Two giants of their respective industries have announced a new partnership – with AXA to team up with Western Union.
The move will see AXA provide insurance products to the money movement firm’s customers via its online service. Known as Transfer Protect, and initially launched as a pilot in France with AXA Partners, it means that customers sending money via the service have the option to sign up for a life and disability insurance solution. It is hoped this will provide “peace of mind” to migrant workers and family members that they will receive payments even in case of a life or disability event.
“Our customers around the world trust Western Union with their most important and complex money transfers,” said Hikmet Eresk, 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. 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.”
According to AXA CEO Thomas Buberl, the announcement is in line with the insurer’s ambition to contribute to financial inclusion through its AXA emerging customers division. It is estimated that around 200 million people from low and middle-income segments send money home – supporting around 800 million family members.
“AXA is committed towards providing inclusive insurance, a business with high social impact,” he said. “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.”