AXA has entered into a strategic collaboration with the Western Union to provide inclusive insurance products to customer of the money transfer company.
A statement explained that by linking insurance to money transfer services, the two groups would help to better cover migrant workers and their families at home.
An initial pilot, called ‘Transfer Protect’, launched recently in France with AXA Partners, offers Western Union’s customers sending money via Western Union, the option to seamlessly sign up for a life and disability insurance solution.
It will help provide peace of mind to the migrant population knowing that their designated family members or loved ones will receive a payment in case of an unfortunate life or disability event, the statement added.
According to both organisations, the strategic partnership was in line with AXA’s ambition to significantly contribute to financial inclusion through its AXA Emerging Customers division.
Chief Executive Officer of AXA, Thomas Buberl, said: “Our customers around the world trust Western Union with their most important and complex money transfers. They also want other value-add services to sustain their financial well-being and long-term financial goals.
“Providing value to the global populations we serve is a key focus for our global strategy. This new partnership will provide a new way for us to facilitate value added products and services to the millions of immigrants and dual-belongers.
“AXA is a worldwide leader whose financial inclusion strategy is well-aligned with ours, and we are excited about the opportunities that our collaboration presents,” commented Hikmet Ersek, President and Chief Executive Officer of Western Union.
“AXA is committed towards providing inclusive insurance, a business with high social impact. We are excited to leverage Western Union’s extensive network and trusted brand to reach its global customer base, thereby bringing accessible, relevant and affordable protection to those who need it most.”