Women’s Market for Insurance Working Group

Women’s Market for Insurance Working GroupCall 2 - Minutes

April 5, 2017RECORDING LINK:https://recordings.join.me/SE3hVEmNlEeRBytg4tPPRQ

PARTICIPANTS:Inez Murray (GBA) Jose Barrantes (BAC, Costa Rica)Rebecca Ruf (GBA) Loreto Campos Leiva

(BancoEstado, Chile)Vanessa Van Landingham (GBA) Pedro Sanchez (BancoEstado,

Chile)Michael J. McCord (MicroInsurance Centre)

Miguel Ángel Cambara (BancoEstado, Chile)

Katie Biese (MicroInsurance Centre)

Susan Olsen (IDB)

Mariah Mateo Sarpong (MicroInsurance Centre)

Rizwan Haider (HBL, Pakistan)

Pura Mendez (BHD Leon, Dominican Republic)

Joe Saadeh (BLC, Lebanon)

Mercedes Padilla (BHD Leon, Dominican Republic)

Andrea Pailiacho (Banco Pichincha, Ecuador)

Hellen Tomusange (Centenary, Uganda)Doreen Ratemo (Chase Bank, Kenya)Michal Matul (AXA, France)

PRE-SESSION ACTION ITEMS: Everyone to prepare answers for the following two

questions by 5 April (date of next call):1. What results do you expect from tailoring insurance for

women?2. Which (sex-disaggregated) KPIs do/should you collect to

determine the success of your efforts?Thank you for sending comments on the work plan; MIC will send out revision this week.

AGENDA Greetings, welcome and key follow-ups from the prior month (5

minutes) New & relevant news of inclusive/women’s insurance (5 minutes)

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Women’s Market for Insurance Working Group

Achievements of members during the prior montho Relating specifically to inclusive/women’s insurance and

issues we have or will discuss. (5 minutes) The Business Case: Setting the stage

o How do we define a “woman” client for insurance?o What is a business case for insurance for women?o What are the components of a business case for insurance

for women?o Presentation / discussion by Hellen Tomusange, Centenary

Bank, Uganda (10 minutes)o Guided group discussion / questions (15 minutes)

Action statements by members on the business case for women’s insurance (5 minutes)

Next topic and homework (5 minutes)

MINUTES:

Michael J. McCordWelcome and setting the stage:

Today start talking about business case for women.

Two questions: What are your objectives for insurance women? Which KPIS / measures are you collecting to determine success.

Mariah Mateo SarpongIn the News: Insurance for women – News (slide 4)

New product launched in South Africa – ‘All Woman Dread Disease Cover’

o typical female cancer coverage o Coverage for accidental HIV infection due to violent crimeo ‘Law for Her’: You can call our 24/7 legal advice line for

legal matters.o ‘Home Safe Chauffeur’: You get transport home if you’re

not in a condition to drive yourself, such as after receiving cancer treatment.

o ‘Intelligent Panic’: This is a 24-hour location-based service that gives you emergency assistance which can be activated by pressing a dedicated number on your cellphone.

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Women’s Market for Insurance Working Group

o ‘Trauma and Assault Emergency Helpline’: We provide a range of emergency medical assistance.

o ‘HIV Prevention Benefit’: You can get appropriate treatments within 72 hours of accidental exposure to HIV.

o 1 st For Women is an insurance company entirely dedicated to the women’s market. When they began in 2004 out of the desire to design products that meet women’s needs

John Hancock Insurance launches ‘Insurance Planning for Women’ program

o Focus on issues related to retirement and long-term care (LTA) since women outlive men, women don’t have enough insurance

o Company recognizes the growth of the women’s market and the opportunity that presents

o Launch coincided with International Women’s Day on March 8th

o Insurance Planning for Women brief document o Some interesting tools in the document: John Hancock

Advanced Market Radio, Case studies, “Fact finder” Nibedita Comprehensive Insurance Policy for Women from Green

Delta Insurance in Bangladesh:o Product keeps getting media attention, but was launched

in 2014.o Objective to provide economic security for women and help

them be self-dependent. About 5000 clients. Very specific and tailor made for women there – meet needs of hazards of occupation as well as social issues.

o Standard disability and accidental death. o Trauma allowance for rape, road bully, acid victim. Also

have other benefits – Nibedita app has security feature panic button. Sends distress SMS to Green Delta head office, to security company, and to relative.

o Idea came from Managing Director and CEO who realized that the needs of women in Bangladesh (52% of the population) were not being addressed

Member news:Updates/achievements on women-focused insurance (slide 5)

- Chase: extension of receivership status of 6 months. Waiting approvals from central bank…stay optimistic. Requesting that even with this should be able to proceed. Setback for them.

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Women’s Market for Insurance Working Group

- BHD Leon: Insurance launched 2015 – life insurance with education covers for children. Very successful – launched for women as they care in particular for health and wellness of children. Surprised that has been so successful as to capture men as well. Biggest achievement is that women have had a good response to the product, provides them the ability to choose which coverage they have based on the schools that their children attend. You can also choose how many children. Volume of sales is much different than the other generic products.

