RemitRadar, the online digital fintech and insurtech ecosystem operating in the money transfer space, has joined forces with global reinsurer, PartnerRe and worldwide insurance leader, AXA, to offer innovative insurance solutions tailored to the needs of emerging customers sending and receiving money transfers.
A partnership to insure remittance senders
Building upon AXA’s emerging customer expertise and RemitRadar’s AI backed proprietary platform, the fully digital offerings will be rolled out in the coming months, starting with remittance flows stemming from the European Union and the Gulf countries.
The partnership will offer economic migrants from India working in the Gulf States access to a combined digital insurance and remittance package. In the event the migrant worker is unable to work due to illness or injury, the migrant’s family will be protected back in India and compensated for this loss of income.
Migrant workers from emerging countries are grossly underinsured due to a lack of appropriate products available to suit their needs. Less than 10 per cent of these populations are insured. The digital insurance solution from RemitRadar, AXA and PartnerRe will be offered free of charge to remittance customers within emerging economies.
Denis Kochubey, CEO and co-founder, RemitRadar comments: “Together with AXA and PartnerRe we’ve created a innovative product that is free for the end consumers and adapted to the needs and the realities of economic migrants. This is the first solution to offer migrant workers and their families longer term financial stability as it will allow them to secure their income for the next year in the event of illness or injury leading to loss of earnings,” continues Kochubey.
Financial inclusion ambitions
The collaboration between RemitRadar, AXA and PartnerRe offers a number of benefits. It will enable the companies to leverage their respective strengths and expertise within insurance, money transfer and digital finance as well as the opportunity to maximise RemitRadar’s online and social channels to engage new customers, and its AI deep learning capabilities.
The technology provides a more nuanced analysis of customer needs and behaviours to more effectively reach emerging consumers most in need of long term insurance solutions and financial stability. Emerging consumers are a mutual focus for both AXA and RemitRadar.
RemitRadar has committed to insuring 50 million remittance customers within emerging markets globally by 2020. The policy will also cover up to four dependents - the customer’s spouse and up to three children.
Denis Kochubey, CEO and co-founder, RemitRadar continued: “Our ambition is to build a next generation digital insurance platform and to insure 50 million customers and their families by 2020. We are on the start of this journey and our partnerships with AXA, PartnerRe and other industry leading companies are key to us achieving this goal.”