World Bank Group, insurer partner for women’s financial security

Women in emerging markets to drive insurance growth in the next decade or so

World Bank Group, insurer partner for women’s financial security

Insurance News

By Gabriel Olano

The International Finance Corporation (IFC) and Insular Life have partnered to launch a programme targeting to improve the lives of one million Filipino women through greater financial inclusion and security.

The programme, called InLife Sheroes, will provide risk mitigation solutions for women throughout their lifetime and educate them on financial management, health, and well-being, a statement from the two organisations said.

IFC, which is part of the World Bank Group, recently released a report titled ‘SheforShield: Insure Women to Better Protect All’, that estimates that women’s market opportunity for the insurance industry will grow up to US$1.7 trillion by 2030 globally, around half of which will come from emerging markets such as the Philippines.

InLife Sheroes will target the relatively untapped segment of women in the Philippines, beginning with providing women entrepreneurs with life and health protection as well as financial solutions to expand their businesses. Insular Life has also implemented a gender-sensitive distribution model, training both its male and female financial advisors to have an increased awareness of their women customers’ specific needs. The insurer is also working towards becoming a women’s employer of choice and is currently in the process of obtaining an EDGE certification, a global business certification standard for gender equality.

“As a Filipino financial institution that has been serving the Filipinos for 108 years, we are keen to contribute to the financial inclusion agenda for women in our country,” said Nina Aguas, executive chairwoman of Insular Life. “We will provide protection and risk mitigating solutions to women along with investment opportunities. Subsequently, this will help them survive a loss of income or an unforeseen event.”

“The InLife Sheroes program, through expanded financial protection, will help ensure economic well-being of women, thereby bolstering Philippines’ growth trajectory,” said Henriette Kolb, manager of IFC’s gender secretariat. “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.”

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