AXA’s lab to try out innovative concepts
Print Edition
FRANCE-BASED insurer AXA Group is to open a digital laboratory in Shanghai this year to pilot innovative ideas and monitor digital trends to tap the market potential in Asia.
The insurer yesterday said it expects a sixfold jump in Asian customers, excluding Japan, over the next 15 years to 100 million, with China leading the innovation.
The insurer will set up an AXA Lab in Shanghai to track digital trends, connect with business partners and pilot innovative ideas, said Jean-Louis Laurent Josi, regional CEO of AXA Asia.
The Shanghai lab, the second of its kind after AXA’s Silicon Valley facility, is one of three innovation labs it plans to open in Asia to tap the region’s increasing wealthy population.
“Asia is a key growth pillar for AXA,” said Josi. “Asia’s middle class is poised to be the largest in the world, and 60 percent of middle class spending globally will be in Asia.”
The Asian population is expected to expand to 4.9 billion in 2030 from 4.1 billion in 2010, with the region’s total gross domestic product likely to triple from 2010 to US$38 trillion in 2030, according to AXA.
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