AXA launches mortgage campaign
The insurance provider pointed to the success of its tele-underwriting services for insurance applications, which has achieved a 76 per cent acceptance rate, as one part of the approach.
AXA believes the campaign, which focuses on flexibility of product, process and service, will help to establish itself in the mortgage market.
Iain Mallon, head of protection and e-business at AXA Protection, said: “We are looking to explain how AXA Protection connects with mortgage sales and we believe it makes it easier for the broker. For example, you can do up to five quotes on screen at once and you can show the client the different products so they can remove the options until they are left with a product which meets the needs of the client, both in terms of criteria and budget.”
Mallon points to the success of the tele-underwriting service as an example of AXA’s potential benefit to brokers. He explained the system helps with the non-disclosure aspect of the application, which causes the broker the most problems, aiming to transfer the risk away from the broker.
Mallon added: “On average, around 40 per cent of applications for life insurance or sickness cover are sent back requiring more medical evidence, so to have just 24 per cent sent back using tele-underwriting is a massive achievement. We’ve listened to what intermediaries have said and their demands for greater flexibility in the sales process, and we believe our system helps to speed up the process for the broker and the client.”
Jason Richardson, director of YooToo Financial Services, said: “The service from AXA has always been adequate and I have never had any problems with them so it will be interesting the next time I use them to see what changes it has made.”