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1、园InlifeINSULAR LIFE,Box1.INLIFE ATA GLANCEPHILIPPINES -Insular Life (nLife) is the oldest(over100 years).and thelargest Filipino life insurer and the only mutual in theTHE CASE FORPhilippinesIn 2019,the Company was the eighth largest in theINSURINGPhilippines.with a5.4 percent market share,and theCo
2、mpanys gross written premiums (GWP) were S246.8million.WOMEN FOR67percent of its senior management,andathird of itsA BETTERboardoftrustees,which is chaired bya womanAs of December 2020,women accounted for almost twoTOMORROWthirds (61 percent) of Inlifes retail GWP70 percent of itsagents,and 78 perce
3、nt of InLifes top performersDistribution of inLifes policies is mainly through agentsand bancassurance,while health insurance has recently1.INTRODUCTIONstarted being sold through a new e-commerce platformand partnerships with insurtechsIn 2018,Inlifes Chair.Nina Aguas.joined the AdvisoryEstablished
4、in 1910 in Manila.Insular Life (knownCouncil on Gender and Development for a 4-year termas InLife) is a leading life insurer in the PhilippinesThis councilof business and government leaders is the Worldandalso operates a health maintenance organizationBankGroups mainconsultative body on genderequali
5、tyInLife Health Care.In 2018,InLife partnered with theIn 2019,InLife became the first Filipino life insurer to earnInternationalFinance Corporation (IFC)supported bycertification from EDGE.aglobal assessment that certifiesthe Women Entrepreneurs Finance Initiative (We-Fi)businesses ifthey meet EDGES
6、 high standards for genderto develop a strategy for becoming the insurer andequality.employer ofchoice for Filipino womenIn February 2020,the Public Relations Society of thePhilippines gave InLife a Gold Anvi Awardfor the companysoutstanding Sheroes Program.IN PARTNERSHIP WITHIn August 2020,for the
7、fourth consecutive year, theInsurance Asia Awards named InLife the Domestic LifewefiQIFCInsurer of the Year.#page#In 2019,this partnership created the InLife Sheroes Program.Theprogram has developedinnovativelifeandhealthinsuranceSolutions forindividualwomenand women-owned businesseswe-Fdigital dist
8、ribution channelss and partnerships with otherorganizationsempowering Filipino women.In 2020in lightofWOMENENTREPRENEURSthe devastating COVID-19 virus,InLifeadaptedits approachFINANCE INITIATIVEto better support women as they navigate the personalandfinancialimplications ofthe pandemic.InLifealso in
9、creasedThe Women Entrepreneurs Finance Initiative (We-Fi)its digitalpresence and outreachwhich has furthersolidifedsupports women entrepreneurs by scaling up accessand demonstrated its commitment to women.to financial products and services,buiding capacity,expanding networks,offering mentorsand prov
10、idingopportunities to link with domestic and global markets.2.CHOOSINGTHEWOMENSTo learn more,visit www.we-fi.orgMARKETIN THE PHILIPPINES2.1 THE BUSINESS CASE FOR WOMENSFilipinos are digitally savvy and very active on social mediaINSURANCE IN THE PHILIPPINESThis presents a valuable opportunity for in
11、surers to interactAlthough the Philippines insurance industry has a lowwith potential customers and raise awareness about insurancepenetration rate (only 1.69 percent as of Q3 2019)products ina directand relatively costeffective wayIn Januarymicroinsurance policyholdersarerisingas isinsurance densit
12、y2020,the countrys 108 million people had approximately(the average amount each individualspends on insurance)173.2 million mobile phone connections,and there were 73Theseinereases show thatsince Filipinos have become moremillion unique mobile phone users nearly all ofwhom areaware ofthe benefits of
13、insurance their appetite forcoverageInternet and social media users.7 Regarding time spent onhas grown.As ofSeptember 201940 million Filipinos werethe Internet and social media, Filipinos rank #1globallycovered by microinsurance-a Substantial rise from 29 millionas they average 10 hours per day on t
14、he Internet four ofpolicy holders in 2015.Alsoas of Q3 2019,insurance densitywhich are hours on social media.Of social media websiteshadrisen 1.16 percent yearon-yearFacebook and YouTube are the most popular Across all socialmedia platforms Filipino women are the major targets forBy 2030.women will
15、represent a S1.7 trillion opportunityfor the global insurance industry with half of this injust 10(12 percent versus 8 percent).xThis high levelofInternetandemerging markets.In an insurance market with significantgrowth potential such as the Philippines, women are ato connect with women customers an
16、d interact with themparticularly promising segment. In 2020.the Philippinesranked 16th out of 152 countries in the World EconomicForums Global Gender Gap report This assessment takesintoaccount womens levelofliteracy secondaryeducationand life expectancy as well as the percentage of womenBy 2030,wom
