AXA makes insurance changes as business grows
Responding to a marked increase in insurance applications, AXA has made a number of changes to its mandatory medical underwriting requirements.
“The number of insurance applications processed in March 2009 is up 25 per cent on last year,” said Stephen Rosengren, AXA’s head of individual life insurance.
In the latest changes, AXA has raised the level of cover for which blood screens and other medical examinations are required for life, income protection, and total and permanent disability (TPD) plans.
“If you are 45 years or below, you can now get life and TPD cover for up to $2.5 million without a blood test or an examination from a general practitioner,” Rosengren said.
“Fewer delays for healthy clients will also help ensure quicker processing and improve turnaround times.”
Rosengren said the initiative incorporates feedback from advisers.
Recommended for you
The Federal Court has dismissed a conflicted remuneration case brought by ASIC against the director of life insurance distributor Freedom Group, where Bali holidays and Vespa purchases were among sales incentives.
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
