GBA Women’s Market for Insurance Working Group

Session 5:SALES, MARKETING, AND MARKET

EDUCATION

July 5th, 2017

1) Technical time – make sure everyone is connected (5 minutes)

2) Welcome, intro, follow up Session 4, news items, member news (15 minutes)

3) Sales, marketing, and market education (60 minutes)

• Intro to topic

• Marketing

• Sales

• Market education

4) Wrap-up and next steps (10 minutes)

1) Homework for next Session

2) Vault

Today’s Agenda

✓ Welcome/Intro

✓ Role call

Welcome, key follow-ups from prior month, newsBLC Bank Sal Joe Saadeh

Banistmo Nadjie Navarro

Rodrigo Gonzalez Paniza

Lilibet Garrido

Chase Bank Doreen Ratemo

BAC San Jose Marilyn Benavides

Danny Alpizar

Jose Barrantes

Banco BHD Leon Mercedes Padilla

Pura Mendez

HBL Naufal Rafiq Moosa

Centenary Bank Hellen Tomusange

BancoEstado Corredores de Seguros S.A. Loreto Campos Leiva

Pedro Sanchez

Miguel Angel Cambara

Banco Pichincha Andrea Carolina Pailiacho Luna

Maria Belen Sanchez Valdivieso

IFC Kaylene Alvarez

IADB Lauren Murphy

Susan Olsen

AXA Michal Matul

Laura Rosado

Anyone we

missed?

Anyone new?

New & relevant news of inclusive/women’s insurance

Member news / sharing – achievements during the prior month

Share exciting changes at your organization!

Homework from Session 4:

– Feedback forum: members post their specific products or product ideas to generate discussion among members.

– Each institution with a women’s insurance product, assess their product against the SUAVE Checklist (for personal use not for posting)

Business case sub-group:

– New template sent and posted to the Vault

Comments?

Follow up from Session 4 on women-specific insurance products

Session Components

• Intro

• Marketing

• Sales

• Market education

Sales, marketing, and market education

Partnership Development

•Rationale & requirements

•Assess options

•Selection based on criteria

•Implementation

•Technology

•Communication & coordination

•Evaluation mechanisms

Market Research

•Demand•Supply•Distribution channels•Regulations

Institutional Assessment

•Institutional strategy•Organizational culture•Marketing•Financial viability•Human resources•Partnerships•Systems

Pilot Testing

•Compose team•Develop protocol, objectives, projections•Prepare systems & procedures•Customer marketing•Train staff •Pilot test & evaluate

Institutional Assessment

Market Research

Partnership Development

Prototype Design & Testing

Product Design

Pilot Testing

Roll Out

Continuous Review

MIC Insurance Product

Development Process

Successful women-specific insurance products must be S.U.A.V.E.

Simple – policies, conditions, marketing, procedures

Understood – risk pooling, procedures, coverage

Accessible – purchase, premium payments, claims

Valuable – matches needs, fair price and coverage

Efficient – for insurers, delivery channels,

policyholders

SUAVE Checklist for Women-Specific Insurance Products

Market Research – Segmenting the Women’s Market

• Key info from initial market research

• Depends on context

• 5 specific segments in women’s market (IFC)

Investing in Women: New Evidence for the Business Case, IFC

• 5 core criteria (GBA)

• Especially important for insurance

Market Research – A Successful Women’s Strategy

1. Positioning products as solutions to

problems

2. Positioning information, education and

networking as core products

3. Building the financial capability of

women customers

4. Establishing an intelligent, no “pink

marketing” zone

5. Training staff to listen to women rather

than sell to them, creating a relationship-

based business model that sustains

their loyalty

The Paradox of Gender-Neutral Banking, GBA

Marketing A bank’s role in marketing:

• Coordinate messages with insurer

• Address specific needs of women clients (not tech focus)

