DeeMoney partners with AXA to offer free insurance to vulnerable foreigners in Thailand

[webfact]

 

DeeMoney partners with AXA to offer free insurance to vulnerable foreigners in Thailand

 

 

Photo caption: (from left to right) Ms. Monnida Musicabud, SVP – Strategic Development and Regional Head of Emerging Customer, Krungthai-AXA Life Insurance Public Company Limited, Mr. Somjate Khunsriuchen, Chief Operations Officer, AXA Insurance Public Company Limited, Ms. Rasmegh Srisethi, Managing Director, DeeMoney, and Ms. Nimphiya Dhar, Marketing Director, DeeMoney posed a group photo to officially mark their partnership to offer free insurance to underserved foreign population working and living in Thailand.

 

Bangkok, - DeeMoney to offer free accidental insurance protection to its customers underwritten by AXA Insurance.

 

DeeMoney, the award winning money transfer operator, offers 24x7, fast, affordable and secure international money remittance services to the vast foreign work force living and working in Thailand. These customers remit money back to their home country regularly every month and usually are the breadwinners of their family.  This group of customer bears the burden of being their family’s informal insurance policy back home, however they themselves tend to be unprotected or under protected at their place of work. Unexpected incidence such as accident from work or transportation can have significant impact to their income and consequently the livelihood of their family.

 

A thorough research and understanding of this demographic led DeeMoney to collaborate with AXA Insurance to curate a customized product which will provide free personal accident protection coverage from THB 25,000 - THB 50,000. Customers just register to participate into the program and transfer money monthly to avail this free cover. Customers will be able to access this program by mid-July, 2019.

 

“Carrying out our mission as an insurer means rethinking the concept of insurance by imagining new products as well as new ways to distribute them. Our partnership with DeeMoney enables us to reach people who sometimes have never heard of the concept of insurance and it also ties back to our value to empower people to live a better life via financial inclusion,” said Claude Seigne, CEO of AXA Thailand General Insurance.

 

“Foreign populations that work and live in Thailand tend to be an under-served demographic in all aspects of financial services, from banking to remittance to insurance. DeeMoney hopes to change that and bring not only a more effective international money transfer solution, but also accessibility to social and financial protection in the form of insurance. Our partnership with AXA enables us to extend the access of such protection to all our customers, empowering them and thus improving their quality of life,” said Rasmegh Srisethi, Managing Director of DeeMoney.

 

Customers who register and transfer money monthly with DeeMoney will be protected for 1 month against loss of life, dismemberment, loss of sight or permanent disability due to accident, including accident for riding or travelling as passenger on motorcycle with a principal sum up to THB 50,000.

 

DeeMoney’s money transfer services can be accessed through 4 branches in Bangkok, Samrong and Mahachai and through their mobile app. 

 

Key points

DeeMoney is the only non-bank Money transfer service provider in Thailand to offer insurance cover to its customers. Insurance is a big expense for foreigners living in Thailand and this is just a small and first of the many benefits DeeMoney has planned for its customers.

 

Any foreign worker living and working in Thailand can now provide insurance to his/her family back home while still working here. This is yet another effort on DeeMoney’s part to work towards its “customer first” policy. 

 

The aim is to not only provide the most seamless money transfer experience but additional benefits which will make the customer’s journey more rewarding. 

 

More information at www.deemoney.com or AXA Customer Service Center at 02-118-8111 or visit www.axa.co.th.

[Changoverandout]

It states ‘send to the world ‘ yet Australia seems to be the only country you can send to?

[ThaiBunny]

3 hours ago, webfact said:

with a principal sum up to THB 50,000

I misread this as "the princely sum of THB 50,000"

[ripstanley]

3 minutes ago, Changoverandout said:

It states ‘send to the world ‘ yet Australia seems to be the only country you can send to?

Click on the down arrow next to AUD and you will see all the other countries. 

[taichiplanet]

how much is this free insurance?

[wvtop9]

4 minutes ago, taichiplanet said:

how much is this free insurance?

It's free provided you use their money transfer services monthly.  Says in the article.

[justin case]

cannot send money to most EU countries = useless

[scorecard]

Is it just personal accident insurance of full health insurance?

[Pib]

1 hour ago, scorecard said:

Is it just personal accident insurance of full health insurance?

Quote

Bangkok, - DeeMoney to offer free accidental insurance protection to its customers underwritten by AXA Insurance.

 

[scorecard]

19 minutes ago, Pib said:

 

There could be misunderstanding:

 

- Personal Accident insurance.

- Accidental Insurance.

 

I learned a long-time ago to check rather than assume. 

 

[Pib]

9 minutes ago, scorecard said:

There could be misunderstanding:

 

- Personal Accident insurance.

- Accidental Insurance.

 

I learned a long-time ago to check rather than assume. 

 

What is the difference between Personal Accident Insurance and Accidental Insurance?

 

And your original post implied to me you were asking whether the insurance was accident insurance or medical insurance.

[DaRoadrunner]

If as the article would suggest, cover is only up to 50,000 Baht it's not going to cover much is it.

[emptypockets]

Irrelevant to most of TVF members. How many members are transferring money OUT of Thailand on a monthly basis? 

And the insurance is for one month. 

[baggies666]

They stopped sending to the UK nearly a month ago very disappointed as used the service 2 times without problems before

[JamJar]

16 hours ago, baggies666 said:

They stopped sending to the UK nearly a month ago very disappointed as used the service 2 times without problems before

 

 

That's a shame for many Europeans in Thailand.

[Pib]

A few days ago I asked when/if they plan to resume transfers to the USA...they responded in less than an hour.  Below is their response.

 

Quote

At the moment we do not have an exact date but We should resume transfers to US in  a month or two. As of now we do not have a confirmation though. We will be announcing the same on our mobile app and well as facebook once we resume services to US. Apologies for the inconvenience caused. 

 

[DeeMoney Representative]

The gist of the insurance is that you receive the insurance money if you're injured during your coverage.

 

Any injuries are covered while injuries from a motorcycle accident would reduce the sum by half.

 

Although, please keep in mind it is only for serious injuries such as broken bones, loss of limbs, permanent disabilities, etc. 

 

As others have stated, yes this insurance isn't targeted at expats from the US, UK, EU, Aus, etc. but more towards workers from Myanmar and Cambodia. According to our numbers many of them do indeed transfer over 25,000 Baht on a monthly basis.

 

To clarify further, there is no additional cost involved to get covered by AXA in this insurance program. All a customer has to do is transfer with DeeMoney with the advertised amount (25,000 Baht and 50,000 Baht) and then the coverage will start on the 1st of the month after the transfer has been made. E.g, I transfer 25,000 Baht on 25th of July, my coverage will start on 1st of August.

 

- Matteo