Emerging Insight: Designing the right insurance product can improve women’s lives
17 December 2020
Designing appropriate and accessible insurance products for female customers is a goal for Women’s World Banking. Over the past decade, Women's World Banking has made great strides in achieving this goal, having developed and launched various insurance products for women.
In a recent video, Women's World Banking shared with us their insights from over ten years in developing insurance products for low-income women. The most important principle that Women's World Banking follows is that whenever you are designing an insurance product (even if it is for both men and women), you must design the product with the woman in mind. If you do not do this, you will likely make design decisions that go against women.
Whether choosing to distribute insurance through mobile phones, which women are less likely to own, or whether deciding on what benefits to include or who to cover (husband or wife) within the policy, it is important to keep women’s needs and preferences in mind. Insurance companies also need to be mindful of behaviours and how potential
customers receive their marketing. Women’s World Banking’s experience in Cambodia, for example, showed that women were less likely than men to buy insurance when put on the spot in a sales call. As men were easier to sell to, this led over time to a much larger base of male clients.
To watch the video, click here for more examples of how Women’s World Banking designs appropriate insurance offerings for low-income women.
In a recent video, Women's World Banking shared with us their insights from over ten years in developing insurance products for low-income women. The most important principle that Women's World Banking follows is that whenever you are designing an insurance product (even if it is for both men and women), you must design the product with the woman in mind. If you do not do this, you will likely make design decisions that go against women.
Whether choosing to distribute insurance through mobile phones, which women are less likely to own, or whether deciding on what benefits to include or who to cover (husband or wife) within the policy, it is important to keep women’s needs and preferences in mind. Insurance companies also need to be mindful of behaviours and how potential
customers receive their marketing. Women’s World Banking’s experience in Cambodia, for example, showed that women were less likely than men to buy insurance when put on the spot in a sales call. As men were easier to sell to, this led over time to a much larger base of male clients.
To watch the video, click here for more examples of how Women’s World Banking designs appropriate insurance offerings for low-income women.