AXA, Democrance and Hello Paisa launch insurance scheme

UAE-based microinsurance startup Democrance partnered with AXA in the GCC region to launch a new personal accident insurance scheme for customers of the international money transfer service Hello Paisa. Under the partnership, UAE residents remitting money to their home countries in the Middle East, Africa and Asia are now covered by AXA’s accident and disability policy – for free.

Designed by AXA and Democrance, Hello Protect taps into Hello Paisa’s existing customer to offer its members complimentary access to personal accident insurance when transferring money through Hello Paisa’s branches. The platform allows users to manage all their insurance needs via their mobile phones. Payouts for all claims are made instantly via Hello Paisa’s remittance houses in beneficiary countries. This project is part of the broader AXA Emerging Customers global initiative which aims to improve financial inclusion and accelerate the development of insurance and protection services that cater to the needs of the low- and middle-income classes.

“We have witnessed a rising demand for financial solutions amongst the populations that are most at risk and require social protection. Hello Protect enables us to introduce low- and mid-income segments of society to the personal accident insurance and other products. Remittance houses offer prime access points, since the UAE is one of the main remittance-sending countries in the world. India is the largest beneficiary, and receives US$12.6 billion in remittances annually, followed by the Philippines at US$3.5 billion. Collaborations such as this one reinforce our commitment to closing the protection gap and establishing an ecosystem that supports the financial inclusion through creating accessible financial products.” – Michele Grosso, Co-founder and CEO of Democrance.

“Whilst safety nets exist in the UAE, not being in a position to send money home remains among the biggest concerns for most workers, who are largely the only source of income for their families back home. Offering financial support in cases of emergency through insurance helps provide immediate financial security and ensures peace of mind. In the UAE, blue-collar workers visit remittance houses on a regular basis, and this makes them our key target audience.” – Michal Matul, Senior Advisor at AXA Emerging Customers.

“Our customers are amongst the most vulnerable segments of society, and stand to reap significant benefits from this new offering. All residents who send money home via Hello Paisa will now automatically get a free personal accident cover. Digitalisation has enabled instant and easy access across sectors, and we seek to leverage it to improve our customers’ lives. We are proud to partner with Democrance and AXA to bring this innovative service to the region.” – Moosa Manjra, CEO of Hello Paisa.