Alibaba and Ant Financial Services recently said they have agreed to engage in a global strategic partnership to explore opportunities to distribute AXA Insurance products and services through Alibaba's global e-commerce ecosystem.
The companies will seek to work together to co-innovate and to develop value-added products and services to customers around the world as well as to mutually support each other in developing and exploring new markets and segments, a release issued here has said.
Forming partnerships with the most forward-thinking companies is part of our strategy to seize new business opportunities. This proposed collaboration with Alibaba could provide us with a unique global and direct distribution channel, and we are looking forward to serving its customers and to developing bespoke and innovative insurance products and services for them, AXA Deputy CEO Thomas Buberl said.
These insurance products and services would be developed by AXA's local entities according to the customers' local requirements. The AXA Group is a worldwide leader in insurance and asset management, serving 103 million clients in 64 countries and as on December 31, 2015, the company had Euro 1,363 billion assets under management.
Our collaboration with industry-leader AXA is a key part of Alibaba's globalisation strategy and our vision to enable small businesses and consumers alike to enjoy the convenience and benefits of e-commerce in a safe trading environment, Alibaba Group President Michael Evans said.
Alibaba Group is the largest retail commerce company in the world in terms of gross merchandise volume. Through Ant Financial Services (an Alibaba-affiliate which provides financial services), AXA would offer travel insurance products for Chinese travelers going overseas.
Recently, Alibaba Group’s affiliate Ant Financial Services had announced that it had closed a $4.5 billion Series B funding round, according to a Reuter’s report. China Investment Corp Capital and CCB Trust, a subsidiary of China Construction Bank Corp, participated in the fund raise, Ant Financial said in a statement to Reuters.
Existing Ant Financial shareholders, China Life Insurance Co Ltd , China Post Group, the parent of Postal Savings Bank of China, also took part in the round.