GBA Womens Market for Insurance Working Group Kickoff

GBA Women’s Market for Insurance Working Group Kick-off call March 1, 2017

Today’s Agenda 1. SETTING THE STAGE • Context for Insurance for women 2. THE WORKING GROUP • • • Goals and objectives Participant Introductions Timeline and Process 3. INTRODUCTORY TOPIC 1 • • Insurance value chain Defining insurance for women Work plan for the year Models for selling insurance 4. ACTION ITEMS

Insurance for Women • • • Insurance is an important financial tool that can serve bank clients, and there is a big opportunity to better serve female clients At least 8 GBA members have tailored some aspect of their insurance for women, and at least another 6 have plans to do so Apply gender-disaggregated data to working towards understanding business case for insurance for women

Current market and projections • • 2015 annual premium value global women’s retail insurance market is $770 billion, 17% of $4. 6 trillion global premium volume Estimate – between 19% to 22% by 2030 Photo credit: Star Microinsurance, Ghana Source: She. For. Shield (AXA, IFC, Accenture)

A business case – insurance for women • Drivers of growth in women’s insurance market – increase in: 1. tertiary education 2. labor force participation 3. income in emerging markets • • More women making financial decisions and becoming heads of households Women = more risk aware and open to seeking mitigation measures than men, conduit for family Sources: She. For. Shield (AXA, IFC, Accenture) and Mainstreaming Gender and Targeting Women in Inclusive Insurance: Perspectives and Emerging Lessons (draft GIZ)

Key insights about women and their protection needs 1. 2. 3. 4. 5. Women on the rise – from billions to trillions A re-balancing act A valuable client It’s not only about money It’s all about life’s big moments 6. 7. 8. 9. 10. The birth of a saleswoman Empower women entrepreneurs One size doesn’t fit every woman Digital channels – not only for the young but also for the time-poor Stronger together Source: She. For. Shield (AXA, IFC, Accenture)

Women’s risks and needs Life – women have longer life expectancies, retirement needs, children as beneficiaries Health – better coverage for women and their families, gaps in gov’t programs, lower OOP spending Property, Credit Life - entrepreneurs (1/3 in world are women), protecting assets

The Solutions – from our members! According to the pre-survey, members offer or plan to offer a variety of coverages specific to women: Legal services for women who lose their husbands Handbag / purse insurance Home / business professional services Women’s unique health needs: breast& cervical cancer, maternity, etc. Education / school fees Income protection after loss of spouse Car insurance with specific add-ons for women, such as transport for kids to school Domestic workers insurance

Women’s Market for Insurance Working Group • Objective: promote increased offers and uptake of valuable insurance by women through working toward a business case and knowledge base for serving the women’s market • Activities: • Compile lessons learned and best practices from GBA member banks on the process and models for offering insurance to women as well as sharing lessons learned by others • Work toward developing the business case for banks and insurance companies to tailor their insurance offer to women and a set of KPIs to measure performance • Develop a set of recommendations for banks and insurance companies to be able to overcome challenges, engage insurers, and implement innovative women focused insurance programs Results from these groups will be shared at a plenary and workshop at GBA Annual Summit

Working Group Participants

Introduce yourself (1 min max): • Name, institution • What do you want to get out of participating in this group? • Andrea Carolina Pailiacho Luna - Banco Pichincha (Ecuador) • Antonio Mora Alfaro - BN CORREDORA de Seguros (Costa Rica) • Doreen Ratemo - Chase Bank (Kenya) • Elmer Patricio Montalvan Zavala, Alejandra Andino - Banco FICOHSA (Honduras) • Hellen Tomusange - Centenary Bank (Uganda) • Joe Saadeh - BLC Bank Sal (Lebanon) • Kaylene Alvarez - IFC • Lauren Beth Murphy- IADB • Lilibeth Garrido - Banistmo (Panama) • Loreto Campos Leiva - Banco. Estado Corredores de Seguros S. A. (Chile) • Marilyn Benavides, Danny Alpizar - BAC San Jose (Costa Rica) • Muthoni Waikwa - Sidian Bank (Kenya) • Ope Wemi-Jones - Access Bank Plc (Nigeria) • Paula Alexandra Henriques Macitela Boca - BCI (Mozambique) • Pura Mendez, Mercedes Padilla - Banco BHD Leon (Dominican Republic) • Rizwan Haider - HBL (Pakistan) • Kirrah Mc. Clelland (offline only) - Westpac Group (Australia)

Timeline and Process • Monthly calls will be scheduled on the first Wednesday of each month until October 2017 at: 9: 00 am EST (PAN/ECU) • 8: 00 am CR/HN 3: 00 pm NIG • 9: 00 am PAN/ECU 4: 00 pm LEB/MOZ • 10: 00 am DR 5: 00 pm KEN/UGN • 11: 00 am CHL 7: 00 pm PAK • Tentative dates: • Mar 1 st • Apr 5 th • May 3 rd • June 7 th • • July 5 th July 26 th September 6 th Oct 4 th

Timeline and Process • MIC and GBA will: o o Project manage the group Facilitate the calls Draft preparatory materials Summarizing discussions o o o Review discussion materials prior to each call Actively participate in regular calls Review meeting minutes for amendments/additions Review the final deliverables and project outputs Participate in the symposium in London in November • Working Group participants will: • Tools, documents, ideas will be available for accessing and commenting / discussion on GBA Vault

Addressing women’s needs across the insurance value chain Source: IFC, Creating and Insurance Value Proposition for Women, presentation at 2016 GBA Annual Summit

Defining Insurance for Women • What does it mean to have an insurance customer value proposition (CVP) specific for women? • What makes it different than insurance CVP for men or for the general population? Why is this relevant for banks?

Addressing women’s needs across the value chain Source: IFC, Creating and Insurance Value Proposition for Women, presentation at 2016 GBA Annual Summit

2. 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? 3. Understanding the market. How do we get information about women’s unique risk management needs and preferences? What are those unique needs? 4. Specific products for women. What specific types of coverages can be valuable to women? What are some examples from members? 5. 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? 7. 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? 6. 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?

Date Topic Session 1: Today Introductions ; Models for delivery and the insurance value chain; Defining Insurance for Women Session 2: April 5 th 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 3 rd 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 7 th Specific products for women. What specific types of coverages can be valuable to women? What are some examples from members? Session 5: July 5 th 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 26 th 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. 6 th 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: Revisiting the business case. Do we have data to begin to show a business case? October 4 th Which aspects seem to be most effective? Which specific KPIs will we continue to monitor? Wrap up and lessons learned

Models for delivering insurance Partnership Model / Bancassurance Model • • Insurance company or companies that is/are a strategic partner of the bank, but no ownership relationship Most common model among the group Holding company / subsidiary model • Bank and insurance company or insurance agency are under the same ownership structure, such as: • Insurance Agent and Insurance Broker subsidiary • Insurer - wholly owned subsidiary of the bank • Bank that is wholly owned subsidiary of an insurance company

Next steps: Review detailed draft work plan and send comments by March 10 th Confirm participation in the group by March 17 th Consider the following questions before the next call on Apr 5 th: • • What results do you expect from tailoring insurance for women? Which (sex-disaggregated) KPIs do/should you collect to determine the success of your efforts?