Garance Wattez-Richard Head of AXA Emerging Customers

Insuring “Emerging Women” – Old Issues, New Solutions

Protecting what matters
Oct 31, 2017
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I am happy to share the stories of three of the women we met on our customer insights journey, diving into their fears and desires and the role that inclusive, women-focused insurance solutions could play.

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She earns AED 2,000 every month (USD 283), half of which she sends half home to her husband, two children, mother and sister. Improving the wellbeing and future prospects for her children is what motivates Mary. She is worried that if something happens to her, they will not be able to prosper. While she is very interested in our diaspora life insurance policy, she would prefer to put her mother or sister as beneficiaries to ensure her children’s welfare. Mary also saves money in a joint account with her sister to make sure she has easy access to funds when she gets back home. Mary is one of the many Filipino domestic workers in our sample in UAE. Many other Filipino women have accounts for the same purpose, creating a touch point with formal financial services. Migrant workers like Mary have a clear need for life insurance to cover their families in the event of a death, as well as easy ways to save money while they're abroad.

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This all might look familiar to those of you who have been in the financial inclusion space for a long time. We are aware of the work done by Freedom from Hunger, among others, on bundling health and microfinance. Is this a déjà vu? We don’t believe so. We are taking lessons learned in the past and using them to fuel business model innovation. The issues are the same, but the rise of new technology and new health players makes it possible to come up with scalable and affordable solutions. It’s not only about cost anymore, it’s about changing behaviors by offering the right solutions to the right segment at the right time. For us, at AXA Emerging Customers, this is ‘make it or break it.’ If we can’t provide health solutions to emerging customers, we won’t be successful in the long term.