The Universal Postal Union (UPU) has announced a partnership with AXA Group to provide access to inclusive insurance solutions to individuals and microbusinesses through the AXA Emerging Customers subsidiary.
This two-phased partnership between UPU and AXA will begin in Q2 2024 with a research program showcasing successful postal insurance models around the world to provide posts and insurers with insights and best practices.
Building on this research and its actionable conclusions, UPU and AXA will work together to establish the Postal Insurance Technical Assistance Facility (PITAF), which will aim to provide local posts with both technical and financial support to avail, expand or diversify inclusive insurance schemes.
According to the two parties, capitalizing on the UPU’s postal network and AXA’s insurance expertise, PITAF will help promote financial inclusion and risk mitigation among underserved populations.
Masahiko Metoki, director general of the UPU, explained, “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. Capitalizing 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.”
Garance Wattez-Richard, CEO of AXA Emerging Customers, added, “AXA strongly believes that posts are ideally positioned to catalyze accessible, attractive and affordable protection to underserved low-to-middle income individuals and small businesses. This collaboration with UPU is a new brick in AXA’s ambition to join forces on inclusive insurance with posts worldwide.”