Tailoring insurance to meet women’s unique needs, concerns, and preferences is a crucial step in encouraging them to practice financial empowerment and security. This is according to Insular Life (InLife) Chief Marketing Officer and Bancassurance Head Gae L. Martinez.
“Women are incredibly diverse. They come from varied backgrounds, possess unique life experiences, and face a multitude of challenges. Therefore, our approach to selling insurance to women must be nuanced, empathetic, and tailored to individual circumstances,” she said in her speech before the Professional Insurance and Financial Advisors Association of the Philippines (PIFAAP) Congress.
The PIFAAP is comprised of leading insurance and financial service professionals dedicated to promoting high standards of ethics, client services, and productivity. It is focused on professional excellence through continuing education.
Understand what women need
Martinez emphasized women’s crucial role as catalysts for social progress and as substantial contributors to income generation and community investment. This is why insurance providers should devote themselves to genuinely hearing women, comprehending their distinct situations, and empathizing with their worries.
“Whether it’s supporting their families, planning for the future, or navigating life’s uncertainties, women possess specific needs that necessitate attention. The InLife Sheroes Landmark Study on Women in 2018, yielded valuable insights into the financial and health-related mindsets of Filipino women,” she shared.
The InLife Sheroes Advocacy and Movement is the flagship initiative of InLife for women empowerment through financial inclusion. It was launched in partnership with the International Finance Corporation (IFC) in 2019. Initially targeting one million Filipino women in three years, it has surpassed expectations, reaching out to 4.56 million Filipino women by the end of 2021 and up to 6.5 million Filipino in 2023.
Martinez shared that InLife Sheroes has forged partnerships with various like-minded organizations that are committed to empowering women through on-ground events, webinars, and other initiatives. They include the Philippine Business Coalition for Women Empowerment, Imaginable Impact, and What Glass Ceiling podcast among others.
Provide education, empathy, and trust
Empowerment through education is equally important. In order to make informed and wise financial decisions, women prefer comprehensive explanations and educational resources according to Martinez.
“As insurance professionals, it’s our responsibility to demystify complex insurance policies, explain coverage options in clear terms, and provide the necessary information for women to make informed choices,” she said.
Just as important as education is practicing empathy and building trust.
“To cultivate trust, it’s essential to go beyond mere transactions and foster genuine connections. Demonstrating empathy, by truly understanding and acknowledging women’s concerns, fosters a sense of being heard and valued. Transparency is equally vital, openly sharing information about products, processes, and potential outcomes instills confidence and removes uncertainty,” Martinez said.
Customize solutions
Martinez said that women’s insurance needs differ based on various factors such as life stage, civil status, family structure and career. Insurance companies must therefore offer personalized solutions that align with these.
Last year, InLife launched Resilience Female Cancers, a limited pay whole life critical illness plan that provides a guaranteed lump sum cash benefit upon the diagnosis of nine specific cancer types: breast, ovarian, cervical, and endometrial cancer, uterine sarcomas, malignant mixed mullerian tumors, malignant germ cell tumors, fallopian tube cancer and leiomyosarcomas.
Make insurance accessible and affordable
Martinez also encouraged insurance professionals to provide transparent pricing information and explain how insurance can be affordable, considering its long-term financial protection.
“Utilize digital tools and resources to make the insurance buying process more convenient and accessible for women,” she encouraged.
Martinez shared that InLife offers affordable insurance for women on Lazada for as low as P99 and through the UnionBank Insurance Marketplace. InLife products are also available through InLife financial advisors, and through the regional managers, financial advisors, insurance solutions managers of UnionBank.
“Selling insurance to women is more than just closing deals, it’s about empowering women to take control of their financial futures. By understanding their needs, educating them about their options, building trust, and providing personalized solutions, insurance professionals and financial advisors can play a pivotal role in ensuring that every woman has the protection and security she deserves,” Martinez said.
