A Payment Company, Western Union has partnered with an insurance company, AXA Mansard in the provision of inclusive insurance to customers.
An initial pilot, called ‘Transfer Protect’, launched this week in France with AXA Partners, offers Western Union’s customers sending money through the option of seamlessly signing up for a life and disability insurance solution.
Speaking during the launching ceremony held recently, President and CEO of Western Union, Hikmet Ersek said that the partnership is a novel strategy of facilitating value-added services to millions of customers, adding that AXA’s strategy aligned with theirs
He added that the platform will provide peace of mind as payments will be made in the advent of unforeseen contingencies.
Ersek, however, noted that the aim of the collaboration is to serve low income to mass market populations by accelerating the development of adapted and relevant insurance and protection services.
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“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.
“This 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.
“This business aims to serve low income to mass market populations by accelerating the development of adapted and relevant insurance and protection services.
“For Western Union, this is a new step in their customer-centric strategy to enrich the value it provides to customers by integrating adjacent financial services seamlessly through its global omnichannel platform.
“Our customers around the world trust Western Union with their most important and complex money transfers,” he said.
Speaking also, The Chief Executive Officer, AXA Mansard, Thomas Buberl stated that the company is committed to providing inclusive insurance, a business with high social impact.
Thomas expressed excitement towards leveraging 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
It would be recalled that AXA Mansard Insurance Plc recently announced a Gross Written Premium (GWP) of N21.08 billion as at March 2020 up by 21% from N17.42bn in same period in 2019 in its unaudited financial report 2020.
The company’s Net Premium Income also grew N8.25 billion, up 39% from N5.95bn in March 2019.
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