Insurer AXA has announced a new long-term, exclusive global bancassurance partnership with Dutch bank ING, under which the two entities will provide insurance products and ancillary services via a centralised digital platform.
ING – which just two years ago had to abandon its insurance strategy to comply with EU state aid rules following a government bail-out – will provide digital banking expertise to compliment AXA’s knowledge of modular insurance products. Through the partnership, ING customers in six countries will be offered health and protection insurance solutions, as well as property and casualty products. The companies will also develop new, personalised products, which will be accessible to customers via ING’s app.
“Adding personalised protection products that are life stage driven will ensure we keep our customers ahead in life,” said Ralph Hamers, Chief Executive of ING, “empowering them to stay in control, in line with their widening demands. The initiative will also contribute to diversifying our income. We are excited to embark on this journey with AXA and we are united in our vision. We believe that, between our leading digital banking capabilities and AXA’s unparalleled insurance expertise, we will be able to build an international platform of significant value.”