More than $700 billion per year of potential revenue is being forgone from underserving women in a male-dominated financial service sector.
A recent report by Oliver Wyman argued that the lack of product differentiation and attention given to the segment is leading to lost opportunities.
«Women are arguably the single largest under-served group of customers in financial services,» said Jessica Clempner, author of the report. «Firms are leaving money on the table by not listening to and understanding their women customers.»
Within insurance, the report estimates that if the rate of sales to men is replicated with women, the industry could generate $500 million in new premiums. And within wealth and asset management, $25 billion of fees could be generated especially given women’s relatively high concentration in cash rather than stocks and bonds.
Unsurprisingly, senior management at financial companies is dominated by males with women making up just 20 percent of top executives globally, compared to 16 percent in 2016. According to the report, challenges similar to the past continue to impede the progress of gender diversity including the «mid-career gap that holds many women back».
