SingPost expands insurance partnership with AXA
SingPost has expanded its partnership with insurance firm AXA to extend the range of its products on sale in Singapore’s post offices. The two companies have been working together since July 2013 on a 10-year deal to sell life insurance via 34 post offices in Singapore.
From yesterday, the Post is now offering general insurance products for sale through its post offices as well as the existing life insurance product.
SingPost said its customers will be able to seek insurance solutions for their car, home, travel, savings and investment plans through the new offering, which sees certified financial consultants based in post offices and able to provide advice on financial planning and after-sales support.
The new insurance offering comes as SingPost continues its transformation programme to adapt to declining letter volumes, diversify revenue sources and embrace the digital age.
SingPost said the plan is for business insurance solutions to be available by the third quarter of 2015. By the end of this year, the plan is to extend insurance services to 44 post offices.
SingPost Group CEO Wolfgang Baier (left) with AXA Asia CEO Jean-Louis Laurent Josi launching the new [email protected] offering
Marjorie Ooi, SingPost’s senior vice president for financial services said Singapore’s post offices were “well placed” to make insurance products accessible to a range of people.
She also revealed that the so-called [email protected] services will also be available online.
“This aligns with SingPost’s ongoing transformation to provide a more seamless, integrated omni-channel experience to our customers,” she said.
AXA, which has its global headquarters in Paris, said the SingPost partnership was part of an “important” part of efforts to bring its products closer to customers in Singapore.
Glenn Williams, chief executive of AXA Life Insurance Singapore said: “We started operations for [email protected] early this year and I am very pleased to see a strong take-up at all the branches. With general insurance now available, we are certain that more Singaporeans will benefit from a broader choice of channels and touch-points to go to for their insurance protection needs.”