Operating as a public-private partnership, Axa and the IFC plan to develop new products such as life, accident and crop insurance, which can be distributed using mobile phones to those in the developing world.

Further, Axa plans to use IFC’s political and business influence to foray into new markets such as Egypt.

Axa deputy chief executive Denis Duverne was quoted by The Financial Times as saying that: "Clearly, if you enter into a market with IFC, in terms of government relations it is a plus as there is a direct relationship with finance ministers.

"A large part of our future development will be in high-growth markets, and we believe that partnering with IFC will allow us to enter some of them earlier."

Furthermore, both organizations are planning to design products, specifically for women, basing on an estimate that the female economies of China and India are expected to account for $5trn of gross domestic product value annually by 2020.