Insular Life Launches Movement for Filipina Empowerment
Insular Life officially unveiled a movement it created for the empowerment of Filipino women during a formal launching held at its Makati Building recently. Called “InLife Sheroes”, this movement was created through the partnership with the International Finance Corporation (IFC), a member of the World Bank.
“InLife Sheroes aims to empower one million Filipinas within the next three years so that they can be trained in financial management and personal health and wellness, and be connected to like-minded women for business and social networking,” said InLife Executive Chairman Nina D. Aguas.
She added: “The purpose is to unify women from diverse fields, with the support of men, to greater participation in wealth creation, control over their resources and financial well-being, and live healthier and wealthier lives.”
“I am more than delighted to learn that InLife has undertaken a project that is the first of its kind in the insurance industry. I have nothing but commendation for Insular Life and high hopes for the InLife Sheroes program. This kind of initiative from the insurance industry is what the country needs to be one step closer in achieving true financial inclusivity,” said Insurance Commissioner Dennis B. Funa, a speaker at the event.
There is a big gap in insurance needs for Filipino women of about P217 billion, according to a research by IFC.
“Although access to finance for (Filipino) women has increased, they remain vulnerable to any financial, social, physical or natural shocks, thus increasing their risks of going back into poverty,” said Ms. Henriette Kolb, Manager of IFC’s Gender Secretariat, and keynote speaker at the event.
Ms. Kolb explained that the women sector is an essential market because they represent 40 percent of the Filipino workforce and over 70 percent of secondary school graduates.
“Yet to date, most insurers have not focused on truly assessing the risks they face at different life stages and how to properly cover them. An initiative like InLife Sheroes program is a great start to further empowering women in the Philippines by getting them the risk mitigation coverage and tools they need to be able to survive any financial, physical and social disruption and continue to grow as entrepreneurs and professionally,” Ms. Kolb said.
Ms. Aguas added that with InLife Sheroes, this protection gap issue can be narrowed while at the same time equip the Filipina with the knowledge, tools, and connections to become a catalyst for financial inclusion in the country.
“Our ambition is to be the preferred life insurer of the Filipina. But before our business goals, we aim to empower them first. We want our kababayans, our Filipinas, to succeed and we will help them get there through InLife Sheroes,” said Ms. Aguas.
InLife Sheroes has four focus areas: financial education and risk management, health and wellness, women specific solutions, and access to business and social networks. There are several key strategies that will be implemented to reach one million Filipinas within three years – and later increase the number – through various activations such as on-ground and online trainings, seminars, fora and the likes.
InLife Sheroes will also be a community where successful Filipinas – from various fields of expertise – can act as mentors to others who wish to learn from their experience and expertise. This community can be accessed through a dedicated website www.inlifesheroes.com.