Women will represent a $30 trillion opportunity as consumers by 2030, according to a study by McKinsey. Women’s financial empowerment is central to the insurance industry, as their influence is felt across business, investments, and household financial decisions. For agents and brokers, this is a significant opportunity to grow their business while better serving an evolving market.
Women’s Financial Empowerment and the Opportunities for Agents
Women have historically been an underserved market in the insurance industry as men have been the primary decision makers in households. However, this dynamic has shifted, but women still have less insurance coverage compared with men. This insurance gender gap could be related to a lack of information directed toward women, leaving them less confident in financial planning and risk transfer.
Insurance marketing and messaging has been historically designed for men, but women may have different views and perspectives on risk. Agents that personalize their messaging to appeal to different segments of their market may find more success working with women who want a consultative, discussion-based approach to insurance decisions.
Here are three ways agents can better serve women policyholders:
Focus on relationships and positioning yourself as a trusted advisor.
Many women value long-term relationships and working with people they trust. This means a transactional approach may not be best suited for women clients. An educational, consultative model that builds long-term loyalty may be a better fit. Try hosting informational sessions on risk management for women-owned businesses or wealth strategies for women approaching retirement. Focus on providing information rather than closing the sale.
Provide holistic risk management services designed to manage all aspects of a policyholder’s life.
Consider all of the insurance needs of your policyholders as you prepare to discuss coverage. Think about policyholder needs, including personal, business, and financial planning. Connecting the pieces across all lines of business helps women clients plan for the future and understand their true risk and exposure. Make sure to discuss life and disability coverage, umbrella policies, and business coverage that insureds may need.
Support women-owned businesses and networks designed for women in business.
Becoming an ally and part of the network for women is one of the best ways to further connect with and understand women as policyholders. Women entrepreneurs and women in business often rely on their strong networks to help them with referrals, advice, and support. Building credibility in women-centric places and networks can be a useful strategy for agents wishing to better serve the needs of women policyholders. This strategy helps agents learn about the unique coverage needs and insurance gaps women face while supporting women-led initiatives. Agents can engage by partnering with women’s business groups and associations, sponsoring women entrepreneur events, and engaging with women-owned businesses for agency services.
The future of insurance is female and by focusing on this important customer segment, agents can position their agencies for growth while advancing the financial empowerment of women.
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