AXA Insurance Upgrade

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AXA has introduced a number of specific product initiatives in its 27th October insurance offer upgrade.

This upgrade, charactarised by AXA Head of Individual Life, Stephen Rosengren, as a ‘comprehensive update’, forms part of a broader five-year, three point strategy by AXA to regain its ‘leading position in financial protection’.

This broader strategy focuses on:

  • Increased sales support for advisers
  • Increased service support for advisers and dealer group support staff
  • Ongoing product and technology initiatives/enhancements

Three key initiatives highlighted by AXA in this update are:

  • Introduction of long-term income protection cover under superannuation
  • Further initiatives for mining sector occupations
  • Trauma insurance cover enhancements

A summary of these and other enhancements follows, noting that there have been no rates changes accompanying any of these product enhancements, other than new rates sets for new product options:

Introduction of Income Insurance Superannuation Plan

Launch of the AXA Income Insurance Superannuation Plan, which is the Income Insurance Plan the company currently offers, with four differences, in order to comply with the Superannuation Industry (Supervision) Act.  Those differences cover:

  • Rehabilitation Expenses
  • Offsets
  • Unemployment Provisions
  • PAYG Tax

Increased Benefits for Miners

Increase in the maximum monthly benefit for those miner category occupations rated C to $10,000 (previous maximum was $6,500 per month).

Trauma Insurance Enhancements

  • AXA will now pay a benefit for Angioplasty on more than one occasion provided that the procedures occur at least six months apart.  In the event that a payment is made, the total sum insured will be reduced by the benefit amount.
  • Creation of the following trauma plan options, which encompass comprehensive cancer definitions currently structured as options under the standard contracts:
    • Trauma Insurance Plus
    • Double Trauma Insurance Plus
    • Trauma Insurance Plus Plan

Other Enhancements

  • Removal of the Offset clause relating to policies which commenced after the AXA plan commenced (Income Insurance Plans)
  • Introduction of a Partial Disability benefit for the AXA Business Expenses Plan
  • Expanded definition of the AA occupation, making it easier for those in office-based management roles to qualify for this occupation class.  A number of other occupations have also been upgraded.
  • Introduction of an Income Protection Professional Plan to replace the current Income Insurance Professional Package
  • Introduction of takeover terms for income insurance products, joining existing takeover terms available for lump sum products

Technology Update

As the influence of technologoy continues to impact the life insurance industry, AXA reported in its media presentation that 25% of its new business applications are now received via its electronic application service, creating a more efficient business process for avisers, clients and AXA itself.

In addition, AXA has flagged the launch of its electronic underwriting capability in the first half of 2008.

AXA also advises changes within the company’s service support program, with the appointment of dedicated risk specialists within its Distribution team.

Advisers wishing to access a copy of the new PDS can do so by clicking the following link: AXA Insurance PDS 20081027.  It can also be accessed any time from the riskinfo Resource Centre PDS section.

This is AXA’s third update this year, following upgrades in February 2008 and July 2008.



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