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Women’s insurance market grows, finds research

The annual women’s insurance market in India will be in the range of Rs 1.4 lakh crore to Rs 2.3 lakh crore by 2030, says a research report by the India unit of global insurer AXA. This is about 2 to 4 times the estimated premium of Rs 65,500 crore spent by women in 2013. The report called ‘SheforShield: Insure Women to Better Protect All’ has been prepared in partnership with IFC and Accenture. The report also analyzes the business opportunity the women’s market represents for insurers, identifying growth drivers and highlighting women’s evolving and growing protection needs in order to ensure the industry develops the most relevant value-added propositions for this segment. It finds that the insurance industry has largely overlooked women as a key customer segment – despite significant growth potential in the market. Nagina Singh, chief HR officer, Bharti AXA Life Insurance, said with growing incomes, women in India are gradually becoming important decision makers and contributors to socio-economic developments. Data from Bharti AXA Life Insurance shows that the average premium per policy sold by female agents can be up to 50% higher than those sold by men agents. There is a strong need for increasing the number of women in the salesforce, which is beginning to be recognized by the industry. She said at Bharti AXA Life, the women salesforce numbers are already looking encouraging with about 19% of the frontline sales employees being women.

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