AXA has partnered with e-commerce player, Africa Internet Group (AIG), to provide insurance products and services to African customers.
The partnership means AXA will become the exclusive provider of insurance products and services through Jumia and other AIG online and mobile platforms in Africa.
Going forward, AXA’s African insurance companies plan to propose custom-made insurance products to Jumia and AIG’s e-commerce client base through its ecosystem of marketplaces and classified services.
AXA will also become a shareholder of AIG, along with MTN, Rocket Internet and MIllicom as part of the partnership.
Denis Duverne, deputy CEO of AXA, said the transaction confirms AXA’s long-term commitment towards the African markets.
Duverne said: "Africa is home to some of the most dynamic and promising insurance markets in the world and our partnership with Africa Internet Group will enable us to accelerate materially our development by having access to their rich customer base and to their state-of-the-art e-commerce technology."
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Sacha Poignonnec and Jeremy Hodara, founders and co-CEOS of Jumia and AIG, said: "We expect Africa’s e-commerce and online business to develop rapidly as a result of the strong growth of the middle class coupled with increasing mobile phone and Internet penetration."
They added: "With Rocket Internet’s extensive background in online business models, MTN as a leading mobile carrier with its broad African presence, and now the partnership with AXA in insurance products and services, we are in a great position to continue to innovate and connect businesses to the fast growing consumer demand."