Women's insurer relies on 'Intuitions' in its marketing
Insurance Times
October 1998

Woman’s Life Insurance Society rejects the traditional life insurance sales approach based solely on a prospect’s age and income.

Instead its program, called Intuitions, recognizes the events in women’s lives that cause a change in values and serve as a stimulus for them to seek additional financial protection, such as insurance.

Rededicate to Roots
Janice Whipple, national president and chairman of the board for Woman’s Life, sees Intuitions as a way for the fraternal benefit society to rededicate itself to its roots: serving the needs of women and their families.

"Woman’s Life recognizes that women have very distinct financial needs, as well as different motivations and desires when it comes to protecting their families. Because of its focus on women, Woman’s Life understands those differences like no other insurance company can or ever will," Whipple maintained.

Four Life Stages
In applying this new marketing approach, Woman’s Life places the prospect in one of four life stage categories based on the circumstances and life events that shape her values, rather than based on her age or income. The four life stage categories identified by Woman’s Life are:

• "Promises" to meet the needs of young women;
• "Expectations" to meet the needs of women with young families;
• "Priorities" to meet the needs of single mothers; and
• "Insights" to meet the needs of mature women.

Life-altering events that tend to influence women’s values include the birth of a child; death of a close family member, especially a parent; marriage; or divorce.

Intuitions essentially is values-based selling in which a company appeals to a prospect on her own terms, focusing on her values, and then molding its products and services to meet those values.

Not Just Financial Needs
These products and services get into specific areas beyond just the prospect’s financial needs. As a fraternal benefit society, Woman’s Life can tailor its fraternal offerings to complement a woman’s needs in various stages of her life – not just financial.

For example, a young couple, ages 18 - 44, with young children would fit in the "Expressions" category. In their income earning years, their values most likely are shaped by a strong desire for family protection and better opportunities for their children.

Like most insurers, Woman’s Life offers products to cover this family’s financial needs. Life insurance including universal, whole life and term plans; juvenile insurance; annuities; and IRAs cover a multitude of unforeseen expenses associated with untimely death; income protection; mortgage protection; education planning for their children; retirement income planning; child care and home care needs should one spouse die unexpectedly; and building equity for specific wants such as travel, owning a business, investing or leaving a legacy.

No Additional Charge
The real difference, however, is that Woman’s Life also offers fraternal benefits and education programs at no additional charge to meet more than the family’s financial needs. The Society provides education, cancer, disaster relief, orphan, newborn death, newborn guaranteed insurability and cancer screening benefits.

In addition, Woman’s Life offers self-help kits on topics for both parents (Smoking Cessation, Breast Cancer Awareness, Weight and Walking) and their children (On Our Own at Home).

These fraternal benefits and family education benefits further protect members from certain unplanned or extraordinary burdens. These noncontractual benefits are available at no additional cost to qualified members.

Intuitions is based on years of psychological research on the topic of values based marketing in which millions of people have been profiled.

Faith Cuda, the new national sales director of Woman’s Life, feels that it’s time to apply these learnings to meet women’s needs.

"Woman’s Life is responding to the tremendous need women have for sound advice that is relevant to their personal financial situation. Women want products and services tailored to their needs. That’s what Woman’s life is all about."

Basic Realities
Why focus on women? Women face some basic realities which are very different than those of men:

• Women live an average of five to seven years longer than men; on average, they will spend the last one-third of their lives not married, but single, either through widowhood or divorce;
• Nearly 75 percent of the elderly poor are women;
• Many women are faced with chronic disabilities later in life; 80 percent of the people in nursing homes are women;
• 80 percent of retired women are not eligible for pension benefits;
• 50 percent of working women do not have a current pension program;
• Women still earn less doing comparable jobs in the workplace;
• Many older women are left penniless by divorce or widowhood and can’t provide for themselves in retirement;
• Women often enter the workforce later in life than men and have shorter work histories because of family responsibilities;
• Women have a greater need to address their financial futures.

Woman’s Life Insurance Society is a not-for-profit fraternal benefit society created more than 100 years ago to help women protect themselves and their families from the unexpected and the unplanned. To achieve that mission, Woman’s Life provides affordable family life insurance protection and annuity products. Fraternal benefits, like scholarship programs and cancer and disaster benefits further protect families from unplanned or extraordinary financial burdens. And, through local chapters, members participate in volunteer service projects and social events, as well as educational and leadership programs.

The Woman’s Life Insurance Society home office is located in Port Huron, Michigan. By the end of 1997, the Society counted almost 70,000 among its membership and collected almost $18 million in revenues.