AXA and the Universal Postal Union (UPU) join forces to advance inclusive insurance through postal networks

Insurance
20/05/2024 News

The Universal Postal Union (UPU) and AXA have partnered to expand inclusive insurance through postal networks globally. This collaboration aims to use the extensive reach and trust of postal services to offer financial protection to underserved populations.

Digital Reinvention
15/05/2024 Article

Financial Innovation Spotlight: May 2024 edition

Postal networks are crucial for global financial inclusion, with over 1.5 billion people—about 28% of the global adult population—accessing financial services through post offices. These networks effectively reach remote and informal economy workers, providing essential services like payments, savings, and increasingly, insurance. In 2021, 53% of post offices offered insurance, up from 38% in 2016.

AXA’s Emerging Customers unit focuses on inclusive insurance, providing affordable and accessible solutions to over 14 million people and micro-businesses. Initially targeting emerging markets, AXA is expanding to Europe, addressing the needs of lower to middle-income households and small businesses facing economic challenges.

Garance Wattez-Richard, Head of AXA Emerging Customers, emphasized that postal services are well-positioned to deliver accessible and affordable insurance to low-to-middle income individuals and small businesses. This collaboration is a key step in AXA’s mission to enhance inclusive insurance offerings worldwide.

Siva Somasundram, UPU Director for Policy, Regulation and Markets, reaffirmed the UPU’s dedication to financial inclusion for underserved populations. He highlighted the importance of partnerships in driving innovation and improving services, leveraging AXA’s expertise to address the insurance needs of postal customers.

This partnership between UPU and AXA aims to strengthen the role of postal networks in promoting financial inclusion and resilience among low-income populations, ensuring broader access to essential insurance services.

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