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AXA to provide general insurance at 34 SingPost branches
SingPost and insurance company AXA announced on Monday that their partnership, AXA@POST, will now allow customers purchase general insurance at 34 post offices across the island.
This is in addition to the life insurance options that were made available at SingPost branches earlier this January - after the companies announced their exclusive 10-year postassurance partnership in July 2013.
AXA hopes to expand to 44 branches, as well as offer business solutions by Q3 2015.
"The main part of the market will be the masses," Glenn Williams, CEO of AXA Life Insurance Singapore said of AXA@POST's target customer base.
"But it is certain there are very clear segments of the post office where perhaps in the past we may have missed such as SMEs, overseas Filipino workers, and expats."
Mr Williams also said he expects the partnership to make up approximately 25 per cent of sales, on the life insurance side.
With up to five financial advisors at each branch, as well as iPads displaying solution information to post office customers, AXA hopes to use this partnership to reach customers through a new channel.
"To be competitive is something to not be ashamed of," Doina Palici-Chehab, CEO of AXA Insurance Singapore said. "We are a multi-access company. We work with agents, brokers, financial advisors and conduct direct business. What we want is to add community service - the post office - to our wide range of multi-access tools in order for clients to be able to choose through which door they want to come to us."
The launch, fittingly hosted at the Fullerton Hotel (the building was once home to the General Post Office), was centred around a "talkshow"-style information session with Mrs Palici-Chehab, Mr Williams, and Marjorie Ooi, senior vice president for financial services for SingPost.
"Post offices have been serving as a community hub, connecting people and businesses across Singapore," Ms Ooi said. "We offer choice and convenience to our customers, and our partnership with AXA fits right in with our strategic direction in providing high quality and value-enhancing products and services."