Insurers pledge to improve female financial futures

Insurers have committed to offer flexible working and to develop inclusive practices for all consumers in a move to improve women’s financial futures.

AIG, AXA, Beazley/London Market Group, Scottish Widows, Swiss Re, Vitality and Zurich have signed the Insuring Women’s Futures flexible working pledge.

Insuring Women’s Futures is a Chartered Insurance Institute-led initiative to empower women to improve their financial futures. The flexible working pledge is a commitment to work to ensure that at every point where employees make a change to their working arrangements they will be prompted to consider the immediate and long-term financial impact.

AIG, AXA, Beazley/London Market Group, Scottish Widows, Swiss Re and Zurich also committed to the inclusive customer financial lives pledge. By signing the pledge, insurers commit to reviewing and changing their practices to ensure women are made aware of the best outcome relating to their life circumstances.

The insurance firms are encouraged to consider how customer information and journeys may better inform people on what to consider in setting up their insurance policies, according to their relationship status, and explain joint, single and named beneficiary rights.

The insurers are also encouraged to leverage opportunities through mid-term adjustments (when customers make contact during the policy period) to support customers to ensure their protections reflect their current life circumstances and any changes.

Insurers that have signed up to the pledge are also being encouraged to consider enhancing communications with policyholders and named beneficiaries.

Anthony Baldwin, chief executive of AIG, said: “AIG is proud to support the Insuring Women’s Futures programme. We are delighted to play our part in improving financial security for women and society as a whole.”

Sian Fisher, CEO of the Chartered Insurance Institute, added: “Proactive approaches to better inform customers, and to improve inclusive customer approaches within the profession will improve customer outcomes for all and society’s trust in insurance, personal finance and wider financial services.

“Policymakers and regulators are increasingly holding financial services firms to account regarding their responsibility for customer outcomes. By signing up to these Insuring Women’s Futures pledges the profession is supporting improving women’s financial futures.”