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Building women-led SMEs' resilience

Proposal submission date
Start date: September 7, 2020 End date: September 20, 2020

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Problem Statement Information


Problem statement tags
women finance accesstofinance business womeninbusiness womenfounders SMEs womenSMEs accesstocredit B2B B2C Banking fintech technology Insurance payment wealth Financialinclusion FemaleEconomy Hackathon 2020AllianceHack

Detailed Description
Women SMEs continue to be under-insured globally. This is because insurance providers have not developed appropriate products that meet women’s life cycle protection needs or that fully support building women’s resilience during times of crisis such as Covid-19. Women usually prioritize family well-being, are mistrustful of insurance products, and may lack the financial education to understand insurance products, or may not be aware of their benefits.
Create a solution that would improve women business owners’ resilience.
Subcategory 1: Women have particular insurance needs that are often unmet

Women in emerging economies have growing incomes and buying power—and this comes with growing financial risk. By 2030, the insurance industry is expected to earn up to USD 1.7 trillion from women alone, with almost 50% from just ten emerging economies: Brazil, China, Colombia, India, Indonesia, Mexico, Morocco, Nigeria, Thailand, and Turkey. This presents a significant business opportunity for scaling inclusively and sustainably. However, despite significant growth potential in the market, the insurance industry has largely overlooked women as a key customer segment (Source: She For Shield, AXA/IFC, 2015).

While both male and female entrepreneurs require protection for underlying business assets, female entrepreneurs have specific needs as well. With high demands on their time due to household and childcare responsibilities, they face added risk of business interruption and therefore require corresponding safeguards against shocks to personal income. Women entrepreneurs also want more frequent touch points with insurance distribution channels (such as direct sales, agents, brokers, and banks), advice on risk management, and a comprehensive understanding of policy coverage and claim terms.

At the same time, women are not a homogeneous group, but are a diverse market with different needs depending on their income, location, employment, and status—these differentiating factors will require varied approaches to accessing and using insurance.

Subcategory 2: The women’s market represents an untapped opportunity for the insurance industry

Insurance is a commodity; yet insurance companies are widely distrusted. As insuretech becomes more ubiquitous, the risk of disintermediation for incumbent insurance brands is real. Digital channels offer huge cost advantages, however differentiating within the crowded marketplace is difficult. Insurers can do so by targeting the women's market. Being under-insured in general, women need value added wrap-around services that solve for lifecycle needs in a one-stop-shop, leveraging the latest technology to link actuarial analysis with behavioral incentives, education, gamification, and social networking to build trust and know-how.


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