AXA partners with Western Union on inclusive insurance

Global insurer AXA has announced a new collaboration with The Western Union Company, which specialises in cross-border, cross-currency money movement and payments, to provide inclusive insurance products to Western Union’s customers.

By linking insurance to money transfer services, the partnership will help to better cover migrant workers and their families at home. An initial pilot, called Transfer Protect, launched this week in France with AXA Partners and offers customers sending money via the Western Union website the option to sign up for a life and disability insurance solution.

“Our customers around the world trust Western Union with their most important and complex money transfers,” said Hikmet Ersek, President and CEO of Western Union. “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,” he explained.

“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 through westernunion.com.”

Thomas Buberl, Chief Executive Officer of AXA, also commented: “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.”

According to the International Fund for Agricultural Development 2017 report around 200 million people, mostly from low and middle-income segments of the society in emerging countries, regularly send money back home, supporting 800 million family members. However, migrants working abroad face increasing levels of uncertainty, occupying riskier and more unstable jobs.

Losing their earning capability can have highly damaging consequences for their families, for whom cross-border remittances represent on average 60% of their total income.

Source: Reinsurance News