Insurers target growth markets

Both AXA and Asteron are targeting growth industries in their bid to increase market share and reduce the underinsurance gap.

AXA has increased the amount of income insurance available to miners, one of the group’s speciality markets, while Asteron is now targeting medical professionals.

AXA head of individual life Stephen Rosengren said miners would now be able to protect their income for an agreed value or indemnity based on a monthly benefit of up to $10,000 if they are unable to work due to illness or injury. The benefit was previously capped at $6,500 per month.

Rosengren said the upgrades show the group’s ongoing commitment to the mining sector.

Asteron executive manager Jordan Hawke said while the group hasn’t changed its existing offer, in light of the current economic conditions, it has identified industries that are likely to grow and prosper in this environment.

Asteron is now offering an end-to-end solution for advisers targeting medical professionals.

“It doesn’t change our offer or definitions, but in the yin and yang of the economy there are businesses that are going to decline [and] others that will grow, so let’s make sure we give advisers the opportunity to go into new markets and make sure we get people covered,” Hawke said.

Hawke said graduates entering the medical profession are on the increase, and that a medical professional was unlikely to be adversely affected by the economic downturn.

“In terms of the dental industry, if you’ve got a hole in your tooth, you’re not going to delay going to see a dentist until the economy recovers,” Hawke said.

“Illnesses don’t go away just because of the economy and there are still a lot of people dependant on lifesaving drugs.”

Hawke said the package gives advisers specific marketing collateral for this market to assist with the engagement and sales process. He said the product within the package, the Mainstream Lifeguard product, already includes comprehensive definitions around blood borne diseases and other relevant illnesses.

AXA has also made changes to its trauma insurance offering, including introducing the ability to make multiple angioplasty claims.

AXA recently completed an education program for 1,000 advisers to help demystify the world of trauma insurance. The group has developed a “trauma focused client kit” that is intended for adviser use to make the sales process easier.

The group stated earlier this year that its strategy is to regain its “leading position in financial protection”.

AXA offers income protection insurance in super through its North platform.