APPROACH 3: CREATING SOLUTIONS THAT RESPOND TO WOMEN’S NEEDS
AXA Mansard’s cross-functional teams have used humancentered design to develop new health insurance solutions for women as well as for their SMEs. However, due to some internal and external delays, these products have not been launched yet, and instead, the company re-branded one of its existing insurance products under the SHE Initiative. AutoFlex, an auto insurance policy, was renamed SheDrives, and offered with lower rates and customizable coverage. However, this product was discontinued in 2018 due to lack of demand. Despite this setback, through its partnerships with women’s organizations and sponsorship of their events, AXA Mansard continues to engage women and raise their awareness about the importance of insurance.
- Insurers should collect baseline sex-disaggregated data and set targets for what they want to achieve with their women’s insurance program. By setting targets and reporting on them, insurers will be able to track progress and see where more effort is needed.
- To avoid roadblocks in launching new products for women, insurers should engage with regulatory authorities early in the product development process.
- Women quickly recognize high-quality, high-value solutions that address their pain points. Rather than hurriedly launch repackaged products, insurers should focus on innovative solutions that leverage their relationships with women customers and engage the wider women’s market.
- Developing long-term relationships with partners will ensure consistent engagement with the women’s market.
- Insurers could do more than just design new products for women—success in selling these products lies in forming partnerships that support the company’s gender-sensitive mission.