AXA, Alibaba and Ant Financial Services have agreed jointly explore opportunities to distribute AXA’s insurance products and services through Alibaba’s global e-commerce ecosystem.
The deal is expected to benefit the businesses and consumers that transact via Alibaba’s marketplaces. The companies will work together to co-innovate and to develop value-added products and services to customers around the world and mutually support each other in developing and exploring new markets and segments.
The first phase of the collaboration will see AXA develop various insurance products for users of AliExpress, Alibaba’s wholesale marketplaces and Ant Financial Services.
AliExpress is a global retail marketplace targeted at consumers worldwide. AXA will develop and provide insurance products for AliExpress’ global customers, including extended warranties for repairs and/or damaged goods and enhanced online payment protection.
On Alibaba’s wholesale marketplaces (Alibaba.com,1688.com), AXA will provide insurance products to small and medium businesses globally who are trading on these platforms.
AXA will offer travel insurance products for Chinese travelers going overseas through Ant Financial Services, an Alibaba-affiliate.
These insurance products and services will be developed by AXA’s local entities according to the customers’ local requirements.
“Our collaboration with industry-leader AXA is a key part of Alibaba's globalization 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,” Alibaba Group president Michael Evans said.
“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.”