As you’ll know AXA recently bought the renewal rights to the Ageas UK Commercial book of business. The deal allows both companies to focus on their future core strategic plans.
In the note below, we have highlighted the main steps of the resulting process together with initial FAQs, which we hope will make clear your contact points, processes, protocols and timelines.
Our goal is to make this transition as simple and straightforward as possible for you, our people and our customers. To do that we will manage the full migration of the business over the next 12 months in logical steps, causing as little disruption as possible to your usual business processes.
The first step will be to transfer the former Ageas employees to AXA on 1 April so that you can continue to deal with the same people that you did previously. While they will continue to underwrite on Ageas wordings and rates, the team will also spend their first months with AXA familiarising themselves with our product and propositional offering. They will then be able to offer your clients renewal of their policies on AXA systems.
In April you will receive a Terms of Business Agreement from AXA, specifically in relation to the Ageas Renewal Business for you to sign online. We will then issue you with a new AXA agency specifically for these renewals only.
Understandably our aim is to retain as much of the former Ageas portfolio as possible, so we want to make the migration process straightforward. To achieve that, we commit to being as flexible as we possibly can when considering business for renewal. Our two books of business are very similar in nature and there is an excellent fit in terms of manually underwritten and digital business.
Unless we contact you directly to advise you otherwise, you should continue to liaise with your existing account manager (AXA or Ageas as appropriate). They will have access to all the information about your account and will be able to support with all aspects of business transition. Over the coming months we will be working to create a uniform account management community and single contact point for all your commercial needs.
For the next three months, please continue to use your AXA and Ageas agency numbers as you do today. For renewals from 1 July, we’ll be supplying you with an additional AXA agency number which will mirror your current Ageas commission levels. Your normal AXA agency will remain unchanged.
In the immediate future, renewals will be issued on existing digital channels as we work towards a solution that enables a smooth transition onto AXA systems. New business quotations will continue to be available through both AXA and Ageas digital channels as we build toward one “best in class” AXA solution.
For renewals dated to the 1 July, there will be no change to procedures. The former Ageas team will renew and adjust cases on Ageas paper. For renewals due after 1 July, the former Ageas team will renew cases on AXA paper.
From 1 April the former Ageas book will be treated as AXA held business - so we won’t quote against held risks. Procedures for sending in submissions for manually traded business quotes remain unchanged. Submissions sent to Ageas will be quoted on Ageas paper until 1 June. From 1 June, submissions will be quoted on AXA paper.
The vast majority of the Ageas book aligns well to AXA standard appetite. We are aiming to underwrite flexibly to help make the transition between Ageas and AXA as smooth as possible. Where this won’t be possible, we will look to engage with you in good time.
Every scheme is bespoke and as such we will be engaging with each individual scheme and delegated authority coverholder from 1 April onwards to agree a bespoke plan and live migration date.
As part of the transfer agreements, Ageas will honour the current year of existing deal arrangements. AXA will provide account information to enable the Ageas team to confirm any deal payments.
No, AXA deals exclude business growth from purchased books.
As mentioned above there is a transition process and claims will be managed by the company whose paper the risk is written on. For all business written on AXA paper, AXA will advise you of the appropriate reporting channels and contact details on renewal of the policy.
We have worked closely with Ageas to fully understand claims frequency trends and have been able to formulate effective capacity plans across Claims. We will recruit well in advance of new claims being received within AXA.
On renewal with AXA, AXA Claims will look to use its appointed panel of suppliers on claims received. If however, there are some existing arrangements such as large schemes or bespoke mid corporate clients, then we will be happy to discuss each arrangement to find a solution.
Every scheme is bespoke and as such we will be engaging with each individual scheme and delegated authority coverholder from 1 April onwards to agree a bespoke plan and live migration date. This includes a detailed plan for claims management.