AXA to put emphasis on technology
AXA Australia has revealed it is planning to make more use of technology to further simplify the application procedures consumers are required to satisfy in order to secure risk insurance coverage.
Speaking at an adviser breakfast briefing, AXA general manager, retail and wholesale operations, Dean Robertson said: “The industry has moved along fairly quickly in terms of electronic capabilities and AXA hasn’t followed it as quickly as we would like. So I’m working at the moment on the release of an electronic capability so we can move into e-mail, so that people can e-mail the [application] forms directly to AXA.”
In light of this innovation, Robertson disclosed that his organisation was also trying to introduce an authorisation process that did not require a physical signature from the customer.
AXA Australia is also trialling a program it has labelled “clean skin”. According to Robertson, the aim of this project is to have applications assessed by underwriters as soon as they are received by AXA with a view to providing the client with coverage on that same day.
The news comes on top of the financial services company’s announcement of a significant upgrade to its individual insurance offer.
These latest enhancements to risk cover include features such as a trauma reinstatement option.
“This option means that 12 months after you’ve received a payment you can reinstate up to 100 per cent of your previous trauma cover under a new plan. With reinstatement in place, you can receive a full benefit payment in the future for any trauma event not related to or caused by the original trauma event,” AXA national development manager, financial protection, Steve Currie said.
Under this option, additional trauma related to the original traumatic event could still be compensated via a partial benefit payment of the lesser amount of $50,000 or 10 per cent of the sum insured.
Other improvements that have been made include a double trauma recovery insurance option, a reduction in the waiting period for total and permanent disability (TPD) insurance to three months, no waiting period regarding payments, TPD for some medical conditions and an increase in the maximum TPD coverage to $3 million.
AUTHOR
Recommended for you
Financial advisers and wealth managers need to exceed their clients’ desires for personalisation, a new EY report writes, by achieving meaningful differentiation between client segments.
Betashares chief executive, Alex Vynokur, believes technology advancements will enable banks to return to financial advice in the future as the need for advice is greater than ever.
Centrepoint Alliance has upgraded its expected financial results for FY24, thanks to strong adviser recruitment and the acquisition of Queensland advice firm Financial Advice Matters.
The corporate regulator has permanently banned a Melbourne-based financial adviser that “dishonestly attempted to induce clients to transfer their superannuation into a bank account he controlled”.
