The Universal Postal Union (UPU) and AXA are collaborating to enhance financial inclusion through postal networks. Over a quarter of the global adult population accesses formal financial services via post offices. Postal networks are seeing increasing interest in insurance services, particularly in remote areas, due to their accessibility and customer trust. The percentage of post offices offering insurance services rose from 38% in 2016 to 53% in 2021. The partnership between UPU and AXA will start with a program investigating successful postal insurance models, followed by the establishment of the Postal Insurance Technical Assistance Facility (PITAF) to support local posts in offering inclusive insurance programs. This collaboration aims to promote financial inclusion and risk reduction among underserved populations.
Source and Details: UPU