Anziif Journal: Selling Women On Life Insurance

Research from Oliver Wyman shows women are the most underserved group of customers in financial services and their needs are not being met, despite their influential role as buyers.

‘There’s a traditional construct of the male being the primary breadwinner and women being the domestic caregiver and I don’t think the financial services industry has reviewed that over the past 40 years,’ says Rama Gollakota, principal — insurance at Oliver Wyman.

He says this presents two key challenges for life insurers.

‘The first is that modelling and underwriting may still be based on those historical constructs. The second is that insurance products are still largely distributed via financial advisers, and a lack of direct connection with policyholders can sometimes be a barrier to understanding who they are and what they really need.’

Read the full article on: ANZIIF Journal (pg 46-48)