IFC and Insular Life Launch Program for Greater Financial Inclusion, Security for Filipino Women
Manila, Philippines, March 12, 2019—Insular Life, the first and largest Filipino life insurance company, in collaboration with IFC, a member of the World Bank Group, today launched a program, which is expected to impact the lives of one million Filipino women. Called InLife Sheroes, it will provide risk mitigation solutions throughout their lifetime and educate them on financial management, health, and well-being.
The program aims to reach out to the relatively untapped segment of women in the Philippines, starting with women entrepreneurs who need life and health protection as well as financial solutions to expand businesses. An IFC report, She for Shield: Insure Women to Better Protect All, estimates that women’s market opportunity for the insurance industry will grow up to $1.7 trillion by 2030 globally, most of which will come from emerging markets such as the Philippines.
IFC and Insular Life partnered in 2017 to expand women’s access to insurance in the Philippines. With IFC’s support, Insular Life is now developing insurance solutions designed for women with specific coverage, bundling of products, and customized add-on services.
Nina D. Aguas, Executive Chairman of Insular Life, said, “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. 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.”
In the last one year, IFC and Insular Life have collaborated on data collection and holding workshops on gender sensitivity, among others. The findings reveal a large number of women in Philippines lack knowledge of proper saving, investing, and risk protection. It is, therefore, essential to bridge the knowledge gap through financial literacy programs and address women’s limited access to business and social networks.
Henriette Kolb, Manager of IFC’s Gender Secretariat, said, “There is both a clear business and social case for mainstreaming gender and targeting women in inclusive insurance. To forgo this untapped market segment will be a lost opportunity to drive economic growth.” She added, “The InLife Sheroes program, through expanded financial protection, will help ensure economic well-being of women, thereby bolstering Philippines’ growth trajectory 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.”
The InLife Sheroes program is part of Insular Life’s broader strategy to empower Filipino women to achieve a better life. Insular has also started implementing a gender sensitive distribution model, training both women and men advisors to have an increased awareness of their women customers’ specific needs. The company is also working towards becoming a women’s employer of choice and is working towards obtaining an EDGE certification, a global business certification standard for gender equality.
Since 2016, IFC has been working with insurers to develop specific approaches to address the needs of women at various stages of their lives as well as for women-owned SMEs—while creating income generating opportunities for women as insurance employees, advisors, and distributors. IFC’s work in women and insurance is supported by the Women Entrepreneurs Finance Initiative (We-Fi).
About Insular Life
Insular Life is the first and largest, and only mutual Filipino life insurance country with over 108 years of uninterrupted service. We apply over a hundred years of experience in financial protection, risk management, savings and investment to help you make confident decisions for you and your loved ones. As a mutual company, our accountability is to our customers as they are part-owners of the company. Our customers can be assured of being protected by a company that has an asset base of over P140 billion in assets and net worth of P41 billion. It has a nationwide presence in 54 branches all over the country, and an expanded digital footprint to serve our customers, wherever and whenever they want. For more information visit www.insularlife.com.ph
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org