Insular Life, the first and largest Filipino life insurance company, in collaboration with IFC, a member of the World Bank Group, launched a program, which is expected to impact the lives of one million Filipino women.
Called InLife Sheroes, it will provide risk mitigation solutions throughout their lifetime and educate them on financial management, health, and well-being.
The program aims to reach out to the relatively untapped segment of women in the Philippines, starting with women entrepreneurs who need life and health protection as well as financial solutions to expand their businesses. An IFC report estimates that women’s market opportunity for the insurance industry will grow up to $1.7 trillion by 2030 globally, 50% of which will come from emerging markets such as the Philippines.
IFC and Insular Life partnered in 2017 to expand women’s access to insurance in the Philippines. With IFC’s support, Insular Life is now developing insurance solutions designed for women with specific coverage, bundling of products, and customized add-on services.
Henriette Kolb, Manager of IFC’s Gender Secretariat, said, “There is both a clear business and social case for integrating gender and targeting women in inclusive insurance. To forgo this untapped market segment will be a lost opportunity to drive economic growth.” She added, “The InLife Sheroes program, through expanded financial protection, will help ensure the economic well-being of women, thereby bolstering the Philippines’ growth trajectory. We are pleased to support Insular Life in its efforts to strengthen every Filipina’s role in nation-building through solutions that increase their ability to cope with financial challenges and protect their assets.”
The InLife Sheroes program is part of Insular Life’s broader strategy to empower Filipino women to achieve a better life.
Since 2016, IFC has been working with insurers to develop specific approaches to address the needs of women at various stages of their lives as well as for women-owned SMEs—while creating income generating opportunities for women as insurance employees, advisors, and distributors.
Original source: IFC
Published on 12 March 2019
