Workplace accidents or long term sickness can really cause problems for migrant workers across the UK, and the wider EU zone looking to send money overseas, so Axa, PartnerRe and RemitRadar have joined forces to launch a new product.
This partnership is aimed at meeting the needs of customers sending and receiving money transfers, and utilises AXA’s emerging customer expertise, plus RemitRadar’s AI-backed proprietary platform. The fully digital offering will be rolled out in the coming months, starting with remittance flows stemming from the European Union and Gulf countries.
The partnership will offer economic migrants from India working in the Gulf access to a combined digital insurance and remittance package. If the worker is unable to earn, due to illness or injury, the migrant’s family will be protected back in India and compensated for the loss of income.
A CASH FLOW LIFELINE
In general, guest workers from developing countries are underinsured due to a lack of appropriate products available to suit their needs. Less than 10 per cent of temporary, or sub-contracted workers tend to be insured. The new 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 an innovative product that is free for consumers and adapted to the needs and the realities facing economic migrant workers. This is the first solution to offer longer term financial stability, as it will allow them to secure income for the next year in the event of illness or injury, leading to loss of earnings.”
Global remittance is a fast-growing market. This month saw Paypal begin operations in Bangladesh, hoping to service the needs of freelancers keen to receive, or send cash securely. Voice of America recently reported that an estimated $1.3billion is sent to Somalia each year, and all of this is via the remittance system, as there is no formal banking system in Somalia.
AI AND THE GLOBAL MONEY TRANSFER MARKET
The collaboration between RemitRadar, Axa and PartnerRe offers a number of benefits. It will enable the companies to enhance their key strengths and expertise within the insurance, money transfer and digital finance sectors. There’s also an opportunity to increase RemitRadar’s online and social traffic, to engage new customers.
This all crucial data for the brand’s AI learning capabilities too – why? Well the technology provides a more nuanced analysis of customer needs and behaviours, to more effectively reach emerging consumers. AI will detect those most in need of long term insurance solutions and financial stability. Emerging market consumers are an interesting demographic for both Axa and RemitRadar.
RemitRadar has committed to insuring 50 million remittance customers within emerging markets globally by 2020.
Denis Kochubey, CEO and co-founder, RemitRadar added:
“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.”