AXA has launched a new electronic application process as part of a broader push to regain ascendency in the financial protection market, it announced yesterday.
AXA head of individual life Stephen Rosengren said the new application process was made available to advisers in late February and since then 30 per cent of new applications in March were submitted electronically.
Rosengren said the electronic application, combined with a Premium Quoting Tool (PQT), would enable advisers to go from quote to submission in five steps.
“Quotes can be tailored according to individual client needs and once a quote is complete advisers can generate a customised application form,” he said.
Rosengren also told Money Management that the new application process was part of a broader push into the financial protection market that had seen AXA commit $30 million over three years with the aim of achieving a top three position.
AXA general manager, financial protection, Michael Rogers said: “We have focused on building profitability into our financial protection business over the past five years … However, an outcome of this focus has been a reduction in market share, especially where competitors have increased their investment and have improved their overall positions.”
AXA will focus on improving the service and support around its products, he said.