AXA signs membership discount deal with RACV

AXA Australia has signed a deal with the Royal Automotive Club of Victoria (RACV) which will see the company offer a discount on its life insurance products to RACV’s 2 million members.

The 5 per cent discount is valid to all RACV members who take out new insurance policies, such as AXA’s Elevate Life, total and permanent disability and trauma products.

The offer is available through all of AXA’s advisers, and the company said it would look into expanding it to non-aligned advisers in the future, depending on how successful the program is.

AXA’s general manager for financial protection, Michael Rogers, said the deal with RACV was a good way to expand its client base and reach around 2 million potential customers.

“It was a good alignment between what RACV wanted to do with its membership and what we wanted to do,” Rogers said.

Since the offer was launched in November last year, AXA has received around 60 applications from RACV members, which senior the AXA product manager for individual life and new products, John Ashton, admitted was not a huge number.

“Since November we’ve been trying to educate advisers about the offering and make sure the system is robust; now that the program is fully in action, we expect more applications,” Ashton said.