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 Greetings, welcome and key follow-ups from the prior month (5 minutes) 1) New & relevant news of inclusive/women’s insurance ( 5 minutes ) 2) Achievements of members during the prior month 3) 1) Relating specifically to inclusive/women’s insurance and issues we have or will discuss. (5 minutes) The Business Case: Setting the stage 4) 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) Action statements by members on the business case for women’s insurance (5 minutes) 5) Next topic and homework (5 minutes) 6)
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 “Business Case” Definition There is a business case when New sources of revenue • the investment of capital and other resources in women’s Portfolio protection • focused insurance are justified Indirect benefits from Women’s Products over time such that the benefits, costs and risks Client expansion • balance out to create a Client retention / loyalty commercial rationale for a • bank to enter and sustain a Competitive advantage • position in insurance tailored for the Women’s Market. Improved portfolio quality •
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? Proportionate approaches 1. Processes 2. Observation 3. Client communications 4. Partnerships 5. Evolution 6. Long view 7. Cost / benefit 8. Good products Good Operations Business Case
Presentation / discussion by: Hellen Tomusange – Centenary Bank, Uganda Objectives: Changes in financial performance Changes in retention 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 Women's Market Performance - Key Measures Area Definition Indicator Currently track Plan to track "Day 1" metric? Currently / Able to track clients with insurance Data Available on insurance clients Of those indicators, how many / how much are: Women Women with sex- Women Men with specific without Men with without Everyone Women Everyone Women Everyone Women insurance insurance insurance insurance insurance The reach of the Customers Access program Accounts Loan portfolio The actual credit, Avg. loan balance Usage savings, insurance, and Savings other product uptake Avg. savings balance Loan to deposit ratio The revenue and profit Revenues Profitability generated Profits Risk The rate of non- NPLs performing loans Engagement The level of Products per customer engagement by # years with bank customers Net promoter score # events, web views, etc. Performance & impact Non Financial of engagement events Event satisfaction rate Services or services Prospect conversion rates
Key Measures for sex-disaggregated products 2 Women's Market Performance - Key Measures Definition Area Indicator Currently / Able to track clients with insurance Of those indicators, how many / how much are: Women Women with sex- Women Men with specific without Men with without insurance insurance insurance insurance insurance Premiums (Value) Claims (value) Claims (number) Days to claims payment Additional Insurance Claims rejections Product Data: Cost of offering insurance (ABC) Commissions received Insurance renewals New policies
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!
Recommend
More recommend
