AXA's global healthcare specialists have enhanced their core proposition for businesses covering 75-150 employees based overseas by introducing tailored international health plans and a profit share arrangement. The proposition complements the existing international offering for businesses, sitting in-between AXA's off-the-shelf provision, covering one or more employee, and the bespoke solution for those insuring more than 150 employees.
The new offering provides businesses sending 75-150 employees abroad enhanced flexibility, making it easier for firms to meet the needs of their increasingly global workforce.
Groups can tailor their scheme to suit specific employee needs, with the option of raising and lowering allowances on key benefits, the choice of mixing levels of cover and the opportunity to spread the employee population across two of AXA's most popular healthcare plans – the International Health Plan and the Islands Health Plan. Businesses will therefore have more flexibility in the level of cover they can choose for their employees.
Key features of the proposition include:
- Transparency – an annual management information dashboard allows businesses to identify what employees are claiming for most and which benefits they are using, informing decision making in advance of renewal.
- Protection – with specific stop loss cover, future premiums are guarded from the impact of high individual claims over £35,000/€44,500/$56,000.
- Sustainability – through AXA's profit share arrangement, clients will receive money back upon renewal if their total claims are less than 65 per cent of their annual premium.
- Flexibility of benefits – clients can tailor key benefits and allowances to suit their employees' needs, while controlling costs for the business.
- Simplicity – easy online scheme management with AXA's Corporate Services Online tool.
Kevin Melton, Director of Sales and Marketing for AXA's global healthcare business, commented, "Providing growing businesses with flexibility and the opportunity to scale their cover up and down is key in providing a sustainable product that clients will reap value from. The changes we have made to this proposition will help provide those businesses covering 75-150 employees with more transparency, less risk and the opportunity to reclaim value from unused premiums. We also recognise that a few significant claims can make a big difference to renewal premiums and that's why we've implemented the stop loss cover for claims of over £35,000/€44,500/$56,000. All of these developments will support our customers in purchasing employee healthcare at a sustainable price."
The tailored proposition also offers businesses the chance to claim back a proportion of unused premiums. After the first two years, if claims are less than 65 per cent of the premium, AXA will pay back a credit of 50 per cent of the difference when the business renews. For businesses following their wellbeing strategy, this presents the opportunity to realise the dual benefits of employee health and wellbeing, coupled with reduced premiums.
Additional benefits also include access to a 24/7 customer service, an online member portal for claims and queries, a second medical opinion service, 24/7 medical telephone helpline and medical evacuation and repatriation as standard.
Melton concluded, "Today's increasingly global workforce needs flexible, comprehensive cover that can support them in the case of any eventuality. Our new tailored proposition provides this, for both the employees and their employer. Businesses can track usage, which in turn can help provide insight of what their employees require, and employees are able to benefit from comprehensive cover, which can support their health and wellbeing."
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