AXA and Democrance expand partnership
Thursday, 05 21 2020, Category: Insurance and Reinsurance, Country: World
Democrance has joined forces with AXA to cater to the needs of the low- and middle-income classes across several countries including Thailand, Mexico, Egypt, and the Gulf.
Together with Democrance, AXA is providing insurance via partnerships with mobile operators, money transfer operators, microfinance institutions, digital wallets, super apps, and financial institutions.
“Inclusive insurance products are primarily designed for those who do not have access to or cannot afford traditional insurance but are still- or especially- in need of social protection. Insurers are eager to provide products but have no way to access and service these consumers in ways that are cost efficient enough to keep premiums low. Digital technologies have really changed the game and levelled the playing field in this respect, lowering administrative and acquisition costs, and AXA stands out as an insurance partner that has a proven strategy to inclusively target this underserved population. We are really excited and happy to be partnering on this with them globally.” – Michele Grosso, Chief Executive Officer of Democrance.
“Four years ago AXA set up a business dedicated to protecting tomorrow’s middle class across emerging markets because we believe it to be one of the key paths to sustainable impact. We are confident that this partnership with Democrance will help us achieve our objective of inclusive protection for all, building upon the power of technology.” – Garance Wattez-Richard, Head of AXA Emerging Customers.
Last year, Democrance and AXA started working together in Thailand, providing insurance to the customers of a mobile operator based on individual customers’ spending behavior and patterns. In the UAE, AXA and Democrance provide insurance to domestic workers using Rise as well as to the migrant workers and their families who remit via money transfer operator HelloPaisa. Last, Democrance and AXA will launch similar solutions in Egypt and in Mexico.