AXA Australia is so confident the risk insurance market is about to experience phenomenal growth due to the untapped opportunities of Australia’s underinsurance gap, technological improvements and the bear market that it is investing $30 million to ensure no opportunities are missed.
A large part of this investment will go to improving service levels within its ‘financial protection’ division for both financial advisers and customers.
Competitive product offerings will remain important, however, according to AXA general manager, financial protection, Michael Rogers, great service and relationships are the difference between winning and losing new business.
“These two components of the proposition have become most powerful in the determination of an adviser’s preferred supplier,” he explained.
Part of the renewed focus on service will be underwriters that are committed to relationships with specific dealer groups and individual advisers improving access and ensuring the process remains as simple as possible.
Technology will also be an initial focus of the improvements, with AXA planning on implementing electronic submissions and automated streaming and underwriting.
