Insurance DECODED
Previous edition: 15 May 2024
Share article
Get the full version straight to your inbox.
Exclusive access to our best-in-class data & intelligence
Subscribe now
AXA, UPU partner to deliver insurance to underserved communities
AXA and the Universal Postal Union (UPU), a UN-backed specialist agency, have teamed up to expand inclusive insurance through postal networks.
This initiative targets lower-to-middle-income households and small businesses, leveraging the last-mile reach of postal services.
AXA said postal networks are key to enhancing global financial inclusion, with more than a quarter of adults worldwide accessing formal financial services via their local post office.
These networks are positioned to serve remote populations, including those in the informal economy, due to their last-mile distribution capabilities.
The trend towards postal insurance services is on the rise, with 53% of postal services offering insurance in 2021, compared with 38% in 2016.
AXA and UPU will commence their alliance in Q2 2024 with a research programme.
This initiative will highlight successful postal insurance models globally, providing insights and best practices for postal operators and insurers.
Following the research phase, the partnership will establish the Postal Insurance Technical Assistance Facility (PITAF).
PITAF's mission will be to offer technical and financial assistance to local postal services, enabling them to introduce, expand or diversify inclusive insurance offerings.
By combining UPU's postal network with AXA's expertise in insurance, PITAF aims to enhance financial inclusion and risk management for underserved communities.
AXA CEO Thomas Buberl said: “Inclusive insurance is at the heart of AXA’s new #UnlockTheFuture strategic plan, with an ambition to protect over 20 million customers around the world by 2026. Through this partnership with the Universal Postal Union, AXA reiterates its solid commitment to push the boundaries of insurance to better protect all.”
Universal Postal Union director-general Masahiko Metoki said: “This collaboration with AXA comes at a pivotal moment for the UPU as we work more closely with private sector partners to exchange knowledge, innovate, and ensure that postal financial services become more inclusive to meet the needs of customers.
“Capitalising on the UPU’s expansive network of postal operators and AXA’s expertise, this partnership helps lay the groundwork for a flourishing and inclusive postal insurance sector.”
Last week, AXA XL, a division of AXA, unveiled a new cyber insurance endorsement catering to US public companies.
Latest news
UK insurance group Jensten announces business restructuring
Jensten, a UK-based insurance broking and underwriting company, has unveiled a restructuring plan designed to foster growth and enhance the integration of its acquisitions.
Arch launches parametric event insurance cover
Arch Insurance International, a division of Arch Capital Group, has introduced a parametric event insurance solution.
India general insurance sector to touch $57.3bn by 2028
The general insurance industry in India is set to grow at a CAGR of 9.9% from INR3.35trn ($40.36bn) in 2024 to INR4.89trn ($57.3bn) in 2028, in terms of gross written premiums (GWP).
Everest Insurance starts operations in Australia
Everest Insurance, part of the Bermuda-based Everest Group, has initiated its Australian operations following approval from the Australian Prudential Regulation Authority.
DWF signs insurance AI Code of Conduct
Provider of integrated legal and business services DWF has signed onto the AI Code of Conduct for the insurance claims sector.
Tata AIG introduces insurance for Indian space industry
Indian general insurer Tata AIG has unveiled a Satellite In-Orbit Third-Party Liability Insurance policy to address the demands of the country’s rapidly expanding space industry.
Larger-sized SMEs are more inclined to leverage credit for insurance purchases
GlobalData surveying has found that larger-sized SMEs are more likely to use credit to pay for their insurance purchases. Meanwhile, research from Premium Credit has found that the number of SMEs using credit to purchase insurance is growing.
Digital Transformation in Insurance Conference 2024
Applied Digital Corporation, a designer, builder and operator of next-generation digital infrastructure designed for High-Performance Computing applications, announced that, in light of a scheduling issue, has moved its fiscal third quarter 2024 earnings conference call to Thursday, April 11, 2024, at 5:00 p.m. Eastern time.
In our previous edition
Insurance Decoded
SunCar Technology teams up with Xiaomi's insurance affiliate
14 May 2024
Insurance Decoded
Blackstone announces plans to take I'rom Group private
13 May 2024
Insurance Decoded
Aurora partners AXA to launch new management liability policy
10 May 2024
Newsletters in other sectors
Aerospace, Defence & Security
Automotive
Banking & Payments
Travel and Tourism
Search companies, themes, reports, as well as actionable data & insights spanning 22 global industries
Access more premium companies when you subscribe to Explorer