Women are an integral part of the insurance consumer base. Aswage earners and financial decision makers, the demographic is animportant one to target when it comes to financial productsales.

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In fact, according to a recent report by AXA, IFC and Accenture,the women's market represents a trillion-dollar opportunity for theinsurance industry.

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The report, "SheforShield: Insure Women to Better ProtectAll," pinpoints that by 2030, the insurance industry isexpected to earn up to $1.7 trillion from women alone. The industrycould significantly increase its participation in the economy andfurther support social and economic development in emerging marketsby more effectively reaching out to women, according to thereport.

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"The rising share of women with tertiary education degrees, ofwomen who work, who own or run businesses, of women who earngrowing levels of income is leading to a changing and expandinglandscape of protection needs," said Denis Duverne, deputy chiefexecutive officer of the AXA Group.

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The report pinpoints 10 key insights about women andtheir protection needs, which are:

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1. Women on the rise — from billions totrillions

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From a market of nearly $800 billion in 2013, the women’s marketglobally is expected to represent between $1.45 and $1.7 trillionby 2030.

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2. A re-balancing act

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The women’s market of the 10 emerging economies covered in thisreport will represent up to half of the global women’s marketpremium by 2030. Women are gaining ground; their increased level ofeducation, income, improved socioeconomic status, and their greaterneed for protection make them a big opportunity for insurers. Thisis strongly reflected in a very simple yet telling number: womenacross the world are willing to invest 90% of their income intotheir households.

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3. A valuable client

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Women’s attitudes toward fraud, claims, loyalty, their roles asa trusted source of recommendations, and their relational ratherthan transactional approach to networks make them a valuablecustomer and an inexpensive brand ambassador for insurers.

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4. It’s not only about money

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It’s more than just financial compensation for loss. Women wantprotection and peace of mind not only for themselves, but also fortheir husbands, children, and parents. They do not want to be aburden; they want short-term simplicity and long-term stability,advice, and support.

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5. It’s all about life’s bigmoments

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Women’s needs and preferences differ by segment and lifecycleevents, requiring insurers to tailor products and services. Thereare five to six tipping points during a woman’s life at which shemakes a significant amount of her insurance related decisions:marriage, entering the workforce, buying a house/car, havingchildren, divorce/widowhood, and retirement. She has little time tothink about protection products on a regular basis.

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professional woman and her family at breakfast
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(Photo: Thinkstock)

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6. The birth of a saleswoman

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Women in the insurance industry are a performing salesforce. Inparticular, their point of differentiation relates to their abilityto develop long-term client relationships, thereby improving clientretention and possibly influencing the iterative uptake ofinsurance products with existing clients.

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Related: How firms can add young women—and boostperformance

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7. Empower womenentrepreneurs

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One-third of the world’s entrepreneurs are women who want togrow their business and take more calculated risks, but who face aglaring gender gap and access to finance. By helping them managethe risks, insurance increases women’s ability to access credit andhelps them to make this leap.

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8. One size doesn’t fit everywoman

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Women are not a homogeneous group but are a diverse market withdifferent needs depending on their income, location, employment,and status. Different women face different constraints in accessingand using insurance.

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9. Digital channels

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Not only for the young, but also for the time-poor: Insurersneed to leverage digital distribution channels to increaseawareness and communicate with women clients, as they have recourseto time-gaining digital services to manage both their family andprofessional agendas. Given women’s role as conduits and the valuethey place on peer-to-peer recommendations, their lack of time anddesire to save it, insurers should leverage targeted socialnetworks and mobility.

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10. Stronger together

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Partnerships with governments, non-governmental organizations,women’s associations, and other private sector players can bedeveloped to expand access to insurance for women. In particular,given the extent to which women tend to lack time and look to saveit, they often see value in buying things together thanks to“transitive trust,” i.e. if one brand/provider trusts anotherenough to partner with it, then so will the woman client. Theinsurance industry should look to identify the right privatepartner(s) with whom to envisage a bundled offer.

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Emily Holbrook

Emily Holbrook serves as owner and head content creator at Red Label Writing LLC, a content studio that collaborates primarily with the insurance and financial services sectors. She can be reached at [email protected].