17、en will represent a S1.7professionals,legislatorsand senior managers.In all thesetrillion opportunity for the #page#2.2 SPOTLIGHT ON WOMENS RISKPROTECTION NEEDSBox2.KEYINSIGHTS ON THE FILIPINOWOMENSResearch shows that in the Philippines.family is the topMARKET FROM THE SHEROES LANDMARKpriority for w
18、omenas they are often responsible for caringSTUDY ON WOMENfor children as well as elderly relatives. Health is a highIn addition to the market research conducted by IFCinpriority too for women-their own health, the health of2018 the Sheroes program undertook research to furthertheir family and the h
19、ealth of their employees ifthey ownunderstand the needs,preferences,andfinancialandor manage a business.healthandwellness habits of Filipino women.Key insightsfrom the research includeResearch in the Philippines shows as well that almost all96 percent of Filipino women surveyed did noton their own o
20、r with their spouseand they want trustworthycurrently have life insurancefinancial advice.1o This makes using a trusted information85 percent of Filipino women surveyed respondedchannelvery important when marketingaffordableinsurancethat they put the needs of family above all othersto womenas does c
21、ommunicatingaboutinsurancein simplewhen it comes to spendingeasily understood languagesix out of 10 Filipino women manage their ownmoney or take onthe task ofmanaging the householdIn addition to being financial decision makers, Filipino womenbudgetprovideagrowing share of family income.Women headove
22、r95 percent of single-parent houscholds in the Philippines(approximately 14 million out of 15 million).1 Anotherimportant group of women providing crucial family incomeare overseas Filipino workers GOFWs). These womeny 47percentofwhomare between age 25 and 34 primarily workInLifeas nurses,domestic h
23、elpers,and caregivers.In 2020womenSHEEOnScomprisedabout 56 percent ofall OFWs(1.2 million women).1In the Philippines,as is the case across the world, COVID-19inl.ifehas exacerbated the strain that women face juggling theirSHEROESwork and caretaking responsibilities.As such insurers needto design Sol
24、utions for women that consider all their possibleroles as income earners,caregivers, entrepreneurs,and OFWsIn addition to their health risk protection needsy Filipinowomen need fnancial protection. According to the 2017Sheroes ofcallaunch eventhaveeithera savings ora mobilemoney account which putsth
25、emwell below the 68 percentregionalaverage for East Asia3.THE INLIFE SHEROES PROGRAM& the Pacific.1 This demonstrates the need to raise womensawareness about the importance of saving money and buyingIn2018.to betterserve womenin partnership withtheIFCinsurance to protect themselves from losing their
26、 income dueWomens Insurance ProgramInLife set out to develop ato an accident or illness.Also since Filipino women havecomprehensive,research-basedapproachtothewomensmarketwomen often lack adequate financial resources for the lastin the Philippines.The goal has been to strategically addressyears ofth
27、eir lifewomens needs,rather than use ad hoc approaches.Throughapplying the Human-centered Design HCD) methodolo#page#The result is the InLife Sheroes Program which was launchedin March 2019,by the Executive Chairperson of InLifes Board66Ms.Nina Aguas.The program has four pillars-financialeducation h
28、ealth and wellness.connection to business andWe hope to strengthen the womenSocial networksand women-specific insurance solutions.As thecustomers segment along with creatinggreater social impact, Our company hassocial impact and the goal of empowering at least one milliona heritage of doing good.Fil
29、ipino women by 2022.At the launch eventMs.Aguasemphasized,“We hope to strengthen the women customersMS.Nina Aguds Executive Chairperson of InLifeS Boardsegment along with creating greater social impact Ourcompany hasa heritage ofdoing good”To further institutionalize gender sensitivity in InLifefoll
30、owingfour pillars, with guidance from IFC,InLife has conductedIFCs recommendationy the company sought an assessmentGender Sensitivity Training (GST).Between 2018 and2020,from Economic Dividends for Gender Equality (EDGE).667 InLife sales advisors (women and men)senior managersIn 2019,InLife was the
31、first life insurerin the Philippines tostaffand Sheroes Program team members participated inearn EDGE certifieationand the company is implementingGSTThis has helpedtoachieve visiblechangein participantsaction plans to continue improving gender equality withgender bias,and improved their understandin
