French insurer AXA has signed a bancassurance agreement with the Dutch lender ING to offer insurance products and related services through a central digital insurance platform.
The partnership will see ING offer its digital banking experience and AXA bring its expertise in innovative modular insurance products and services.
AXA will provide property & casualty (P&C), health and protection insurance solutions to ING customers in six markets – Italy, France, Germany, Australia, Czech Republic and Austria.
Furthermore, both partners will together develop customised insurance products and relevant services, which can be accessible through the ING mobile application. The offerings will be designed to meet the forward-looking requirements of ING customers towards living, mobility and wellness.
AXA CEO Thomas Buberl said: “We are excited about the opportunity to partner with ING to deliver a significant step change in the future of digital insurance solutions, leveraging our joint digital capabilities and innovative assets, and providing a differentiated customer experience to address ING customers’ protection needs.
“We will indeed accelerate our growth in Europe and build innovative insurance solutions and services that have the potential of creating more frequent interactions with the customers.”
ING Group CEO Ralph Hamers added: “Our partnership with AXA adds an important dimension to our ambition to build one customer-centric platform, a go-to place for financial needs. Adding personalised protection products that are life-stage driven will ensure we keep our customers ahead in life, empowering them to stay in control, in line with their widening demands.”
According to ING, this is a step towards delivering its Think Forward strategy and to cater to the requirement of its around 13 million customers. For AXA, the partnership is step in its payer-to-partner strategy.