GBA Women’s Market for Insurance Working Group Session 3:

1. GBA Women’s Market for Insurance Working Group Session 3: UNDERSTANDING THE MARKET FOR INSURANCE FOR WOMEN May 3rd, 2017

2. Today’s Agenda • Technical time – make sure everyone is connected (5 minutes) • Welcome, follow ups from Session 2, news items, member news (10 minutes) • Understanding the women’s market for insurance (50 minutes) • Understanding the market (15 minutes) • Presentation / discussion by Pura Mendez and Mercedes Padilla, BHD Leon, Dominican Republic (10 minutes) • Presentation / discussion by Rizwan Haider, HBL, Pakistan (10 minutes) • Member discussion (15 minutes) • Return on investment (20 minutes) • Wrap-up and next steps (5 minutes) • Homework for next Session

3. Welcome, key follow-ups from prior month, news • Welcome • Role call Anyone we missed? Anyone new?

4. New & relevant news of inclusive/women’s insurance Increasing Women's Financial Protection - What Can Insurance Do? #InsureHERProtectAll

5. Member news / sharing – achievements during the prior month

6. Insurance data – currently track (X) and will be able to track (x) • 12 active Working Group member institutions • 6 institutions submitted their indicator inventories

7. Understanding the women’s market for insurance Understanding women’s risk management needs • Session Objectives

8. Information needed • Information needed revolves around 3 key questions What risks do your women clients and their families face? How do they currently manage and cope with these risks? How could the coping be improved?

12. Selecting a method for data collection • Key questions to consider What, if any, are the adaptations needed to make the information gathering process specific to women? What are the most cost effective ways of gathering this information? Is this done through primary and/or secondary research? To what extent will secondary research suffice? What is the right balance between primary and secondary? With primary research, should it be qualitative and / or quantitative?

13. Methods for obtaining information on the women's market for insurance WGs

14. Addressing sensitive issues • What are characteristics of sensitive issues? • Considered private, stressful, or sacred • If revealed might cause stigmatization or fear • Related to presence of a political threat where researchers may study areas subject to controversy or social conflict • Getting to sensitive risks and coping mechanisms: • “Genderize” the research process • Gender-sensitive methodology • Identifying demand around sensitive issues: • “Sensitive” research – depends on context, cultural norms and values “Genderize”: “to make distinctions (in a group) according to gender”.

15. Integration into product design When we get the information, what is the best process for integrating it into product or service design? Who should be involved? • If demand research, post data collection activities = 1/3 of total budget or more (suggestion from Guidelines for Market Research on the Demand for Microinsurance) • Plan for analysis • Report drafting • Presenting and discussing the results w/ top management and other key stakeholders • Transition into prototype design and piloting • Follow the laid out approach, especially re “level 2 demand topics” = foundation for product prototype • Still important for any method utilized!

16. Presentation / discussion by:Pura Mendez and Mercedes Padilla– BHD Leon, Dominican Republic • Focus Groups • (26) • Revealing Women needs involves well thought marketing research and empathy • In depth interviews • (20) • Immersion study • (21) • Self perception • Aspirations • Family • Lifestyle • Work • Purchasing Habits • Financials • Insurance • 24 hours to observe habits and daily activities Costs: US$ 59,000

17. Presentation / discussion by:Pura Mendez and Mercedes Padilla– BHD Leon, Dominican Republic • Involving Insurance companies from an early stage was critical • Involve high executives at Insurance companies • Early stage meetings • Presenting market opportunity • Share specific knowledge drawn from market research • Invite to internal CVP development workshops • Assign role as a team player in the CVP design • Captive market inside bank • Interest in high value customers • Establish metrics for following up: service level, response times (claims), sales reports

18. Presentation / discussion by:Pura Mendez and Mercedes Padilla– BHD Leon, Dominican Republic • Involve high executives at Insurance companies • Early stage meetings • Presenting market opportunity • Share specific knowledge drawn from market research • How to match women’s needs with Insurance products Product Examples Economic Independence Individual well-being Family well-being Time Saving • Women specific cancers’ coverage • Fitness consultation • Facial Surgery in case of accident • Nutrition assistance • Pediatric assistance • Panic button Example #1 Car Insurance • Road Assistance • Home Technical Assistance • Computer assistance • Extended car repair warranty

19. Presentation / discussion by:Pura Mendez and Mercedes Padilla– BHD Leon, Dominican Republic • Involve high executives at Insurance companies • Early stage meetings • Presenting market opportunity • Share specific knowledge drawn from market research • How to match women’s needs with Insurance products Product Examples Economic Independence Time Saving Individual well-being Family well-being Example #2 Health Assistance for her and her family • Doctors phone assistance via for: • Spouse, kids and women parents • At home medical visits-3 per year at her home address • Catastrophic illness coverage • Doctors phone assistance • Very affordable • US$ 3 per month

20. Discussion • Methods • Sensitive issues • Others?

21. Return on investment • Business case • Balance – costs and benefits • Identify real innovations that impact direct and indirect profitability • Considerations • Market research leading to product development: • Objective may be clear • Timeframe may be long (in accounting books the cost of the research should be amortized over 3-5 years)

22. Qualitative assessment of ROI for market research If the answer to any of the questions is a score of 4 or 5, then market research can be justified

23. “Post mortem” • Hold a “post mortem” after the research is completed • w/ sponsors and users • Judge insights provided • In retrospect, is research justified? • Straightforward “satisfaction score”

24. Discussion

25. Action statements by members on understanding the women’s market for insurance • What will we do with today’s information?

26. Next topic and homework: Homework • Document exchange: post / share any tools or question guides you use for getting information about women’s needs for insurance. • Discuss the return on investment for your company’s demand research efforts around the development of one women-specific product or service. • Feedback forum: members post their specific women-focused products or product ideas to generate discussion amongst members (Session 4 follow-up activity) Next topic: Specific products for women

27. Schedule

28. Items added to Vault • Insurance Working Group Documents • Call 2 Minutes (updated) • Briefing #3 • Slides – Call 3 • Outside Readings • Mainstreaming Gender and Targeting Women in Inclusive Insurance: Perspectives and Emerging Lessons A Compendium of Technical Notes and Case Studies • Measuring and Maximising the Return on Investment of Market Research • Guidelines for Gender-Sensitive Research • Calculating ROI on Market Research • Using Research on the Status of Women to Improve Public Policies in the Middle East and North Africa: A capacity-building toolkit for non-governmental organizations • Undertaking Sensitive Research: Issues and Strategies for Meeting the Safety Needs of All Participants • Guidelines for Market Research on the Demand for Microinsurance

29. Thank you!

30. Sources for icons used • “Sensitive” icon: https://www.google.com/search?q=sensitive+issues&rlz=1C1CAFA_enUS622US622&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjcjMbjrs_TAhXl7YMKHVw4CeAQ_AUICigB&biw=1366&bih=638#tbm=isch&q=sensitive+&imgrc=ujfUdJM8wcY9uM: • Various others: www.flaticon.com

31. Homework prior to Session 3 call • What are the key pieces of information that we need to know in order to offer a women-focused CVP for insurance? • What are events and risks that are common across women globally? • How do we get information about women’s risk management needs and preferences? • How do we identify real innovations for women that will have a positive impact on our business? This impact can be on direct profitability where, for example, commissions generated are greater than the expenses of offering insurance. This impact can also be on indirect profitability through, for example, new customer acquisition or increased customer retention

32. Methods used by GBA members • How GBA members identify women's specific needs regarding insurance, according to survey

33. Non-insurance data