Western Union to provide insurance in AXA partnership

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • The partnership will offer an insurance product for customers in France sending cash to some African nations.
  • It will be free of charge for a month.
  • “This partnership shows the power of our global cross-border, cross-currency payments platform,” said Western Union’s CEO.

International money transfer company Western Union has announced a new plan to collaborate with AXA in a new insurance offer.

Western Union customers in France will be able to access a disability and life insurance offer for one person when sending cash through the Western Union website to various African nations.

The ‘Transfer Protect’ product will be offered for free for a month and is set to benefit those sending to countries including Mali, Senegal, Guinea and more.

The two firms are treating this arrangement as a pilot programme at present – though they are aiming to increase provision in the future.

Hikmet Ersek, who is Western Union’s CEO, said that it was a “long-term goal” of the firm to turn itself into a “financial services ecosystem” by growing its platform.

“This partnership shows the power of our global cross-border, cross-currency payments platform,” he said.

“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,” he said.

He also said that the firm was “pleased” to be providing insurance functions alongside AXA – and added that immigrants in particular looked set to benefit from “value added products” like this one.

“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,” he 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,” he added.

Western Union describes itself as an “omnichannel” platform, and as a result, it’s of little surprise to find that it is seeking to offer wider financial products via its channels.

As a strategic decision, it will no doubt help the firm extend its considerable legitimacy in the eyes of users – many of whom already consider it to be one of the first ports of call when sending money.

It is also worth considering the timing of the announcement: while it may be coincidental, the financial and health uncertainties caused by the pandemic will no doubt make this offer even more well-received.

Firms in the cross-border payments sector are often making key announcements.

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