Insular Life, the country’s largest Filipino-owned life insurance company, is taking a notch higher its advocacy to empower women through its newest program called the InLife Sheroes.
The initiative seeks to influence the relatively untapped segment of the country, such as women entrepreneurs, who need life and health protection, as well as financial solutions to expand their businesses.
During its launch in Makati on Tuesday, the Philippine Commission on Women (PCW) extended its support to Insular Life, as it described the program as a new tool that has a great potential to make the lives of women in the Philippines better.
“It is fitting that InLife Sheroes was launched this Women’s Month of March,” PCW executive director Emmeline Verzosa said in a speech, adding that “insurance is more than preparing for accidents.”
Based on their “data collection and workshops on gender sensitivity,” the International Finance Corp. (IFC) and Insular Life found that a large number of Filipino women lacked knowledge in proper saving, investing, and risk protection.
Nina Aguas, executive chairman of Insular Life, is optimistic the program would help address this problem and contribute to the country’s financial inclusion agenda for them.
“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,” she said.
An IFC report titled “She for Shield: Insure Women to Better Protect All” estimates that women’s market opportunity for the insurance industry will grow up to USD1.7 trillion by 2030 globally, most of which will come from emerging markets, such as the Philippines.
“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,” manager of IFC’s Gender Secretariat, Henriette Kolb, said.
“The InLife Sheroes program, through expanded financial protection, will ensure the economic well-being of women, thereby bolstering the Philippines’ growth trajectory,” she added. (PNA)