Industry could earn $ 700 billion by investing in women's products, consultancy says

The male-dominated financial sector is losing more than $ 700 billion a year in revenue from not listening to or adapting products for women, according to consultancy Oliver Wyman.

"Women are by far the largest underserved group of clients in financial services," said Jessica Clempner, lead author of the report, in a statement released Tuesday. "Companies are leaving money on the table for not listening and understanding their female customers."

Many gender-neutral products do meet men's needs, with wealth products in particular not consistently designed for women's financial lives, the report said.

For example, if insurers sell life policies to women at the same rate as men, they could generate $ 500 million in new premiums, Oliver Wyman estimated.

Women also tend to hold more of their cash assets rather than stocks and bonds, costing wealth and asset managers a potential $ 25 billion in fees.

Source: Bloomberg

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