- BancoEstado: Have improved insurance by giving better assistance. Preventative exams for women for the bank they are working with. Collecting data for the last month – number of users of the assistance has improved, number of usage of assistance (in women)

Michael J. McCord:What results do you expect from tailoring insurance for women (slide 6)

- Definition of business case. When investment of capital and resources are justifiable over time, such that benefits cost and risk all balance out to create a commercial rationale. We recognize that there are lots of benefits and expectations for insurance, but ultimately we need a commercial rationale to enter and sustain a position. Not just the overall case for insurance, but dig into what exactly in detail we are looking for with women’s insurance. We all need to have the information for senior leaders, others, ourselves for improvement.

- What kinds of things do you expect from tailoring insurance for women.

o Rizwan, HBL – women are not taking care of health. If we can offer a good insurance package to women, we might save numbers on mortality percentage. Reduce mortality. We need to have affordable product where the premium can be affordable for women.

MJM – what is impact on HBL with that and what do you expect in terms of business?

Rizwan: we should have a healthier portfolio of customers. If she is taking care of her health, her child is healthy, word of mouth plays also an important role. Portfolio is different from other banks.

MJM: Competitive advantage – people will see and draw new clients

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Women’s Market for Insurance Working Group

o Doreen, Chase: Main thing is relationships with clients. Position themselves as best in market. In Kenyan market, not a whole lot focusing on women. The few who are there are really competitive. Trying to find a way to distinguish themselves as the best

Deepening relationship with customers by providing holistic solution

Growing non-funded income line – insurance is good way to do that

Even with positioning, the whole insurance position had to lean strongly on the income side just to get the sign off. For women’s market program have to prove even more with new management – need to prove the revenue side more (premium sharing with insurers)

o Joe, BLC – working on adding value to “mothers accounts”, to attract more women. They are thinking of reducing the savings account and trying offer insurance as a benefit instead.

In Lebanon, the husband has to open the savings account for the child. They have found a way to have the women open the account for the child with these “mothers accounts”. What does this to for the business? Increases our deposits. Have seen an increase in deposits. Also opportunity for cross-selling. Woman can also open joint account for husband.

o Miguel, BancoEstado. Working with state bank - want to be an important tool for inclusion socially and financially. Improve the perception people have of their company, improve women’s participation in the insurance market by tailoring the benefits/assistances for women. Create new income – 6 million clients can be reached with this product. XX % of these women are age XX. 51% of these people earn about USD 300 per month.

MJM: are you expecting just commissions or something else

Miguel: commissions and the visibility – cross sellingo Michal, AXA: What is AXA expecting from working with

women? Is new to AXA and impressed with what they are doing. Commitment to helping women manage risk better. Women are more loyal, better clients. Additional value

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Women’s Market for Insurance Working Group

comes from this. As women grow and expand economically they will expand with AXA.

Two streams – emerging customers. This is exactly it. AXA as a whole in developed markets targets women as well. different expectations in the advanced markets. Building loyalty.

o Andrea, Pichincha: By 2020 all clients have at least one insurance. Peace of mind for women, women improving their businesses

o WestPac – launched a campaign around retirement. Women in Australia were ending up with 40% less money in their retirement accounts than men. Didn’t expect to get the male response, but resonated with men as well – that helped a lot too.

- Re-cap of the benefits:o New sources of revenue – commissions or profit sharing.

Increased savings, increased deposits. How do we think realistically about what to expect and what to manage.

o Portfolio protection – if client dies, loan is paid o Competitive advantage o Improved portfolio qualityo Better growth of loans – if clients still having problems that

are insurable have potential to improve growtho Expand clients. Come to us for new productso Retention and loyalty

Defining a woman client for insurance (slide 7)Insurance has different relationships:

- As a policyholder: what does she want specifically for her?- As an insured: designed for women, but something that men can

purchase. Components that are beneficial for women. - Beneficiaries: think about women in terms of the policies in

which she is the beneficiary - As an employer. All of these aspects of a women relationship to

the insurance. Need to integrate these things. A woman as a business owner - if a woman has employees, they should be insured too. How do we help women as business owners improve their ability to get employees and source quality people?

- Are there any that focus on insurance as other than as the policyholder?

o Pura: BHD was thinking of 2 aspects: Holistically. and for women entrepreneurs – different aspects of the business

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Women’s Market for Insurance Working Group

that she needs to cover; need advice in different aspects legal, professional, damage. Regarding beneficiaries – tailored for women in the DR, if have higher income can have hired help. When they have health situation, the women have to take care of that. So she has them as their beneficiaries (almost an employee’s coverage).

