S1 EP9 - Reimagining Insurance for the Missing Middle with Garance Wattez-Richard, Founder & CEO of AXA EssentiALL

What happens when one of the world’s biggest insurers decides to design products for the population that’s too poor to be rich — and too rich to be poor?

In this deeply insightful conversation, Garance Wattez-Richard shares the story behind the creation of AXA EssentiALL. From her first pitch to launching operations in 22 markets, Garance walks us through the business model, the value proposition, and the mindset shift required to make insurance truly inclusive.

Guest: 

Garance Wattez-Richard, Founder & CEO of AXA EssentiALL

The episode covered:

• The founding story of AXA EssentiALL, the profitable inclusive insurance business now serving over 17 million customers
• Launching a new vision inside one of the world’s biggest insurers
• The challenges with social intrapreneurship
• Lessons on how to scale inclusive insurance products and expand into new markets
• Insights from her new book Middle Classes cannot be left behind: A call to action

This is more than a discussion on insurance — it’s a masterclass in designing for trust, understanding the mass market, and building for dignity.

Guest Bio

Garance Wattez-Richard began her career at the European Commission in Brussels in 1997 before working in the Office of the Chief Economist at the European Bank for Reconstruction and Development (EBRD) in London until 1999. From 2000 to 2005, she worked as a strategy consultant for London Economics and Arthur D. Little.

She joined AXA Investment Managers in Paris in 2005 and became Head of External Communications for the AXA Group in 2012. In 2016, she founded AXA's inclusive insurance business, AXA Emerging Consumers, which distributes insurance products to low-income populations in emerging markets. The business became AXA EssentiALL in 2024 when it expanded to European markets.

She has been awarded the Intrapreneur of the Year prize by the Schwab Foundation for Social Entrepreneurship, and the first Women in Insurance Award by the Geneva Association.

For listeners interested in reading Garance's new book Middle Classes cannot be left behind: A call to action, you can purchase a copy here:

• Amazon US (EN) 
• Amazon France (EN) 

Financial Inclusion Unlocked is a podcast on a journey to learn how we can unlock the potential of financial inclusion as an enabler for the 17 UN SDGs. This show is produced by SIJ Media, and Series 1 is sponsored by SCBF.

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Connect with host Jack Farren on Linkedin or jack@sijmedia.com