The partnership, set to unfold in two distinct phases commencing in Q2 2024, signifies a pivotal step towards fostering inclusive insurance solutions on a global scale.
The initial phase will witness the launch of a comprehensive research program, orchestrated by UPU and AXA, spotlighting successful postal insurance models from various corners of the globe. This initiative aims to furnish postal services and insurers with invaluable insights and best practices gleaned from successful implementations.
Building upon the wealth of knowledge garnered from the research phase, UPU and AXA will proceed to establish the Postal Insurance Technical Assistance Facility (PITAF). PITAF represents a groundbreaking endeavour geared towards furnishing local postal services with both technical expertise and financial support to facilitate, expand, or diversify inclusive insurance schemes. Leveraging the extensive postal network overseen by UPU and the profound insurance acumen of AXA, PITAF endeavours to advance financial inclusion and mitigate risks for underserved populations worldwide.
Thomas Buberl, CEO of AXA, commented: “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.”
Masahiko Metoki, director general of the Universal Postal Union, 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.”
“AXA strongly believes that Posts are ideally positioned to catalyse accessible, attractive, and affordable protection to underserved low-to-middle income individuals and small businesses,” explained Garance Wattez-Richard, Head of AXA Emerging Customers. “This collaboration with UPU is a new brick in AXA’s ambition to join forces on inclusive insurance with Posts worldwide.”
Siva Somasundram, UPU director for policy, regulation and markets, also commented, saying: “This collaboration with AXA to enable inclusive postal insurance products, solutions and associated operating models is part of the UPU’s commitment to facilitating financial inclusion for the world’s underserved citizens. It also recognises the importance of partnerships in driving change.”
He added: “The UPU’s reach and role as the postal sector’s primary forum for international cooperation will provide AXA with pertinent insights on the inclusive insurance needs and requirements of postal customers whilst AXA’s inclusive insurance expertise and innovation will help enhance postal network capabilities including its service offerings.”
