Mumbai,14 June 2023Raghnall Insurance Broking & Risk Management, a premier insurance broking and risk advisory company, today announced that it has been selected as one of the 18 organizations across 13 countries to formally join the Women’s Insurance Market Community of Practice 2023-24 of International Finance Corporation (IFC) and International Labour Organization (ILO). Bhakti Dama, Senior Vice President of Products and Digital Business, will be leading this year-long community of practice (CoP)participation on behalf of Raghnall.
Women around the globe have rising incomes and increased purchasing power, but remain an underserved community across financial services. According to IFC’s SheforShield report, Insurance premium spent by women in India has the potential to be between $22 billion – $35 billion, approximately two to four times the estimated premium of $10 billion spent by women in 2013.
As a leading insurance organization, Raghnall is committed to increasing access to insurance coverage for women entrepreneurs in the MSME segment as a key objective of its latest initiative. Through the implementation of technology-driven solutions, Raghnall aims to enhance access to insurance, reduce costs and elevate the overall customer experience for women in MSME businesses.
As part of this CoP, Raghnall has committed to identifying the unique risks that women in the business face in India and structuring the Insurance offering to bridge that protection gap. Through a customer-centric approach, Raghnall is committed to empowering women entrepreneurs in MSME segment to protect themselves and their businesses, ultimately contributing to their long-term growth and success. With this project, Raghnall envisions a future where women entrepreneurs have access to the necessary resources and tools to build and sustain successful businesses through partnerships.
“At Raghnall, we are committed to empowering women entrepreneurs in MSME segment by bridging the protection gap through innovative insurance solutions. With our deep understanding of the Indian insurance market, coupled with our expertise in product innovation, risk management, and technology, we are uniquely positioned to drive this agenda. Our goal is to design human-centered solutions that are tailored to the unique needs of women entrepreneurs, such as flexible payment options, simplified claims processes, and 24/7 customer support. By leveraging technology, we can reach a wider audience and make insurance more accessible to those who need it most. We are dedicated to creating a more inclusive insurance industry that caters to the needs of women, and we are excited to be at the forefront of this important initiative.” said Amit Goel, Director & Principal Officer, Raghnall Insurance Broking.
Raghnall’s participation in the IFC-ILO Women’s Insurance Community of Practice can potentially have a significant social impact, especially in reducing the coverage gap for women entrepreneurs in general, including those who are part of MSME businesses. Women entrepreneurs have unique insurance needs that may not be adequately addressed by traditional insurance products.
Raghnall will collaborate with leading Insurers and ecosystem providers to meet their needs by designing innovative Insurance products with partner offerings leveraging advanced data analytics to develop microinsurance products that are affordable and accessible for small businesses, including women-owned businesses in rural areas.
The IFC-ILO Women’s Insurance Community of Practice — #In4Women — partnership is an important initiative for promoting financial inclusion and increasing access to insurance for women. Through the sharing of best practices and knowledge, Raghnall will design and deliver more effective insurance solutions that meet the unique needs of women, thereby contributing to a more equitable and inclusive society.