Insurance Innovation of the Month: Open Insur by AXA Assurance Maroc

Insurance
19/03/2024 Article

The winner of this month’s Qorus Innovation in Insurance award is Open Insur by AXA Assurance Maroc, a groundbreaking solution based on the ‘uberization’ of retail distribution.


Innovation knows no bounds, especially when it comes to transforming traditional business models into dynamic, cost-effective solutions. With its ingenious approach to retail distribution, Open Insur is disrupting motor insurance in Africa, offering a gateway for exponential growth without the burden of extending proprietary physical distribution networks.

At its core, Open Insur embodies the concept of the ‘uberization’ of retail distribution, leveraging a network of mobile agents connected to master agents. This unique business model not only densifies the capillarity of the distribution network but also accelerates time to market, tapping into affinity cultures to boost retail sales. While initially focusing on the lucrative motor insurance segment, the solution is scalable for other products such as health and SME insurance, as well as processes like claims reporting.

The rationale behind this innovative initiative stems from AXA's strategic positioning and market insights. While the insurer has excelled in the commercial lines segment, the retail market in Africa remains largely untapped, representing significant growth potential. With motor insurance leading the charge in terms of growth and profitability, AXA recognized the need to strengthen its territorial footprint and diversify its portfolio.

Yet, traditional methods of network expansion posed considerable challenges, including time constraints and high costs. External growth opportunities were limited, necessitating a shift towards a more agile and scalable approach. Enter Open Insur, offering a solution that not only addresses these challenges but also aligns with the digital imperative reshaping the insurance landscape in Africa.

Since its gradual launch in 2022, Open Insur has witnessed impressive results. The network has expanded exponentially, with the total number of agents growing fivefold. This growth trajectory has translated into tangible financial gains, with significant increases in GWP and profitability metrics.

Overall, this initiative by AXA represents an ingenious, low-cost solution enabling the insurer to significantly expand its distribution network abroad, and an excellent ROI. By embracing digital innovation and community-centric approaches, it offers a promising strategy for sustainable growth in the African insurance market. That is why we chose Open Insur as Innovation of the Month for March. 


Because it won Insurance Innovation of the Month, this project will automatically be nominated for the Qorus Innovation in Insurance Awards 2024. Submit your project by April 3, 2024 for a chance to win the Insurance Innovation of the Month for April.

Related news & insights

Embedded Insurance
12/04/2024 Video

Empowering green mobility: Laka's vision for sustainable insurance with embedded solutions

Tobias Taupitz, the CEO and Co-Founder of Laka, drives his company's aspiration to become the world's leading green mobility partner....

Mobility
09/04/2024 Study

Driving forces: The interplay of financial services and the EV sector

The financial services sector and the electric vehicle (EV) sector are two dynamic realms undergoing a significant transformation in today's...

Insurance
09/04/2024 News

MMA's new mobile app: Redefining customer experience

This new offering is tailored for both individual and professional clients, with a primary goal of simplifying their day-to-day interactions...

Insurance
08/04/2024 Article

Insurance Innovation of the Month: Caminhos by Bradesco Seguros

This month’s Qorus Insurance Innovation award goes to Bradesco Seguros for Caminhos, a unique mentoring program designed to support and...

Insurance
08/04/2024 News

AXA and AWS team up to revolutionize global risk management

AXA, a leader in insurance and asset management, has partnered with Amazon Web Services (AWS) to develop the AXA Digital...

Mobility
07/04/2024 News

Consors Finanz and MG Motor Deutschland forge deeper ties

Consors Finanz is becoming the primary financial partner for MG Motor's entire distribution network, encompassing both dealer and agency models.

Digital Reinvention
06/04/2024 News

Chase Media Solutions: A digital platform bridging brands and consumers

The platform not only facilitates direct engagement between brands and consumers but also ensures that Chase customers receive tailored offers...

Mobility
06/04/2024 News

CrashBay: Pioneering collision repair marketplace

CrashBay, a leading digital marketplace revolutionizing collision repair solutions for fleets and carriers, recently secured $1.25 million in funding.