32、g willingnessthegoalof becomingthe employer ofchoice for allgenders.advisors.4.INLIFE SHEROESAPPROACHESFOR SERVING THE WOMENSMARKETAPPROACH 1: USING HEALTHCARE AS ANENTRY POINT FOR REACHING WOMEN ANDTHEIR FAMILIESIn 2018.InLife conducted the “Sheroes Landmark Study onWomentogainadeeper understanding
33、ofwomensatitudesknowledgeawarenessandpracticesregardingtheir healthandfinances.This study confirmed Filipino womens commitmentto providing for their familiesas well as protecting theirhealth.Using this knowledge the Sheroes team created acomprehensive strategy to educate Filipino women aboutthe heal
34、th issues that concern them the most and designedaffordable healthcare coverage thatisaccessible to womenofallincomeclasses.The first healthcare solution created was SheCares by Sheroes.a 3-in-1 customizable solution to comprehensibly addresswomens health protectionandinvestment needs. SheCaresnic D
35、ividends fnrGendcr Eng globalAmorsoloS192omasterpiecePalay Maidencelebratedthe Fiipinwomawere to paint todaysmodern Filipind-a Shero who is empoweredfinancialliginedshewouldlookfreeand takingchargeofthefuture-InLifeSheroesprogromInsular Liife Philippines -The CaseforInsuring women fora Better Tomorr
36、ow14#page#Be Greater than diabetesSHEWomen with diabetes have more to manage and still they wantto do more and to be more.Now.they can with less worries witiCARESInLife She Cares.TAKETHE DIABETES QUIZExample ofcustomizable SheCares by Sheroessolutionandfemale-specificcancersaswellas personalaccident
37、andapproach has enabled InLife to attract new women customersdisability insurancey life insuranceand a built-in savingsfor the Companys portfolio of ponent.InLifes research also found that women entrepreneursTo ensure healthcare is inclusive, the InLife Sheroes team alsooftencannot grow their busine
38、sses due to employees takingdevelopeda series ofaffordable pre-paid digitalEmergencytime off or quitting asaresult of personal or family healthproblems.This research highlights that worrying about familyand family when paying for emergencies such as accidentsand employees health problems is high on
39、the list of painviraland bacterialinfectionsand other specifed conditions.points for woman business owners.Ranging in price from pesos 700 to 7150 (approximatelyToooftenmicrosmalland mediumenterprises(MSMES)areS14 to S143),each ER Care digital voucher can be used oncenot well served by the insurance
40、 industry as MSMEs do nothaveenoughemployees forgroup policies.Both SheCares andthe nationwide network of InLife Health Care hospitals andthe ER Care digital vouchers offer women business ownersvouchers are sold to women which highlights their desireaviablewaytoprovidecoverageforthemselvesandortheir
41、toaccess quality healthcare ata price they can afford.Thisemployees at affordablerates.Box3.INLIFES RESPONSE TO COVID-19Coping with the challenges ofCOVID-19 lockdowns by developing afuly digitalsales systemcalledtheVirtual BusinessEnabler(ViBE)that allows InLife to continue reaching out to customer
42、sConverting in-person Gender Sensitivity Trainings to a virtual formatExtending the grace periodforInLife policy payments to gidays toeasethe fnancial burden on clientswell-being during COVID-19Providing women SME owners with Sheroes Program webinars that equip them with the tools to face their fina
43、ncialchallengeshouseProviding food as well as hygiene kits to families in economically depressed communitiesInsular Life Philippines -The Casefor Insuring Women fora Better Tomorrowl5#page#APPROACH 2:USING DIGITAL CHANNELS TOAPPROACH3:REACHING WOMEN THROUGHREACHWOMENSTRATEGIC PARTNERSHIPSOutsideofth
44、ecapitalManiathe PhilippinesisageographicallyFor InLife to succeed in reaching one million Filipino womenby 2022.thecompany has been forging strategic partnershipssome 7100 islands.This makes finding innovative channelswith local organizations that are educating and empoweringto reach customers cruc
45、ialacross all sectorsand business sizes.women and align with Sheroes values.These partners play aAlthough InLife began digitalizing its sales and underwritingcriticalrolein raising womensawareness about the Sheroesprocesses in 2015,the Sheroes team knew that a one-sizeofferings.fits-all approach wou
46、ld not work for women.InLifes marketILifesfirst parters inconducting financialliteracy seminarsresearch hasspecifcally examinedthe digital habits ofFilipinowere the Philippine Business Coalition for Women Empowermentwomento betterinformthecompanys strategy andincreaseCPBCWE) and the Philippine Chamb
47、er of Commerce andits use ofdigitaltechnology wih women forawareness-raisingIndustry CPCCI). InLife also partners with the Insuranceeducationalactivitiessalesmarketingandcustomer serviceCommission through its Gender and Development FocalThe Sheroes team began this effort by developing a standalonePo
