Women will become a vital customer base for insurers in the coming years as they play an increasing role in economic growth within emerging and other global markets. That’s what the French insurer AXA Group, Accenture and the International Finance Corporation/World Bank Group determined in a new report.
The report found that women will jump from an insurance market worth nearly $800 billion in 2013 to between $1.45 trillion and $1.7 trillion by 2030.
What’s more, the women’s market included in the 10 emerging economies covered in the report will reflect half of the global women’s market premium by 20130. The reason? Progress.
“Women are gaining ground; their increased level of education, income, improved socioeconomic status, and their greater need for protection make them a big opportunity for insurers,” the report noted. “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.”
The report revealed a wide swath of other valuable information for insurers seeking to target the global women’s market. Among the additional findings:
The report suggests that insurers can reach more of the women’s market by gathering and monitoring more data, analyzing information in women’s demographics and socioeconomic trends and conducting more in-depth focus groups for women client segments. With that information in hand, the idea is that insurers could gain by developing targeted products and services.
Another tool that could help, according to the report: improving distribution and proximity to women clients.
Source: AXA, International Finance Corp./World Bank Group, Accenture.