The companies will seek to work together to co-innovate and to develop products and services for customers around the world.
They will also mutually support each other in developing and exploring new markets and segments.
The first phase of the proposed collaboration will focus on:
- AliExpress, a global retail marketplace targeted at consumers worldwide, 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;
- Alibaba’s wholesale marketplaces (Alibaba.com, 1688.com), Axa will provide insurance products to small and medium businesses from all over the world that are already trading on these platforms;
- Ant Financial Services (an Alibaba-affiliate that provides financial services), through which Axa will offer travel insurance products for Chinese travellers going overseas.
These insurance products and services are to be developed by Axa’s local entities in accordance with the customers’ local requirements.
Seizing new opportunities
“Forming partnerships with the most forward-thinking companies is part of our strategy to seize new business opportunities," said Thomas Buberl, deputy chief executive of Axa.
“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 unrivalled knowledge of its home market, this partnership will also help us further accelerate our development in China, where we already are the number one international insurer.”
Michael Evans, president of Alibaba Group, said: “Our collaboration with industry-leader Axa is a key part of Alibaba's globalisation strategy and our vision to enable small businesses and consumers alike to enjoy the convenience and benefits of ecommerce in a safe trading environment.
“As cross-border ecommerce 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.”