AXA Affin General Insurance Bhd (AAGI) has partnered with money services company Merchantrade to offer an insurance product aimed at migrant workers and their families.
Merchantrade Insure is a protection product that pays claims directly to the insured’s beneficiaries through money remittance, a statement by AXA said. Migrant workers are an underserved group, and the partnership seeks to reach this market by providing affordable protection solutions in case of accidental death or permanent disablement. In case of hospitalisation, Merchantrade Insure also provides a daily income benefit.
The product, which is underwritten by AAGI and distributed exclusively by Merchandtrade through its branches, has the following benefits:
According to the World Bank Group, migrants make up 15% of Malaysia’s labour force, making the country host to the fourth-largest number of migrant workers in the East Asia-Pacific region.
“We are constantly developing innovative offerings to meet customers’ needs, including for migrant workers who are working in Malaysia to support their families in their home countries,” said Ramasamy K. Veeran, founder and managing director of Merchantrade. “The launch of Merchantrade Insure in partnership with AAGI ties back to our mission to serve the underserved, putting our focus in migrant workers and their desire to protect their home and family.”
“The migrant workers play an integral role in the country’s economic growth, but they are often left unprotected due to the lack of awareness and accessibility to affordable insurance solutions,” added Emmanuel Nivet, chief executive of AAGI. “In line with our ongoing effort to empower people to live a better life via financial inclusion, we believe that a simple, affordable and accessible insurance solution will transform their lives for the better.”
