Demand for greater transparency in financial services is growing among the public. AXA recognises that there is much work to be done to address this in insurance.
We understand that as an insurer we have a responsibility to our brokers and customers to be much clearer. This ranges from how we make our underwriting and claims decisions to what is and isn’t covered by our policies. We also want to provide a much clearer explanation of what customers can expect to happen during a claim.
We want to help re-build the trust that has slipped away over recent years.
By being more straightforward and transparent with our broker partners and their customers we can achieve this.
Making claims clear
Although this commitment to greater transparency can be applied to every part of our business, the most obvious and beneficial place to start is in claims. It’s often at the point of claim that the lack of understanding of what is and isn’t covered becomes apparent. We understand when a claim is turned down it can be devastating for a customer.
That’s why we’ve developed a library of documents to help your customers better manage their risks. We want to create a greater awareness over what is and isn’t covered by a policy and give them a much clearer understanding of what they are buying.
Equally, we hope that the content of these documents will allow you to engage with your customers more. This could include broader discussions around risk management and what policies and services may be appropriate to the risks that their circumstances pose.
Visit AXA's Making claims clear document library
Making fraud prevention clear
Our commitment to transparency extends beyond claims and whilst the majority of customers buy insurance to be protected, sometimes people make mistakes which might cause the terms of their policy to be breached. That’s why it’s often a good idea to get advice about your insurance; however, sometimes we find that we also have to deal with people who are intentionally dishonest.
AXA does all it can to protect its customers and partners from fraud, because whilst no one really knows how much insurance fraud costs, it’s certainly over £1 billion a year.
We’ve produced the first in our series of guides to explain in plain English exactly what fraud is, the measures AXA takes to protect itself and customers and the actions taken when fraudulent activity is identified.
Read how AXA is Making fraud prevention clear