GBA Womens Market for Insurance Working Group Session 2: IS THERE A - - PowerPoint PPT Presentation

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 5th, 2017

1)

Greetings, welcome and key follow-ups from the prior month (5 minutes)

2)

New & relevant news of inclusive/women’s insurance (5 minutes)

3)

Achievements of members during the prior month

1) Relating specifically to inclusive/women’s insurance and issues we have or will discuss. (5 minutes)

4)

The Business Case: Setting the stage

1) How do we define a “woman” client for insurance? 2) What is a business case for insurance for women? 3) What are the components of a business case for insurance for women? 4) Presentation / discussion by Hellen Tomusange, Centenary Bank, Uganda (10 minutes) 5) Guided group discussion / questions (15 minutes)

5)

Action statements by members on the business case for women’s insurance (5 minutes)

6)

Next topic and homework (5 minutes)

Today’s Agenda

✓ 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?

Greetings, welcome and key follow-ups from the prior month

New & relevant news of inclusive/women’s insurance

Achievements of members during the prior month

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

What results do you expect from tailoring insurance for women?

“Business Case” Definition There is a business case when the investment of capital and

• ther resources in women’s

focused insurance are justified

• ver 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?

Beneficiary? Policyholder? An insured? Employer policyholder?

1.

Proportionate approaches

2.

Processes

3.

Observation

4.

Client communications

5.

Partnerships

6.

Evolution

7.

Long view

8.

Cost / benefit

What are the components of a business case for insurance for women?

Business Case Good products Good Operations

Objectives:

 Changes in financial performance  Changes in retention  Changes in volume of clients

Presentation / discussion by: Hellen Tomusange – Centenary Bank, Uganda

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

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.”

Source: in brief: The Power of Women’s Market Data: A How to Guide. GBA

Key Measures for sex-disaggregated products1

Area Definition Indicator Everyone Women Everyone Women Everyone Women Women with insurance Women with sex- specific insurance Women without insurance Men with insurance Men without insurance Customers Accounts Loan portfolio

• Avg. loan balance

Savings

• Avg. savings balance

Loan to deposit ratio Revenues Profits Risk The rate of non- performing loans NPLs Engagement Products per customer # years with bank Net promoter score # events, web views, etc. Event satisfaction rate Prospect conversion rates Non Financial Services "Day 1" metric? Currently / Able to track clients with insurance Of those indicators, how many / how much are: Currently track Plan to track Data Available on insurance clients Access The reach of the program The actual credit, savings, insurance, and

• ther product uptake

Usage Profitability Performance & impact

• f engagement events
• r services

The revenue and profit generated The level of engagement by customers

Women's Market Performance - Key Measures

Key Measures for sex-disaggregated products2

Area Definition Indicator Women with insurance Women with sex- specific insurance Women without insurance Men with insurance Men without insurance Premiums (Value) Claims (value) Claims (number) Days to claims payment Claims rejections Cost of offering insurance (ABC) Commissions received Insurance renewals New policies Additional Insurance Product Data: Currently / Able to track clients with insurance Of those indicators, how many / how much are:

Women's Market Performance - Key Measures

Schedule

What will we do with today’s information?

Action statements by members on the business case for women’s insurance

• 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 3rd:

• 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?

Next topic and homework:

Thank you!