According to the US Census Bureau, women make up 50.8% of the US population. That is more than half of the population, yet women still remain an untapped target market for life insurance companies.
Consider these 5 interesting data points based on LIMRA’s life insurance consumer studies:
- 47% of women own life insurance.
- Approximately 14% of women — more than 18 million — lost their life insurance coverage in 2020.
- While women express more concern about COVID-19 overall, women were less likely than men to say they planned to buy life insurance due to the pandemic (29% versus 33%).
- Only 22% of women feel very knowledgeable about life insurance. In contrast, 39% of men say they are very knowledgeable about life insurance.
- Women were more likely than men to say the major reason they have life insurance is to pay for burial expenses (53% versus 44%). Women were much less likely than men to consider it as a way to supplement their retirement income (33% versus 24%).
- 44% of uninsured and underinsured women say they need (or need more) life insurance
Based on these numbers, you can see that there is still a very large gender gap when it comes to life insurance. With the right data, you can tap into the female market and start closing that gap.
How can you find this data?
Predictive models, enriched by public external data sources, can quickly detect which women have orphaned policies, are on the verge of lapsation, or are in need of a different policy.
AI based models can produce highly accurate results by detecting up to 70% of customers that are about to lapse, saving you time by pinpointing which customers in your existing in-force need to be contacted. These models can tell you which policies are unassigned or potentially underinsured.
Those potential prospects can be ranked by their revenue potential to ensure optimization of resources. Moreover, some platforms can have the inherent capabilities to trigger marketing reach out to those customers, offering an immediate remedy to your customer’s problems.
With AI technology and predictive models, you can generate new revenues from untapped sources while simultaneously providing valuable service to your customers, increasing loyalty and customer satisfaction.
What percent of your in-force is women?
And how many of those women are underinsured or at risk of lapsing?
As International Women’s Day approaches, there is no better time to tap into this untapped market. Take advantage of existing technologies to close the life insurance gender gap and ensure your customers are getting the coverage they need.
Atidot is a nimble growing InsurTech start-up building an innovative AI, Machine Learning platform aiming to change the life insurance industry. We are helping insurers to become data-driven and produce insights to inform decision making and drive new business strategies at the corporate level.
Atidot’s cloud-based, SaaS platform is tailored specifically to the needs of the life insurance industry. We can monetize your data, augment it with external data, and build accurate projections of your in-force book of business. We work with tier one life insurance companies in the US and in the EU and were awarded ‘Cool Vendor’ by Gartner in 2019.