Tuesday, March 12, 2019
AXA Philippines Posts Record Premium Income Growth
AXA Philippines, one of the country’s leading insurance companies, posted a growth in Total Premium Income (TPI) of 22%, ending 2017 with more than P26 billion.
Based on data from the Insurance Commission, AXA Philippines' TPI growth is double the average industry growth of 11%. It also exceeded the combined growth of the top four insurance companies in the Philippines.
“AXA’s impressive growth is very much a result of the continuous expansion of our distribution network across the country and the constant introduction of new solutions to address the evolving needs of our customers,” says Rahul Hora, AXA Philippines CEO. “We beefed up our suite of products to serve very specific markets: launching new ones like MyAmbition, Retire Smart, and Smart Traveller; and improving existing ones like Global Health Access and HealthMax. This year, we expect to ride on this robust growth trajectory as we move towards achieving market leadership.”
Hora also attributes AXA’s success to the company’s commitment towards customer centricity and leveraging on technology to aid its distributors in reaching out to more customers. He says the overall improved economy also contributed to the rise in its 2017 figures.
Its general insurance arm, Charter Ping An, outpaced the market growth rate of 17%, moving up to number three in the rankings from last year’s number four spot. AXA acquired Charter Ping An in 2016 and now offers products such as motor, business, and home protection, becoming the only insurance company in the country’s top five to provide both life and non-life coverage.
In 2017, AXA Philippines introduced MyAmbition, the first single premium variable life plan for young professionals that can be completely availed online; Retire Smart, a regular premium variable life plan intended for disciplined fund build-up paid until retirement date; and Smart Traveller, the travel insurance that offers personal accident and medical coverage plus 24/7 helpline anywhere in the world. It also widened the scope of cover of Global Health Access to include hypertension and high cholesterol, and presented a more convenient way to pay for HealthMax via HealthMax 10-Pay.
AXA entered into a partnership with the National Basketball Association (NBA) to become its official insurance partner in the country. The strategic partnership highlights both companies’ shared principles of teamwork, integrity, courage, and innovation; and allows AXA to reach a broader audience.
In order to empower more people to live the life they choose, AXA also launched its Financial Needs Analysis (FNA) platform in 2017, a service and tool that an AXA financial coach uses to explain to the customer in easy terms why life protection is important, especially in cases of unforeseen setbacks and emergencies.
AXA Philippines is a joint venture of Paris-based AXA Group and Metrobank, one of the largest financial conglomerates in the country. To date, it has around 4,000 financial advisors serving one million customers nationwide.