Bridging the Protection Gap: Raghnall Commits to Inclusivity of Women Entrepreneurs through IFC-ILO #In4Women Community of Practice

Raghnall will work towards increasing insurance coverage for Indian women through women- centric solutions

On Monday, June 13, 2023, Raghnall Insurance Broking & Risk Management, a premier insurance broking and risk advisory company, announced today that it has formally joined the Women’s Insurance Market Community of Practice 2023-24 of the International Finance Corporation (IFC) and the International Labour Organization (ILO). The company’s selection makes it one of the 18 organizations across 13 countries to be a part of this community. 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 spend 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.

Raghnall, a leading insurtech organization, commits 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 business face in India and structuring the Insurance offering to bridge that protection gap. Raghnall, India’s premier insurance broking and risk advisory company, curates the finest personal and corporate insurance in the market from top insurance companies, which has earned them a reputation. 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 commit ourselves to empower women entrepreneurs in the MSME segment by bridging the protection gap through innovative insurtech solutions. We uniquely position ourselves to drive this agenda with our deep understanding of the Indian insurance market, along with our expertise in product innovation, risk management, and technology. We aim to design human-centered solutions that tailor to the unique needs of women entrepreneurs, including flexible payment options, simplified claims processes, and round-the-clock customer support.By leveraging technology, we can reach a wider audience and make insurance more accessible to those who need it most. Amit Goel, Director & Principal Officer of Raghnall Insurance Broking, said, “We dedicate ourselves to creating a more inclusive insurance industry that caters to the needs of women, and we feel excited to be at the forefront of this important initiative.”

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. Traditional insurance products may not adequately address the unique insurance needs of women entrepreneurs.

Raghnall, will collaborate with leading Insurers and eco system 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.

About Raghnall:
Raghnall, India’s premier insurance broking and risk advisory company, curates the finest personal and corporate insurance in the market from top insurance companies.With a proven track record of over 20 years and serving more than 20 million satisfied customers, Raghnall offers data-driven risk solutions and advisory services to commercial and individual clients. As a trusted partner, Raghnall collaborates closely with respected insurance, reinsurance, and technology partners to provide comprehensive solutions that help clients manage their total risk exposure. For more information, visit https://www.raghnall.co.in/, and follow us on LinkedIn for more updates.