Research prompts new insurance offer

Shaping its new product based on the results of an independent study into its market position, AXA has launched its 2006 Group Insurance offer, which introduces a number of new features.

These new features include an unlimited maximum sum for death insurance as well as a maximum total and permanent disability (TPD) sum of $2.5 million.

Furthermore, AXA has raised the expiry age for death and TPD insurance to 80 years to help cater for Australia’s ageing population, and claims the offer to be competitively priced.

AXA national group insurance solutions manager Stephen Rosengren believes these changes will position the company as the leading choice for plan owners and intermediaries.

“If we’re to be a true leader in this sector then we must understand the needs of the businesses and employees we serve, and it goes without saying that the product and pricing model we offer has to be first-class,” he said.

“To achieve this, we’ve prepared a comprehensive service charter covering all major operational areas from underwriting to claims, quoting and disputes.

“In addition, our quote service has been improved to ensure we always put our best offer forward and we’re now offering an enhanced re-rating process.”

Prior to devising the offer, AXA commissioned independent researcher Carey Thomas to investigate the market’s needs and wants.

The findings recommended not only refinements in product and pricing, but also highlighted the importance business-to-business partnerships place in service and support.