Leading investment and insurance company, AXA Mansard has launched its latest program titled Innovation Exchange Program, geared towards founders, startups, and innovators in the insurance ecosystem.
This program aims to help companies in the insurtech space build, grow, and scale their solutions. AXA Mansard is interested in innovative solutions that will disrupt the insurance landscape, and its new program will enable startups to provide solutions for the insurance ecosystem in the areas of distribution, claims management, technical/underwriting management, customer management, and payments. The program is focused on solutions that help bring insurance products to end users and increase adoption.
Incorporated in 1989 as a private limited liability company, AXA Mansard offers insurance and asset management products in 61 countries. Its aim is to “act for human progress by protecting what matters” and what matters to AXA Mansard are environmentally sustainable local and global asset management solutions as well as health management solutions which it offers under its AXA Mansard Investment LTD and AXA Mansard Health Ltd subsidiaries, respectively.
In Nigeria currently, general insurance adoption and market penetration are low, with just 1%of Nigerians covered by any insurance. The National Health Insurance Scheme (NHIS) which was implemented to provide affordable health coverage for Nigerians currently only covers 10% of the population which leaves over 200 million people out of the estimated population of 217 million people, uninsured and therefore unprotected. Insurance provides not just peace of mind but future assurance for healthcare and assets. It has also been linked to better economic outcomes
AXA Mansard has a track record of being a market leader in digital transformation in its industries. It delivered the first fully digital motor insurance product called AutoFlex in 2016. It has also sponsored insurance hackathons with partners such as The Massachusetts Institute of Technology (MIT) and Data Science Nigeria and is an active member of the FinTech Association of Nigeria. This Innovation Exchange Program is one more tech-led partnership that solidifies Axa Mansard’s place as market leader in the field of insurance.
Speaking to TechCabal about the program, Bayo Adesanya, the Chief Digital Innovation Officer said,
“We have a long-held recognition of the value of partnerships in delivering superior solutions to our existing and future customers, this company also has a track record in being innovative and leveraging our technology. So we want to build an ecosystem of partners that create value across the space we play in which is non-banking financial services. We want to help these partners build insurance and asset management-focused solutions that can be commercialized and also scaled to serve the huge needs that still exist within that industry.”
He also reiterated that this will be a mutually beneficial relationship between AXA Mansard and participating startups, as they will have access to AXA Mansard’s resources to build their ideas or refine their solutions for scale. These resources include API access, expertise, mentorship from AXA Mansard’s executives, support to take their solution to market, and introduction to organizations within AXA Mansard’s network. Startups who build successful solutions during this program will have the opportunity to have AXA Mansard as their first paying client.
Since this program focuses on technology solutions, AXA Mansard is prioritizing technological innovation with the ability to disrupt the insurance space. Startups building solutions around Applied Artificial Intelligence, connectivity, social tech, blockchain, low code/no code solutions, big data, and mobile solutions are encouraged to apply. For the program, the company is currently incubating five startups in two life cycles per year. Each lifecycle will run for five months and these numbers are set to increase in subsequent years.