GBA Womens Market for Insurance Working Group Session

GBA Women’s Market for Insurance Working Group Session 2: IS THERE A BUSINESS CASE FOR A WOMEN-FOCUSED INSURANCE CLIENT VALUE PROPOSITION (CVP) April 5 th, 2017

Today’s Agenda 1) 2) 3) Greetings, welcome and key follow-ups from the prior month (5 minutes) New & relevant news of inclusive/women’s insurance (5 minutes) Achievements of members during the prior month 1) 4) The Business Case: Setting the stage 1) 2) 3) 4) 5) 5) 6) Relating specifically to inclusive/women’s insurance and issues we have or will discuss. (5 minutes) How do we define a “woman” client for insurance? What is a business case for insurance for women? What are the components of a business case for insurance for women? Presentation / discussion by Hellen Tomusange, Centenary Bank, Uganda (10 minutes) 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)

Greetings, welcome and key follow-ups from the prior month Everyone to review and comment on the proposed working group (WG) objectives Everyone to confirm your participants in the working group by 17 March. Everyone to prepare answers for the following two questions by 3 April: 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?

New & relevant news of inclusive/women’s insurance

Achievements of members during the prior month

What results do you expect from tailoring insurance for women? Direct Benefits from Women’s Products • New sources of revenue • Portfolio protection Indirect benefits from Women’s Products • Client expansion • Client retention / loyalty • Competitive advantage • Improved portfolio quality “Business Case” Definition There is a business case when the investment of capital and other resources in women’s focused insurance are justified over time such that the benefits, costs and risks balance out to create a commercial rationale for a bank to enter and sustain a position in insurance tailored for the Women’s Market.

How do we define a “woman” client for insurance? Policyholder? Employer policyholder? An insured? Beneficiary?

What are the components of a business case for insurance for women? 1. 4. 7. Good products Proportionate approaches 2. Processes 3. Observation Client communications 5. Partnerships 6. Evolution Long view 8. Cost / benefit Good Operations Business Case

Presentation / discussion by: Hellen Tomusange – Centenary Bank, Uganda Objectives: q Changes in financial performance q Changes in retention q Changes in volume of clients

The business case for sex-disaggregated insurance: Collecting the data, and guiding the approach “Sex disaggregating customer data is the first step to building a solid business case for a Women’s Market program. ” DOS AND DON’TS Do: Sex-disaggregate data from day one of program implementation Do: Set minimum essential indicators to measure Do: Establish a baseline Don’t: Ignore the need to get staff on board with the program Don’t: Underestimate the time and effort required to update IT systems Don’t: Forget that data is only as good as what you do with it Source: in brief: The Power of Women’s Market Data: A How to Guide. GBA

Key Measures for sex-disaggregated products 1

2 Key Measures for sex-disaggregated products

Schedule

Action statements by members on the business case for women’s insurance What will we do with today’s information?

Next topic and homework: • Sort out your available data using the template (will be on Vault) • Follow up in (later) April, July and Oct. • Consider the following questions before the next call on May 3 rd: • How do we get information about women’s unique risk management needs and preferences? • How can we develop products that satisfy the needs of women, and satisfy our objectives as discussed today?

Thank you!