ING re-renters insurance with AXA partnership

AXA and Dutch bank, ING have announced a long-term and exclusive, global partnership to provide insurance products and related services through a central digital insurance platform.

The deal comes two years after ING was forced to dismantle its insurance strategy by selling the last of its stake in NN Group, the biggest insurer in the Netherlands.

This was to comply with EU state aid rules after the Dutch government bailed it out during the 2008 financial crisis.

Under the partnership, ING will provide its digital banking experience and AXA its expertise in modular insurance products and services, offering property & casualty (P&C), health and protection insurance solutions to ING customers in six countries.

The two companies will together develop personalised insurance products and services, accessible via the ING mobile app.

Ralph Hamers, ING chief executive said: ”Our partnership with AXA adds an important dimension to our ambition to build one customer-centric platform.

”Adding personalized protection products that are life stage driven, will ensure we keep our customers ahead in life, empowering them to stay in control, in line with their widening demands.

”The initiative will also contribute to diversifying our income. We are excited to embark on this journey with AXA and we are united in our vision. We believe that, between our leading digital banking capabilities and AXA’s unparalleled insurance expertise, we will be able to build an international platform of significant value to our customers

Chief executive at AXA, Thomas Buberl said: “The partnership with ING represents a strong meeting of minds and a shared ambition of becoming a partner in our customer’s life journey.

”This is another key step in AXA’s transformation, fully aligned with our payer-to-partner strategy. We will indeed accelerate our growth in Europe and build innovative insurance solutions and services that have the potential of creating more frequent interactions with the customers.”

AXA and ING’s products will be available in France, Germany, Italy, Czech Republic, Austria and Australia.