AXA forms Quebec bank alliance

In response to the opening up of Quebec’s insurance market to the Caisse Populaire Desjardins through the controversial Bill 188 which was passed by the province last summer, AXA Insurance has entered into a marketing partnership with National Bank to cross-sell product ranges.

In June this year the insurer and bank will launch a jointly owned direct writing operation in Quebec, says Rejane Legault, vice president of communications at AXA. In the meantime, an agreement has been struck allowing AXA brokers to sell National Bank products like mortgages, RRSPs and vehicle financing. The bank is restricted by provincial law from selling insurance through its branches.

Legault stresses the fact that the deal with the bank will only apply to the Quebec market. “AXA had previously established an arrangement with National Bank on the life insurance side, so this is not a new relationship. We are still strong supporters of broker distribution and believe that this partnership will benefit our Quebec brokers through the range of financial products that has been opened up to them.”