48、int System. to conduct financial literacy and health andwebsite and YouTube Channel These serve as the primarywellness seminars for its employees.Attorney Dennis Funaplatforms to educateempower and create a sense of communityfinancial inclusion of women following the launch of thewhere women can lea
49、rn about the various offerings of the Sheroesco-organized the STARTUP PH Womens Initiative: EnablingEmpowered Women event. Speakers from InLife gave talksand personal financial management. In addition to blogs andvideo productions, the Sheroes team supplements the websiteon Money Styling for Sheroes
50、 and Tbe Real Score: Risingand YouTube content with live webinarsin-person eventsfo tbe Top. InLife Sheroes also co-sponsored Gabay Guroand other resourcesTeacherfests to promote awareness of the program and held afinancial literacy session for the members ofthe organization.Toreach new customers an
51、dincrease brand visibility InLifeTo expandits digitalfootprintin partnership with Googleshas partnered with trusted companies such as MariaHealthDigiskarteng Pinay InLife has created customized contentan online health insurance marketplace that distributes InLifeon health and wellness that targets w
52、omen.Health Cares digital vouchers. InLife Health Cares newe-commerce storefront also sells affordable healthcare solutionsTo further raise the profile ofthe Sheroes ProgramInLifeto women who are seeking coverage forthemselves and familymembers,as well as for employees,if they own a business.example
53、InLife has parnered with the bestsellingauthor andfinancialguruRose Fres Faustoto offeraseries ofin-person and virtual trainings that educate Filipinowomen on how to improve their financ#page#DATA AND FINANCIAL RESULTS FOR INLIFE57% INCREASE135% RISEOVER 10 NEWOVER 100,000INSURANCE SOLUTIONSWOMENIn
54、InLifes women policyIn womens First Yearholders in Dec 2020Premium revenues forLaunched to target womenParticipated in Sheroes(as compared to 2017)agents* who took GST(products and riders)workshops andawarenessevents by the end of 2020*Onyagents with atleastiyeartenurewereconsideredin thetrackingssF
55、2F and Virtual5.LESSONS LEARNEDENDNOTESEmbedacommitmenttowomen intheCompany:Servingnuary29.2020women effectively was embedded in the Companys strategyproviding gender sensitivity training for agentsmanagers2019.Globand staffs staging events for women employeess and becomingEDGEcertified.InLife hasem
56、bedded the Sheroes Programinthe Companys culture and DNA through developinga clearly23、2020.defined strategy detailedaction plansandhighlighting howthese steps can result in great teamwork and buy-in fromacross the whole CompanyStrong corporateleadership is neededtodrive progress:committedto the She
57、roes Program from the outset.This into Ms.Aguascommitment and support the momentum ofthe Sheroes Program has remained strong since its launch.Diverse partnerships are essential for success: Thery29,2018.Sheroes Program has collaborated with a wide range ofpartners to help InLife reach as many women
58、as possibleWorld Vision.Undated“Filipimothers bear the brunt of COVID-19.ies.AccesThis has enabled the Company to leverage the strengths of2of OFWs Estimateits partners.especially with regardto the pillars offinancialeducation and health and wellness.The partners have alsohelped to promote buzz abou
59、t the Sheroes Program andraise womens awareness about what it has to offerashiInsular Life Philiipppines -The Case for Insuring Womenfor a Better Tomorrowl7#page#ABOUT IFCIFCa sister organization of the World Bank and member of the World BankGroup is thelargest globaldevelopmentinstitution focused o
60、n the privatesectorinemerging markets.Weworkin morethan100 countries.usingour capitalexpertiseandinfuence to create markets and opportunities in developing countries.In fiscalyear 2020,we invested more than S22 billion in private companies and financialinstitutions in developing countries leveraging
61、 the power of the private sectorwww.ifc.orgCOPYRIGHTNOTICEG International Finance Corporation 2021.All rights reserved.2121 Pennsylvania Avenue,N.WWashingtonD.C.20433Internet:wwwifeorgallofthis work without permission may bea violation ofapplicable law.IFC doesnot guarantee the accuracy reliability
62、or completeness of the content included inthis workor for the conclusions orjudgments described hereinandaccepts noresponsibility or liability forany omissions or errors Gincludingwithout limitationtypographicalerrors andtechnicalerrors)in the content whatsoever or forreliancethereonIFC Gender and Economic Inclusion GroupFor more information on IFC Womens Insurance Program visitwww.ifc.org/FCwomensinsuranceContactsFatou Giwa,fgiwaifc.orgPrapti Sherchan psherchanifc.orgSarah Ebrahimi sebrahimiifc.orgFatimDiop,fdiop2ifc.orgPhotos:Usedwith the permission ofinLfeMarch 2021#page#