Washington, D.C., September 16, 2015—By
2030, the insurance industry is expected to earn up to $1.7 trillion from
women alone—half of it in just 10 emerging economies, presenting a significant
business opportunity for sustainable and inclusive growth, according to
a new report released today by IFC, a member of the World Bank Group.
The report, titled SheforShield:
Insure Women To Better Protect All
was co-developed by IFC, the AXA Group, and Accenture. It presents 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 finds 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 highlights the contribution women
can make as agents, as marketing and sales leaders, and as professionals
who would expand coverage to clients in emerging markets.
“At IFC, we believe strongly in leveraging the opportunities that women
present as a force for development—as customers, employees, leaders, and
entrepreneurs,” said IFC CEO Jin-Yong Cai. “We are confident that the
findings of this report can help plant the seeds for a thriving women-focused
insurance market—enabling women to better protect themselves, their families,
communities and societies.”
The report is based on a series of in-depth interviews with industry representatives
and associations, brokers, agents, customers, and regulators in the 10
markets, desk research and econometric modeling. It shows how women’s
increased income, improved socioeconomic status, and greater need for protection
create a significant opportunity for insurers. It also describes how women’s
preferences differ by country, income and lifecycle events, requiring insurers
to tailor products and services.
As a next step, the report recommends gathering more and better data on
the topic, including how to customize 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.
"The rising share of women with tertiary education degrees, of women
who work, who own or run businesses, of women who earn growing levels of
income is leading to a changing and expanding landscape of protection needs,"
added Denis Duverne, Deputy CEO of the AXA Group. “We are convinced that
the findings outlined in the report will be a key building block towards
more concrete initiatives to better cater to women’s evolving needs—serving
half of humanity to better protect the whole."
“By expanding the role of women in the salesforce with proper training
and providing a structure that enables them to sell effectively, insurers
can foster economic growth while helping improve the lives of women around
the world, and at the same time open up new avenues for profitable growth,”
said Thomas Meyer, managing director in Accenture’s insurance practice.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with more than 2,000 businesses worldwide, we use our capital, expertise,
and influence, to create opportunity where it’s needed most. In FY15,
our long-term investments in developing countries rose to nearly $18 billion,
helping the private sector play an essential role in the global effort
to end extreme poverty and boost shared prosperity. For more information,