Insurance firm AXA has partnered e-commerce giant Alibaba to co-innovate and to develop value-added products and services for consumers globally.
The collaboration will also see the two companies mutually supporting each other in developing and exploring new markets and segments, according to a joint press statement.
The first phase of the partnership will focus on three areas.
Firstly, AXA will develop and provide insurance products for AliExpress' global customers, such as extended warranties for repairs and/or damaged goods and enhanced online payment protection.
Secondly, AXA will provide insurance products to small and medium businesses from all over the world that are already trading on Alibaba's wholesale marketplaces such as Alibaba.com and 1688.com.
Thirdly, AXA will offer travel insurance products for Chinese travellers going overseas through Ant Financial Services, an Alibaba-affliate which provides financial services.
Commenting on the partnership, Michael Evans, President of Alibaba Group 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."
"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 unrivaled knowledge of its home market, this partnership will also help us further accelerate our development in China," said Thomas Buberl, Deputy Chief Executive Officer (Directeur General Adjoint) of AXA.
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