AXA Consolidating an Insurance-as-a-Service Model

In the end of 2017, AXA Singapore introduced an Insurance-as-a-Service (IaaS) platform called AXA Affiliates. This self-service portal enables the group’s commercial partners to add customised insurance protection and assistance services to their website or apps.

These APIs are meant for them to include home, travel and car insurance policies.
And this IaaS platform now aims for international reach. AXA’s partners globally may then seamlessly include AXA offers to their own websites.
Various digital tools are available:
- Plug & play widgets
- Banners
- Images
- APIs and documentation
AXA’s international platform is first limited to integrating travel insurance services and address travel agencies, specialised bloggers and other players from Visa’s (their partner) ecosystem.
These APIs let them deal with every step of the insurance process: prospecting, quotes, subscriptions, contracts.
AXA also considers designing additional offers meant for specific geographical locations.

Placing bets on technologies. Through opening their IaaS platform, AXA caters for service providers’ need to seamlessly integrate insurance offers, helping them enhance their value proposition with insurance options.
Opening a new distribution channel. AXA focuses on improving commercial relations with their partners, enabling them also to enhance their value proposition through customisation. Special attention has been paid in facilitating the integration phase, too.

AXA Partners’ strategic choice highlights a trend now considered by InsurTechs (such as Lemonade, Qover or Setoo, financed by AXA) and long-standing insurance players (La Parisienne, for instance, fully reshaped their business model). Furthermore, leveraging an Insurance-as-a-Service platform is in line with the ongoing European Open-Banking trend.
When crafting this alternative distribution model, AXA first relied on their Asian subsidiary, and launched transactional APIs as early as in 2017. This choice was made in response to a specific context: Singapore authorities pioneered in promoting an open FinTech ecosystem.
AXA Singapore teamed up with Scoot Airlines on distributing travel insurances, and with PropertyGuru on featuring home insurance policies.
This model contributes to diversifying sales channels for affinity-oriented products as well as niche market needs (travel insurance, for instance).

Video: https://youtu.be/HzcmXQmQa1s

Category : Alertes quotidiennes