Tag Archives: Women in Insurance

Women Good for Insurance

We spend a lot of time explaining why insurance is good for individuals, society and the economy as a whole, but a new report reverses that equation.

It focuses on the current and anticipated impact of women on the global insurance market.

Conducted by the International Financial Corporation (IFC), AXA and Accenture, the report estimates that women’s individual spending on insurance premiums will grow to between $1.45 trillion and $1.7 trillion by 2030–half of it in just 10 emerging economies.

That represents a doubling from the current annual premium value of the women’s global market of $770 billion.

The report cites an increased level of education, income, improved socioeconomic status, and a greater need for protection as key reasons that make women a big opportunity for insurers.

This is strongly reflected in a very simple yet telling number: women across the world are willing to invest 90 percent of their income into their households.”

Furthermore, women entrepreneurs now represent one-third of the world’s business owners, and they need protection for their businesses. Just 31 percent of women entrepreneurs surveyed held protection or savings-oriented life insurance, for example.

WomensInsuranceMarketProjections2030

The report also highlights that women’s attitudes to fraud, claims and loyalty, their roles as a trusted source of recommendations, and their relational rather than transactional approach to networks make them a valuable customer and inexpensive brand ambassador for insurers.

Women can act as strong advocates or social marketers for insurers and financial services firms, and are more likely than men to recommend a product or service to their friends and family, the report finds. They are also greatly influenced by the advice of their female peers.

Therefore, women can play a key role in explaining and selling insurance products across customer segments, and especially to other women.

What women want and need from insurance varies by age, income level and lifecycle events, however.

The report urges insurers to abandon the one-size-fits-all approach and instead identify and target segments of women who share common needs and constraints in order to take advantage of this growth opportunity.

Check out I.I.I. facts and statistics on careers and employment to discover what percentage of the insurance industry workforce comprises women.

#InternationalWomensDay

Saturday is International Women’s Day and March is Women’s History Month so it’s a good time to talk about gender diversity in the insurance industry.

While women are well-represented across the insurance industry as a whole, there are very few women in the top executive positions.

The fact remains that only 6 percent of C-suite positions (CEO, CFO, COO) in the insurance industry are occupied by women and only 12.6 percent of board seats are held by women, according to a recent study by the Academy of Risk Management & Insurance at St Joseph’s University.

Findings from the SJU study were presented at last year’s IICF Women in Insurance Global Conference.

However, the glass ceiling is starting to shatter, as evidenced by the recent appointment of Inga Beale as Lloyd’s first female CEO.

Beale took the reins in January and shares her vision for the Lloyd’s market and the challenges and opportunities ahead in this interview at lloyds.com.

Asked to describe her management style, Beale said:

I’ve always enjoyed teamwork and see great benefit in having diverse teams working well together. I therefore do my best to be inclusive, get people involved, particularly when they are the experts, and build solutions and plans together.†

Read more about Beale’s historic appointment in this article by the Financial Times.

For more on women in insurance, Business Insurance’s annual feature Women to Watch spotlights 25 women who are doing outstanding work in commercial insurance, reinsurance, risk management, employee benefits and related fields, such as law and consulting.

Check out Insurance Information Institute (I.I.I.) facts and statistics on women in insurance here.