Old Mutual Launches Lady Anchor To Close Gender Gap In Financial Services

Old Mutual has launched Lady Anchor, a pioneering proposition designed to bridge the gender gap in financial protection and respond to the everyday financial realities faced by Kenyan women.

The offering bundles health, life, and general insurance solutions into a convenient and customisable package, with the option to incorporate investments. These will be paired with financial education tools and wellness resources tailored for women’s unique needs and responsibilities.

Speaking during the launch, Old Mutual Group CEO Arthur Oginga described Lady Anchor as a strategic intervention and a declaration of intent, noting that the proposition is designed to provide women with accessible, relevant, and affordable financial services that directly respond to their day-to-day challenges.

“The launch of Lady Anchor is a strategic commitment to close the gender protection gap, to support the ambitions of women at every stage of life, and to recognise that true progress, whether social, economic, or institutional, cannot be achieved unless women are fully included, protected, and empowered,” the GCEO said.

According to the 2024 Old Mutual Financial Services Monitor (OMFSM) report, working women are increasingly facing both financial pressures and health concerns. The report reveals that 46% of women experience high levels of financial stress, with 51% reporting that this stress is negatively affecting their mental and physical health. In addition, 52% of women belong to the “sandwich generation,” supporting both children and adult dependents, a burden that significantly contributes to their financial strain.

Lady Anchor directly responds to these challenges. It primarily targets women aged 25 to 65 but extends coverage to principal members and spouses aged 18 to 79, as well as domestic workers, offering a robust foundation of resilience, financial security, and empowerment. In recognition of the fact that women’s health needs are distinct, the package includes access to the HPV vaccine, travel vaccines, and hormonal replacement therapy alongside other comprehensive health benefits. The motor insurance also features value-added emergency rescue services.

“Lady Anchor is not just about insurance, it is about meeting women where they are, in all their roles as caregivers, professionals, entrepreneurs, and protectors,” Carol Misiko, Old Mutual Sustainability, Risk and Compliance Executive, said.

“We designed this proposition with a deep understanding of the financial and emotional pressures women face every day. Lady Anchor gives them the tools to take charge of their wellbeing, secure their families, and build financial confidence for the future.”

The proposition is offered as a flexible bundled solution, allowing women to build their coverage starting with either health or motor insurance as their core protection, and then add value-packed options like critical illness, domestic worker cover, home insurance, travel protection, and a Money Market Fund investment.

Old Mutual plans to scale the solution through targeted outreach to women-led organisations, SACCOs, and cooperatives, while embedding gender equity at the core of its service delivery and innovation strategies.

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