GBA Women’s Market for Insurance Working Group Session 4: SPECIFIC PRODUCTS FOR WOMEN

1. GBA Women’s Market for Insurance Working Group Session 4: SPECIFIC PRODUCTS FOR WOMEN June 7th, 2017

2. Today’s Agenda • Technical time – make sure everyone is connected (5 minutes) • Welcome, intro, follow up Session 3, news items, member news (15 minutes) • Specific products for women (60 minutes) • Intro to “SUAVE” products for women – Michael J. McCord • “Simple” – Doreen Ratemo, Chase Bank, Kenya • “Understood” – Pura Mendez, BHD Leon, Dominican Republic • “Accessible” – Loreto Campos Leiva, BancoEstado, Chile • “Valuable” – Laura Rosado/Liza Garay-DeVaubernier, AXA, France • “Efficient” – Hellen Tomusange, Centenary Bank, Uganda • Wrap-up and next steps (10 minutes) • Homework for next Session • Vault

3. Welcome, key follow-ups from prior month, news • Welcome/Intro • Role call Anyone we missed? Anyone new?

4. New & relevant news of inclusive/women’s insurance Women-Owned Business Insurance Coverage for your women-owned business, from a women-owned insurance agency

5. Member news / sharing – achievements during the prior month • Anyone else?

6. Banco BHD León - Follow up from Session 3 on client research • “Post Mortem” • Was the research effort / cost justified in terms of the results it produced? • Cost breakdown of different components • How might it be done differently in the future?

7. Specific products for women • Session Objectives • Insurance product development • Link from understanding clients • SUAVE for women • Examples from Working Group members

8. Partnership Development • Rationale & requirements • Assess options • Selection based on criteria • Implementation • Technology • Communication & coordination • Evaluation mechanisms • Institutional Assessment • Institutional strategy • Organizational culture • Marketing • Financial viability • Human resources • Partnerships • Systems • Market Research • Demand • Supply • Distribution channels • Regulations • Pilot Testing • Compose team • Develop protocol, objectives, projections • Prepare systems & procedures • Customer marketing • Train staff • Pilot test & evaluate MIC Insurance Product Development Process

9. Simple– policies, conditions, marketing, procedures Understood– risk pooling, procedures, coverage Accessible– purchase, premium payments, claims Valuable– matches needs, fair price and coverage Efficient– for insurers, delivery channels, policyholders Successful MI products must be S.U.A.V.E. SUAVE Checklist for Women-Specific Insurance Products

10. Simple • Policy • Simple format to keep confidential if desired • Terms • Clear and simple • Conditions / exclusions • If any, take into account women-specific needs? • Procedures • Claims requirements simple for women to manage Simplicity saves money and adds clients

11. Doreen Ratemo, Chase Bank (IR), Kenya.Domestic Servant Insurance

12. SUAVE: “Simple” • The terms of the policy are clear and simple – it covers the domestic servant(s) of the account holder when they fall ill and require medical treatment. The client pays for the treatments and the bank reimburses the client within 2 weeks of filling the claim with Chase Assurance. • Eligibility for the cover is also simple. One only needs to be a holder of the Chase Woman Account. • The policy documents are emailed to the client 3 months after active transactions on client account. It’s a simple one page document detailing details of the cover. • Only exclusions to the policy is dental and optical. • Claims requirements are simple and easy only requiring an email to be sent to generic Chase Assurance email address at the point of seeking medical attention and the claim documents be filled (either by scanning to email or filling at the nearest Chase bank branch) with 2 weeks of treatment. • Client account is credited with cash with 2 weeks of filling claim.

13. Questions / Discussion

14. Understood • Market education • Specific methods for educating women clients • Why is it important? • Marketing as education • FGDs • Simplicity => understanding • Staff training for women clients • Consumer protection • Understand coverage and how to make a claim? Need ≠ Demand

15. Pura Méndez & Mercedes Padilla- Banco BHDLeón, Dominican RepublicEducation Life Insurance Details Benefits • No physicalexamrequired • Natural death, accidentordisease • BuyitoverphoneorBranch Easy Access Safety • Money paidtoSchoolorUniversityonly • Wide coverage : 2k to 21K per year • Covers more than 1 child in differentschools • Premiumsfrom US$ 2 to US$43 per month NeedBased Premium • 1, 3 or 5 yearscoverageafterevent • Insureschildren up to 24 yearsold • 18-65 yearsoldtopurchaseinsurance Length and Age Womendescribedtheir mainmotivation in life as theirfamily, particularlytheirchildren

16. SUAVE: “Understood” Documentation &Reminders Information at Point of Sale Employees Training • Documentation: • Email with contract and payment details: amount, frequency, benefits. • Contract and certificate available at branch or email if calling Contact Center • Reminders: Emails and SMS to remind Existing policy coverage, available funds to debit account, pending premium payments and benefits. • Materials/Branch: • Brochures • Key information points • Women oriented needs • Acceptance letter is signed: policy premium, coverage, payment details • Information provided Branch & Contact Center: • Coverage • Premium • Length of coverage • Claims Process • Detailed training • Products and processes • Regular re-training • Tips and Trivias for sales • Centralized product info- Intranet • Email group for Q&A • Buy the product • Easy to sell

