ING and AXA announced on Wednesday they have formed an exclusive, long-term, multi-country bancassurance partnership to provide insurance products and related services through a central digital insurance platform. The companies reported that under this new partnership, ING will bring its digital banking experience and AXA its expertise its insurance products and services, offering property and casualty (P&C), health and protection insurance solutions to ING customers in six of its Challenger markets, Germany, Australia, Italy, France, Czech Republic, and Austria.
While sharing more details about the partnership, Ralph Hamers, CEO of ING Group, stated:
“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 personalized 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. The initiative will also contribute to diversify 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 to our customers.”
Thomas Buberl, CEO of AXA, also commented:
“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. The partnership with ING represents a strong meeting of minds and a shared ambition of becoming a partner in our customer’s life journey. This is another key step in AXA’s transformation, fully aligned with our payer-to-partner strategy. 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.”
The duo went on to add that ING and AXA teams will together develop personalized insurance products and relevant services, accessible via the ING mobile application, that meet the forward-looking needs of ING customers towards Living, Mobility, and Wellness.