Western Union Partners with AXA to Offer Insurance Services Through Its Global Payments Platform
June 18 2020 - 10:45AM
Business Wire
Pilot with AXA Marks Continued Progress in the
Consumer Ecosystem Strategy Advancing Long-term Strategic
Objectives Outlined at September 2019 Investor Day
Today, Western Union (NYSE: WU), a global leader in
cross-border, cross-currency money movement and payments, announced
a new strategic partnership with AXA to leverage Western Union’s
global omni-channel platform to deliver affordable life and
disability insurance offerings to consumers in France, sending
money via www.westernunion.com to 10 African countries. The
partnership will initially be a pilot program which Western Union
and AXA hope to grow and scale over time.
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The initiative highlights the broader potential opportunities of
Western Union’s strategy to leverage its unmatched global reach and
omnichannel capabilities, and offer an ecosystem providing
additional services to the 150 million customers that use the
Company’s retail and digital platforms. Western Union has already
been successful in partnering with other global companies such as
Amazon, Sberbank, Saudi Telecom and others, in offering money
transfer and payments capabilities. This pilot marks another
important step toward offering adjacent financial services to
existing customers integrated as a part of an ecosystem in its
digital platform.
“This partnership shows the power of our global cross-border,
cross-currency payments platform,” said Western Union CEO Hikmet
Ersek. “Our long-term goal is to leverage our platform and digital
capabilities to forge more partnerships and become a financial
services ecosystem. In enabling third parties, including banks and
other financial institutions, to tap into our ecosystem
capabilities, these companies can offer similar services for their
customers. We are pleased to offer insurance services in
collaboration with AXA to serve our customers and their families
who both know and trust Western Union.”
An initial pilot of the 'Transfer Protect' insurance, launched
in France this week, offers a free one-month EUR1,000 AXA life and
disability insurance product to Western Union's customers sending
money to 10 countries in Africa via www.westernunion.com. Upon
registration, the policy provides a designated family member or
loved one in Senegal, Morocco, Ivory Coast, Madagascar, Cameroon,
Mali, Benin, Togo, Congo, and Guinea, a lump sum payment should a
qualifying life or disability event occur during the policy
period.
The AXA Group is a worldwide leader in insurance and asset
management, with 160,000 employees serving 108 million clients in
57 countries. A strategic pillar of the company is to accelerate
business innovation to meet the rapidly evolving needs of customers
in the digital world using a partner model.
"AXA is committed to scaling inclusive insurance through a
business with a social impact approach," said Thomas Buberl, Chief
Executive Officer of AXA. "We are excited by the prospect of
leveraging Western Union's extensive network and trusted brand to
reach its global customer base, thereby bringing accessible,
relevant, and affordable protection to those who need it the
most."
Ersek said, “Our customers around the world trust Western Union
with their most important and complex money transfers. They also
want other value-add services to sustain their financial well-being
and long-term financial goals. Providing value to the global
populations we serve is a key focus for our global strategy. This
new partnership will provide a new way for us to facilitate value
added products and services to the millions of immigrants and
dual-belongers through westernunion.com.”
WU-G
About Western Union The Western Union Company (NYSE: WU)
is a global leader in cross-border, cross-currency money movement
and payments. Our omnichannel platform connects the digital and
physical worlds and makes it possible for consumers and businesses
to send and receive money and make payments with speed, ease, and
reliability. As of March 31, 2020, our network included over
550,000 retail agent locations offering our branded services in
more than 200 countries and territories, with the capability to
send money to billions of accounts. Additionally, westernunion.com,
our fastest growing channel in 2019, is available in over 75
countries, plus additional territories, to move money around the
world. With our global reach, Western Union moves money for better,
connecting family, friends and businesses to enable financial
inclusion and support economic growth. For more information, visit
www.westernunion.com.
About The AXA Group The AXA Group is a worldwide leader
in insurance and asset management, with 160,000 employees serving
108 million clients in 57 countries. In 2019, IFRS revenues
amounted to Euro 103.5 billion and underlying earnings to Euro 6.5
billion. AXA had Euro 969 billion in assets under management as of
December 31, 2019.
The AXA ordinary share is listed on compartment A of Euronext
Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS
FP – Reuters: AXAF.PA). AXA’s American Depository Share is also
quoted on the OTC QX platform under the ticker symbol AXAHY.
The AXA Group is included in the main international SRI indexes,
such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
It is a founding member of the UN Environment Programme’s
Finance Initiative (UNEP FI) Principles for Sustainable Insurance
and a signatory of the UN Principles for Responsible
Investment.
This press release and the regulated information made public by
AXA pursuant to article L. 451-1-2 of the French Monetary and
Financial Code and articles 222-1 et seq. of the Autorité des
marchés financiers’ General Regulation are available on the AXA
Group website (www.axa.com).
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version on businesswire.com: https://www.businesswire.com/news/home/20200618005646/en/
Western Union Contacts:
Investor Relations Brendan Metrano;
Brendan.metrano@wu.com +1(720) 332-8089
Media Relations: Pia De Lima; pia.delima@wu.com +1 (954)
260-5732
Claire Treacy: Claire.Treacy@wu.com +1 (303) 547-2347
AXA Contacts: Media Relations: +33.1.40.75.46.74 Julien
Parot +33.1.40.75.59.80 Farah El Mamoune +33.1.40.75.46.68 Jonathan
Deslandes +33.1.40.75.97.24 Sarah Andersen +33.1.40.75.71.97
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