Components of a business case for insurance for women (slide 8):

- SUAVE insurance products – how to make the product attractive to women to drive those income and other indirect benefits for the bank. Recognize that across economic and gender line.

o Simple – conditions, marketing clients understand what the products are. Especially women need good understanding of what products are. Touch/connection with sales person

o Understoodo Accessible – easily manage their insurance product. Banks

have an advantage because have people coming ino Valuable – match their needs. How to make sure look at

needs for women so they are valuable. Recognize around economic lines and gender, what makes a product valuable is different

o Efficient – think about processes, and how we do everything around insurance. Very cheap and efficient. Making sure that we are managing efficiently the products. Client communications. Evolution – if we are going to use insurance as comp adv. Need to move forward

- Have to make sure we are keeping costs efficient. Cost/benefit of product

- Need to have a long, evolutionary view of products- Comes back to cost / benefit of these products / programs- Need to track data on a product basis

Hellen Tomusange, Centenary Bank, Uganda (slide 9) What are the objectives that Centenary has for insurance?

- Women starting program wanted to have proposition for women that is attractive. Partnered with insurance company.

- “SupaWoman” program, includes insurance- Improve financial performance - Expand client volumes- After putting insurance package out there – to access the health

insurance scheme you have to be a member of the SupaWoman

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Women’s Market for Insurance Working Group

program. Some come to the program specifically to benefit from the health insurance

- 3 objectives to improve financial performanceo Achieved through different indicators – numbers have

improved. o Number of women who have joined have referred other

women. o Women have access to better health services; also in

Uganda who have health insurance are employed by big companies – women were being left out and disproportionately affected

o Has very much improved the image of the banko Something new – husbands are encouraging their wives to

join the program. The woman has to enroll first, and then the family can enroll.

- Partnership with insurance company – they also offer free health check-ups during other bank events.

- Has improved the relationship with customers in the scheme – they are more active, updating their account. Compared with other women who are not in the scheme.

- Customers that are enrolled talk about it to others; once they go to the hospitals that are part of the scheme. They tell the people there that it is because they are a “SupaWoman”. Health workers have started joining as well.

- Annual arrangement – come back before the expiring date and inquire about process of renewing.

- Another indicator of success – another bank has begun talking to insurer to offer something similar. Insurer is offering a similar package at a higher premium, so Centenary still has an advantage for now.

- Looking at how to rate the enrolment – key success point; insurance company has now put up staff to educate about the scheme, growing the partnership and volume.

o MJM: what are you tracking specifically to prove that this is because of the SupaWoman product

o Process for enrolment – pay premium at the bank and fill it in at bank and scan and send to bank. Medical cards are collected at bank. Track those numbers: so there is a tag for enrollees and assess account size and activate for these different from other clients

o Track in Excel – don’t have it in the system o Staff from IML is able to call them

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Women’s Market for Insurance Working Group

o Referrals – they track this as well is the system. (excel) o Moving into a digital system as they go into agent banking. o Inez: confirm that you have to be member of SupaWoman

to be in the health insurance? So referrals sign up for both at the same time.

If you come specific for health insurance – they then open a SupaWoman account as well. it is a discounted premium for the SupaWoman. Premium is double if you go direct to the insurer

A business case – data (slide 10)- Sex-disaggregated data is first step of business case- Establish a baseline so we can better understand if the changes

we are making are making a difference- Collect from Day 1 – want to think about this as soon as possible- IT systems- If going to start proving that we are getting benefits need to

think about disaggregating and segmenting according to women with insurance product, women with specific sex insurance product, and no insurance products. Same thing for men.

Potential data collection (slides 11-12)- How do we prove that we are getting (will get) these benefits. - Took indicators from the data program that people are tracking

already for their banking products- We want to look at specific breakdowns of the current data. Do

women with insurance have higher loan balances? Do women with insurance specific for them have higher loan balances/savings balances?

- Let’s look at what we CAN collect, and then we can better know what to expect with insurance.

- There are some specific insurance indicators that will help to understand what is valuable. If you are going to stand out in the market because of this insurance product, you have to understand what is happening with it.

- When we start to break down and segment by these products you will see some interesting and helpful things.

Questions:- Pedro – how do we work with customers when they have

complaints? They have a special area that works with.o MJM: we will address this point when we send materials out

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Women’s Market for Insurance Working Group

- MJM: If you think of any that you are missing, send a message with suggestions

- Rebecca: definition of women customer for insurance. When we look at data and indicators, are we thinking of this as a policyholder and as a bank customer, and then relate the data to the insurance. The benefits of insurance for banks via beneficiaries, insureds, etc are important but much less feasible to track.

o MJM: For now we will look at the woman as a policyholder

Next steps- What will we do with it today’s information? - “Homework”

o Sort out the available data – Fill in the Excel grid which will be sent via e-mail and will be on Vault. Will keep coming back to it.

o Will come back to the grid several times over the next few months.

- Next month: understanding the market – how we get information and how we use it.

o Understanding specific women’s needs: How do you get information? Cost of getting that information? How can we develop products that satisfy women’s

needs and bank’s objectives?

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