• Get insurer to attend focus groups

• Insurer funds marketing tools

• Bank promotes through staff & tools

from Andrew Beattie “How to Calculate ROI of a marketing Campaign”

Marketing - Return on Investment

((Sales Growth - Marketing Cost) /

Marketing Cost) - Average Organic Sales

Growth = ROI

• Must understand the costs and benefits

• Clearly define what is being measured

• Connect to real-world objectives

SalesA bank’s role in sales:

• Collects client info

• Manages approval process

• Provides policy materials

• Collects premium

• Conveys premiums & materials

to insurer as agreed

• Ensures effective tools (hard

and soft) for agents

Training staff to listen to women rather than

sell to them, creating a relationship-based

business model that sustains their loyalty

-GBA

Market EducationA bank’s role in market education:

• Promote sex-inclusion in ME

• Observe ME efforts

• Identify product overlaps

• Link ME message & product

• Train staff to leverage

Examples:

• Chile – SVS Educa

• Philippines – Microinsurance Song

• Ecuador – private insurance campaign

• Kenya – FSD Kenya financial education publications

Market Education – Leveraging government initiatives

Insurance supervisory authority in Chile – “SVS

Educa” program

Insurance supervisory authority

in Ecuador – Private insurance

campaign brochure

Strategies for unlocking the potentialThere is no such thing as “one size fits all” in insurance solutions for women

Build intelligenceon women’s

insurance needs

Develop targetedvalue propositionsfor key segments

Improvedistribution and

proximity towomen customers

• Leverage women specific networking

and advocacy habits

• Utilize technology

• Build partnerships• Engage more women in the insurance

• Implement gender disaggregated portfolio monitoring

• Analyze existing and new data on women’s demographics, needs and behaviors

• Implement feedback loops

“Creating an Insurance Value Proposition for Women” Susan Holliday, IFC Group at the GBA 2016 Annual Summit

• The opportunity for banks

• Humanizing AXA brand image to better cater to women’s interests

• Improving salesforce engagement with customers

Experiences from AXA

Questions / Discussion

Homework

– Based on the lessons of this session, members will evaluate their own marketing efforts (including costs and benefits) on a template provided by the facilitators. Copies of marketing materials and the analysis template will be uploaded to the Forum, and members will be welcome to view both materials and analysis, and provide comments.

Next topic: Customer service and claims

Vault

Next topic and homework:

Date Topic

Session 1: Today

Introductions ; Models for delivery and the insurance value chain; Defining Insurance for Women

Session 2: April 5th

Setting up the business case. What specific results to we expect from tailoring insurance for women? How do we know if we have achieved that? Which KPIs do we collect, can we collect, and will we collect?

Session 3:May 3rd

Understanding the market. How do we get information about women’s unique risk management needs and preferences? What are those unique needs?

Session 4: June 7th

Specific products for women. What specific types of coverages can be valuable to women? What are some examples from members?

Session 5: July 5th

Sales, marketing, and market education. What is the role of banks, insurers, and female sales staff in marketing and educating clients? What types and formats of marketing do women need?

Session 6:July 26th

Customer service and claims. How does the process of billing, renewals, claims, and other service aspects need to be different to better serve women? How do banks and insurers work together to achieve this? How do women get value from insurance even if they don’t make a claim?

Session 7: Sept. 6th

Implementing with insurers. Revisiting the models – how do we work together with insurers to implement valuable insurance for women? How do we identify and build good partnerships?

Session 8: October 4th

Revisiting the business case. Do we have data to begin to show a business case? Which aspects seem to be most effective? Which specific KPIs will we continue to monitor? Wrap up and lessons learned

Schedule

Items added to Vault

Insurance Working Group Documents

• Call #4 Minutes (open for comments)

• Briefing #4

• Slides – Call #4

Outside Readings / tools

• ‘Insurance for Women_KPIs Tool’

• Tool: Marketing Efforts Evaluation Template (to be added)

• Product term sheet template

• Insuring Shared Value

Thank you!