AXA Group recently entered into a partnership with Jumia; this allows AXA to become the exclusive provider of insurance products and services through Jumia’s online and mobile platforms.
In Nigeria, the partnership initiative has kicked off with the development of an insurance bundle for Jumia Market’s vendors. This insurance package is in three different variants; Basic, Standard and Deluxe which primarily covers fire, theft and damage. Depending on the level of risk exposure, vendors can choose amongst the package variants.
The product configuration and details are shown below:
|Theft at Point of Delivery|
|Claims payment within 48 hours|
Coverage within a particular variant cannot be removed whilst a vendor is entitled to the benefits irrespective of the bundle he/she chooses.
Property Damage: Helps protect the warehouse and/or goods the vendor sells through
Jumia from fire, special perils and burglary as well as accidental damage.
Motor/Motorcycle Cover: The comprehensive motor insurance provides compensation
in the event of accidents, vandalism of vendor’s delivery van/motorcycles.
Goods-In- Transit: Helps cover accidental damage of goods when they are in transit from one point to another (e.g. from a vendor’s warehouse to the customer’s address).
Theft at Point of Delivery: Helps cover theft at the point the vendor is delivering the order product(s) to the customer.
Employer’s Liability: Provides benefits to employees in the event that they sustain any injury which may result in death or permanent disability. Group Life: Provides lump sum benefits for the dependents of an employee at his/her demise.
Public Liability: Provides compensation to the vendor against all sums that the vendor might become legally liable to pay in respect of accidental bodily injury to any person (whether or not death results), accidental loss of or damage to third party property.
Fidelity Guarantee: Indemnifies against infidelity of an employee which leads to financial loss. It covers for the loss of money, goods and/or stock arising from dishonesty, embezzlement or misappropriation of vendor's funds &/or property by employees.
The pricing of the insurance lines that make up the packaged policy is discounted and cheaper than pricing individual lines as a stand-alone.
Specific to Vendors
The insurance lines are aligned to address the risks inherent in vendors operations to allay owners of their insurance concerns.
Policy packaging allows the introduction of benefits that create value-added services that are key to operations of Jumia’s vendors. These benefits are provided at no extra cost to the vendors.
Easy Policy Administration
It also allows vendors to consolidate the policy periods of their insurance policies and align premium payment to their cash flows.
Interested vendors should refer themselves to AXA Mansard Insurance by registering on the following link.