COVID-19 – Axa
We have reviewed the insurer’s website and other communications. The key updates and changes are listed below.
AXA PPP – key updates
- AXA PPP set out a formula for how it intends to reimburse SME and individual customers if the reduction in claims leads to a higher than expected underwriting profit across their portfolio. In summary, the combined loss ratio for the 2020 and 2021 calendar years will be calculated and compared with the loss ratio across their portfolio in 2019. If the loss ratio is lower then customers will be refunded in proportion to the premiums they have paid over the two year period. Payments will be made in March 2022.
- Please check the Axa website for the latest information about their customer promise and how they will be managing rebates.
- Large corporate customers will be invited to join a two year profit share.
- Fully insured groups will be eligible for 80% of any surplus between the claims and 85% of the claims fund if their annual premium is under £1m, The profit share calculation changes to 80% of any surplus between the claims and 90% of the claims fund if the groups annual premium is over £1m
- Groups with an existing profit share feature in place will be invited to switch to the new two year profit share
- Any profit share payments are made at the end of December 2021 after calculation of the claims tail. Payments are subject to renewal with AXA PPP
- Groups funding benefits via AXA PPP’s Master Trust with a 100% General Stop Loss will also be eligible for a profit share based on the risk charges. AXA PPP will pay the group 40% of any underwriting surplus over a two year renewal period. Any surplus in the Trust fund will roll over as normal
- All AXA PPP members can now access a ‘Clinical Support Centre’. This service will offer remote consultations and diagnostics for some conditions. Referrals for urgent treatment will also be made where appropriate care is available
- Members of Individual and SME plans will have any excess or outpatient limit waived if claiming via the Clinical Support Centre. Members will also have access to unlimited Doctor@Hand consultations
AXA PPP – key updates
- Virtual doctors service has introduced to all experience rate contacts not selecting this service. There is no premium loading for the three-month period due to end 30 June 2020. AXA already embed virtual doctors service for all age rated contacts.