How about this for an unlikely alliance…French insurance giant AXA and Chinese e-commerce heavyweight Alibaba are teaming up to sell insurance online. The former’s insurance products and services are to be distributed through the latter’s e-commerce system in a collaboration that also includes Alibaba-affiliate Ant Financial Services. The companies will also work together to develop products and services to customers around the world as well as to support eachother in developing and exploring new markets and segments.

The three areas involved in the first phase of the project are: AliExpress, Alibaba’s consumer-facing platform – AXA will develop and provide insurance products for the platform’s global customers, such as extended warranties for repairs and/or damaged goods and enhanced payment protection; Alibaba’s wholesale marketplaces (Alibaba.com, 1688.com) – the French outfit will provide insurance products to small and medium businesses trading on the platforms worldwide; Ant Financial Services –it will offer travel insurance for Chinese consumers traveling overseas.

“Forming partnerships with the most forward-thinking companies is part of our strategy to seize new business opportunities. This proposed collaboration with Alibaba could provide us with a unique global and direct distribution channel, and we are looking forward to serving Alibaba’s customers and to developing bespoke and innovative insurance products and services for them. Thanks to Alibaba’s unrivalled knowledge of its home market, this partnership will also help us further accelerate our development in China, where we already are the number one international insurer,” says Thomas Buberl, Deputy CEO of AXA.

 “Our collaboration with industry-leader AXA is a key part of Alibaba’s globalisation strategy and our vision to enable small businesses and consumers alike to enjoy the convenience and benefits of e-commerce in a safe trading environment,” says Michael Evans, President, Alibaba Group. “As cross-border e-commerce grows rapidly, it is critical that we evolve our services and offerings to the businesses and consumers that conduct trade on our platforms. The collaboration between AXA and Alibaba will enable us to create new solutions and ultimately improve the overall customer experience.”

By Scott Thompson

 

 

by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
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