By Juliet Umeh
The insurance company, AXA, has announced its collaboration with Western Union, the movement and cross-border payments of money, and Western Union to provide inclusive insurance products to clients. By linking insurance to money transfer services, the two groups will help better cover migrant workers and their families at home.
An initial pilot, called “Transfer Protect”, launched this week in France with AXA Partners, offers Western Union customers to send money through westernunion.com the option to seamlessly enroll in a life and disability insurance solution.
This will help provide reassurance to the migrant population knowing that their designated relatives or loved ones will receive payment in the event of an unfortunate life or disability event.
This announcement is in line with AXA’s ambition to contribute significantly to financial inclusion through its AXA emerging customer division. This business aims to serve low-income populations for the mass market by accelerating the development of relevant and tailored insurance and protection services.
For Western Union, this is a new step in its customer-centric strategy to enrich the value it brings to customers by seamlessly integrating adjacent financial services through its global omnichannel platform.
Western Union President and CEO Hikmet Ersek said: “Our customers around the world trust Western Union with their most important and complex money transfers.
They also want other value-added services to maintain 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 association will provide us with a new way to provide value-added products and services to the millions of immigrants and citizens with dual citizenship through westernunion.com“Added
Furthermore, AXA CEO Thomas Buberl said: “AXA is committed to 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 providing accessible, relevant and affordable protection for those who need it most. “