17. Questions / Discussion

18. Accessible • All aspects of the experience • Mobile technology • Sales, messages, premiums, claims notification to settlement • Active and passive delivery channels Bringing women-specific insurance as close as possible to the market

19. “ Mujer Emprendedora” • This Insurance product was created in 2015, because of the increasing numbers of cancer diagnostic and the need to protect our clients. • Context: • There are 6 million women clients of BancoEstado and the average income is around US$330 • Breast cancer is the most common among women in Chile´s health system. • The insurance Oncologic + Accidental Death offer contemplates: • Premium: USD 6.00 • Coverage: • Accidental Death US$12,000 • Cancer Diagnostic Immediate payment of US$2,000. • Assistance included: • Medical Phone Orientation • Preventive Laboratory Exams • Breast Exam • Cervical examination (PAP) • Colorectal and prostate Exam for Men ( the assistance can be trespassed to another beneficiary)

20. Insurance “Mujer Emprendedora” is Accesible • Our Insurance can be acquired by any woman between 18 and 64 years old. • Any client can get information about our Insurance products in the web BancoEstado or through our branches in Chile. • The premium payments are made by passive method associated to an account or credit card the client gave at the moment of acquiring the insurance. ( Premium Price US$ 6 per month) • The date of payments is flexible (between the 5th and 25th each month). • The process of claims is clear and is attached to the policy and only need the diagnostic of cancer with a medical exam. • In case of requirements, claims and complaints our insured can access to all the information available in the web of BancoEstado, its branches and Call Center (fonoseguros). • The claims payment process can be made through electronic transferences or by check.

21. Questions / Discussion

22. Valuable • Respond to women client needs AND demands • Research / piloting • Ensure that women-specific product is more valuable than current methods • Claims speed • Value-added components that reflect needs of, or opportunities for, women • Beneficiaries • Can assign who they choose • Product evolution

23. AXA: Taking women needs and expectations into account (“Valuable”) Shifting from Payer to Trusted Partner Identify drivers of growth e.g. SheForShield Report Market Niche Business Opportunity for AXA Women: untapped growth potential 1 Emerging: live a better-protected life Mature: live a financially independent life Dual Approach 2 Approach Co-creation of women concepts with customers Empathic interviews 1-2-1 interviews Focus groups Generate insights to understand key life stages & needs Consumer Research 3 Example • Women protector concept: Happy Lady in Thailand • Target: Young professional woman, looking for special treatment/professional advice • Common illnesses (e.g. migraine, heartburn) • Cancer Screening 1,000 Baht. • Emergency assistance e.g. on-site fixing service, animal invasion removal. • Theft of property inside the vehicle. • Free 24H roadside assistance Happy Living Happy Care Happy Drive

24. Questions / Discussion

25. Efficient Profitability Factors: • Age • Scale • Business model • Vol. / Man.(?) • Product type • Subsidy • Distribution method • Competition Back End Front End • For ALL parties • Insurers • Intermediaries • Policyholders • Reduce operations costs • Technology • Process mapping for women-specific products • Costing – women-specific insurance • Track MI data / KPIs (sex-disaggregated and women-specific products) Catastrophe

26. Hellen Tomusange – Centenary Bank, Uganda CENTE SUPAWOMAN IML HEALTH INSURANCE PACKAGE HEALTH INSURANCE Health Insurance is provided by International Medical Link (IML) How does it work? • Customer pays UGX 367,200 (~USD100) to IML account 3100019164, fills in a form and receives a medical insurance card after 7 working days. • The SupaWoman account holder is the principal beneficiary and can have up to 4 dependents each person has to however pay their own premium • Customer can access health services up to UGX 8 million (~USD2,200) • Outpatient – UGX 1,000,000 (~USD 280) • Inpatient – UGX 8,000,000 • Maternity – UGX 500,000 normal, (~USD 140) UGX 700,000 C-section (~USD 200) (subject to waiting period of 6months) • Dental – UGX 150,000 (~USD 40) • Optical – UGX 150,000

27. SUAVE: “Efficient” • The application forms are scanned and sent to IML • Client receives medical card within 7 working days from the bank branch where she applied then accesses medical services from the specific hospitals on the list. • The insurer keeps track of the transactions and claims which they share with the bank on a quarterly basis to review utilizations vis-as-vis enrollments. • Process maps are availed to branches to guide the customers • The bank hasn’t been tracking costs related to offering women-specific insurance however this was discussed with insurance company which provided a specific staff to handle this particular package enrollments, client visits, and claims settlement.

28. Questions / Discussion

29. Action statements by members on understanding the women’s market for insurance • What will we do with today’s information?

30. Next topic and homework: Homework • Feedback forum: members post their specific products or product ideas to generate discussion among members. • Each institution with a women’s insurance product, assess their product against the SUAVE Checklist (for personal use not for posting) Next topic: Sales, marketing, and market education Vault • Better platform for Document Exchanges and Feedback Forums?

31. Schedule

32. Items added to Vault • Insurance Working Group Documents • Call #3 Minutes (updated) • Briefing #4 • Slides – Call #4 • Outside Readings / tools • Toolkit for assessing demand for health insurance • Indicators inventory template • Insurance term sheet – women-specific products

33. Thank you!