AXA partners with Airtel Payments Bank to protect India’s emerging middle classTo build its presence in India, AXA is teaming up with the payments bank recently launched by India’s leading mobile operator, Airtel. AXA’s aim is to make protection available to 20 million people.
The partnership between AXA and Airtel Payments Bank is making it possible for Airtel Payments Bank to offer personal accident coverage of up to 100,000 rupees (about 1,300 euros) to its new customers. Such insurance is often first-ever formal protection available to emerging customers, providing a first line of protection against a return to financial insecurity. In India, fewer than 10% of the population has access to insurance, and 40 million people fall below the poverty line each year, due to a health-related accident.
The program draws on the product expertise and operational capacity of MicroEnsure , a specialist in insurance for emerging customers in Africa and Asia, of which AXA is the principal shareholder.