AXA changes commission structures on life products
UPDATED: AXA has added new options for commissions on its life insurance products, streamlined underwriting and added definitions to existing insurance products.
Thursday, March 22nd 2007, 6:26AM
by Rob Hosking
The new commission options allow advisers to select from a range of upfront and renewal commissions. The options range from 80% upfront and 7% renewal; 60% up front and 12% renewal, and 45% up front with 15% renewal.
AXA general manager marketing and products Ruth Colenso says the changes will make a real difference to business for advisers.
“The new options offer flexibility to our advisers and brokers, allowing them to manage their cash flows in the most effective way for their business.”
One of the main attractions for advisers is relating to future value and cashflow, especially if they plan to sell their business over the next five years.
“These new options, the changes we have made to our processes and the product enhancements... all add up to a significant commitment to the New Zealand insurance market.”
The other changes include a raft of add-ons to existing products aimed particularly at potential clients in the 30-40-age range, AXA chief executive Ralph Stewart told a Roadshow in Wellington.
Other changes include wider definitions for own occupation disablement protection – “the feedback we had on it was we have been very conservative”, and increases to trauma policy buyback options, and an increase in the maximum sum insured from $1.5 million to $2 million.
Also included are more streamlined underwriting processes and improved client communications, aimed at making it easier for advisers to work with AXA, he said.
Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.
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