AXA Australia (AXA) has released a major initiative with the launch of AXA’s Elevate, the company’s online life insurance solutions package.
In launching Elevate, AXA now joins the growing list of insurers to offer a fully integrated online life insurance quotation, application, intelligent underwriting and new business placement solution.
At the first of a series of national adviser briefings, AXA’s Sales Manager National Accounts, Stuart Devlin, said his company has taken the time to learn from advisers what the key ‘drivers’ are for them when it comes to using electronic/online underwriting and application services.
one of the key differentiators … is to offer … underwriting pre-assessment
To this end, one of the key differentiators in AXA’s Elevate proposition is to offer the adviser and their client the opportunity to access underwriting pre-assessment prior to submission of the proposal.
Underwriting pre-assessment also extends to a 24-hour turn-around for manual decisions that need to be referred to AXA’s Underwriting department.
In allowing advisers to obtain indicative underwriting outcomes before the online proposal is submitted, AXA suggests this gives both the adviser and the client a greater ‘ownership’ and engagement in the application process.
AXA argues this engagement also extends to practice paraplanners and staff, who are involved in submitting and completing the business.
The benefits to the adviser and client of underwriting pre-assessment have been confirmed by the positive feedback AXA has received from over 200 advisers who have participated in the extensive Elevate pilot program, where other key adviser/client benefits have been reported as including:
- Control and participation in the underwriting process
- 50% reduction in outstanding administration requirements
- Quicker completions leading to quicker revenue payments
- Option to accept exclusion or immediately refer to an underwriter
- Opportunity to up-sell or cross-sell additional cover
AXA’s Elevate forms part of a ‘multi-dimensional solution’ offered by the insurer, which focuses on:
- Product
- Service
- Relationship
According to AXA’s National Development Manager Financial Protection, Steve Currie, the company’s intention is to offer an online insurance solution that is positioned in terms of strengthening relationships between the insurer, the adviser and the client, rather than in terms of the process simply being an efficient technology solution.
The launch of AXA’s Elevate has been accompanied by an extensive product upgrade, details of which can be accessed in the following story link: AXA’s Elevate Product Upgrade.
