerging markets.
As a next step, the report recommended gathering more and better data on the topic, including how to customise products, services, marketing and distribution to better reach the women’s market; leverage the power of mobile technology; and create innovative partnerships to educate customers more widely on their insurance options.