AXA Assistance UK plans to build on its presence in the Broker market with their Motor Excess Protection product, which adds value to a Broker’s client base, by helping customers recoup their financial loss in the event of a claim.
Motor Excess Protection enables policyholders to insure against having to pay the Excess on their motor insurance in the event of a fault claim. The policy reimburses the Excess paid when the motor claim has been settled.
AXA Assistance provides Excess insurance on a white labeled basis to brokers, which can also be tailored to address specific customer propositions and product portfolios, providing a valuable addition to the range of add-on policies available to motorists. Customers are able to select the level of excess they wish to protect, and in the event of a fault claim they will have their excess reimbursed, subject to the value of the claim being higher than the main policy excess.
Speaking at this year’s British Insurance Brokers’ Association (BIBA) Conference in London, Kelly Ward, Sales & Marketing Director at AXA Assistance, said: “We are committed to providing brokers with a robust and relevant product, supported by experienced underwriting and responsive customer service, all of which is backed by a trusted and financially strong brand.”
AXA Assistance has also developed a new, dedicated online claims management system to further enhance the product’s benefit to claimants. Ward explained: “Considerable investment has gone into making the customer journey as seamless as possible, with the development of a dynamic online claims system called ‘ClaimEz’, allowing customers to download documents, submit claims and ultimately ensuring a greater speed of Excess reimbursement.”
AXA Assistance has already experienced significant year-on-year growth since launching motor excess protection, with 500,000 policies after just two years of trading, and believes there are opportunities to maintain a strong level of growth going forward.
Ward said: “The Excess market provides significant growth opportunities. We have already seen exceptional growth and believe our Motor Excess Protection product will benefit brokers and their clients, and further strengthen our position.
“Furthermore, in difficult economic times this type of cover makes sense to consumers trying to reduce their financial commitments. Motor Excess Protection provides a cost-effective way to control the cost of insurance.”
The Motor Excess Protection product has evolved from car rental loss damage waiver policies offered on car hire contracts, which AXA Assistance has provided since 2001.