HerLife: A Term Life Insurance Product for Working Mothers in China

ideas4action@wharton.upenn.edu Children, IdeaHub, Infrastructure & Economic Development, South-East Asia, Women, Women, Children & Education

The life insurance market for women is large, growing, and underdeveloped. This is particularly true for Chinese working mothers (CWMs) who have a need to protect their children from unanticipated financial risks and enhance their ability to pay for long-term insurance products. The life insurance market growth for CWMs is accelerated relative to other markets: the estimated opportunity is $10.2 billion and will grow to over $60 billion by 2030.3,4 Yet Chinese life insurance companies deliver generic life insurance policies that only consider gender as an actuarial factor.5 The proposed solution is a partnership with a designated Chinese life insurance company to develop a term life insurance product called HerLife. HerLife

uniquely caters to CWMs by providing education on life insurance, requiring a partner insurer to waive and fund premiums for three years based on contingent, women-specific life events (e.g., diagnosis of malignancies of female organs), and allowing CWMs to pay premiums suited to varying financial needs while accommodating the insurance provider’s policies. HerLife is also a launch pad to which other women-specific insurance products can be added. It will enable CWMs to secure their families’ futures while encouraging additional tailored insurance solutions for women to take part in the insurance market.

Team HerLife
Devika Dhawan, Senior Analyst, American Express
Sudhira Reddy, Senior Analyst, Accenture Strategy