Leadway Assurance and PlanB Insurance have joined forces to introduce a suite of insurance products specifically designed for Nigerian women, aiming to address the persistent gender gap in financial inclusion and insurance penetration within the country. The initiative stems from the recognition that women in Nigeria often face unique challenges and concerns that are not adequately addressed by existing insurance offerings. The collaboration received regulatory approval from the National Insurance Commission (NAICOM), marking a significant step towards tailored financial solutions for women. The new products are meant to be a “litmus test,” a trial run within a regulatory sandbox, to gauge the market’s response and women’s uptake of insurance products tailored to their needs. This pilot program, approved by NAICOM for a year, will provide valuable data on the effectiveness of this targeted approach to insurance provision.
The impetus for these women-centric insurance products arises from alarming statistics on financial inclusion and insurance coverage in Nigeria. According to Women’s World Banking, only 35% of Nigerian women have access to financial services, compared to 55% of men. This disparity underscores the urgent need for financial products and services that cater specifically to women’s circumstances and financial realities. Furthermore, health insurance coverage remains critically low at less than 5%, despite a national mandate for universal health coverage. This low penetration highlights a significant gap in access to crucial healthcare services, a gap that these new insurance products aim to bridge, particularly for women. The launch of the women-focused insurance products marks a significant stride in the Nigerian insurance landscape, addressing a crucial unmet need in the market.
The developers of these insurance products prioritized addressing the primary concerns of Nigerian women. Recognizing that women often prioritize their children’s well-being, their own health, and the stability of their businesses, the insurance bundles have been structured to encompass these key areas. This holistic approach caters to the multifaceted roles that women play in society and seeks to provide comprehensive financial security. By pre-pricing the product bundles, the partners aim to simplify the insurance process and make it more accessible to a wider segment of the female population, eliminating confusion and fostering financial literacy. This effort aligns with the goals of both partners to empower women financially and strengthen their overall security.
PlanB Insurance, a key collaborator in this initiative, brings valuable insights on the unique financial needs of women. Founded by women, the company approached product development from a personal perspective, designing solutions that they themselves would find valuable. This insider perspective allowed for a nuanced understanding of the challenges and priorities that women often face, translating into insurance products that are relevant, accessible, and affordable. The focus on affordability is a central aspect of this partnership, aiming to dismantle the common perception that insurance is an expensive luxury, thus broadening access to a wider demographic of women, regardless of their income levels. This approach addresses a key barrier to entry often experienced by women seeking financial security through insurance.
The newly launched insurance products encompass three distinct categories: SME, corporate, and premier bundles. Within each category, three tiers – Bloom, Flourish, and Thrive – offer increasing levels of coverage, catering to a diverse range of needs and affordability levels. This flexible structure allows women to choose the option that best suits their individual circumstances and financial capabilities, further emphasizing the focus on accessibility and tailored solutions. The bundled approach simplifies the often complex landscape of insurance policies, addressing a major hurdle that many women encounter. By combining multiple coverage areas within one policy, the product aims to demystify insurance and eliminate the confusion surrounding different policies and their respective benefits.
The development of these insurance products was guided by extensive research and a deep understanding of the concerns women face regarding insurance. Three key challenges – the complexity of insurance products, perceived high cost, and the confusing array of different policies and coverage options – were specifically addressed in the design process. The bundled approach tackles complexity head-on, presenting a simplified, all-in-one solution. The collaborative effort worked diligently to negotiate affordable rates, ensuring accessibility for a wider range of women. By consolidating various coverages into a single policy, the partners address the overwhelming nature of traditional insurance and make it more user-friendly. This comprehensive approach demonstrates a strong commitment to meeting the specific needs and concerns of Nigerian women.
