AXA
Since its establishment in 1816, AXA Group has grown in leaps and bounds within the insurance industry. Offering several types of insurance, this group is now a global leader and serves more than 93 million customers worldwide.
There is more to this insurance company than meets the eye, though. In this review of AXA Insurance Group, we'll take a closer look at its background, milestones, insurance policies, and more.
Background and History
Established in 1816:
The AXA Group was founded in 1816. It started as a mutual insurance company in Rouen, France. The company's name was initially Compagnie d’Assurances Mutuelles contre l’Incendie, or the Mutual Insurance Company Against Fire, and it specialised in non-life insurance.
Evolution:
1985:
The AXA brand was officially instated under the leadership of Claude Bébéar.
1988:
AXA merged with a French insurance company, Compagnie du Midi, solidifying its position in the insurance sector.
1991:
AXA Insurance burst into the U.S. insurance market after acquiring a majority share in a major American life insurance company, The Equitable.
1995:
By 1995, AXA Group expanded into Asia and Oceania by acquiring the National Mutual Life Insurance Company.
2010:
AXA Group had over 95 million customers across the globe and a massive turnover of €91 billion.
2018:
AXA acquired the XL Group, a leading global property and casualty commercial lines insurer.
2020 - 2023:
AXA Insurance expanded and continued to work on its innovation regarding digital health services. This improved their customer experience and accessibility to healthcare.
2023:
By 2023, AXA Group had expanded to 51 countries and served over 93 million customers worldwide. It also managed over 110,000 employees.
Milestones:
1996:
Although AXA Insurance Group has made several acquisitions and global movements over the years, its most notable achievement came in 1996. At that point, AXA acquired Union des Assurances de Paris (UAP), which led to it becoming the biggest insurer in France and one of the largest insurers in the world.
AXA Reviews
AXA has an impressive 4.2-star rating on Trustpilot, with over 11,000 reviews. Most customers gave the company a "great" review, praising the overall service for being easy and efficient.
Check out these reviews from verified customers below:
"Easy to contact and go through the process of getting authorisation to see my consultant and getting tests and scans approved. Also then getting agreement for the necessary operation has been easy.
The updates on the web site of invoices being paid is very useful to keep a track on spending." - Deborah Morris.
"The customer service representative stayed on the phone with me the whole time I spent setting up the app to call the 24/7 GP, over 30 minutes. She could not have been more patient and understanding, as I was very unwell and not in the best mood. The doctor called at the appointed time and was very clear, easy to understand and answered my questions, I did not feel rushed. Pleasant over all experience." - K. Snelgrove.
Health Insurance Plans
AXA's Personal Core Cover includes benefits such as:
Cancer Cover
This helps ensure you get quick access to radiotherapy and chemotherapy during active cancer treatment.
Online GP Consultations:
Access to around-the-clock online video or telephone consultations with an AXA GP.
Inpatient Cover
Access to inpatient and day-patient cover. This covers specialist fees, surgery, nursing care, operating theatre charges, and more.
Scans
Offers full coverage for scans such as MRI, CT, and PET scans at hospitals that form part of the AXA Group's network.
24/7 Support
Speak to a nurse or counsellor at any time for uninterrupted health support.
Additional Health Benefits
Mental Health Cover
Mental health cover provides additional benefits for mental health issues. This includes consultations with mental health professionals and mental health practitioner fees, as well as inpatient and day-patient treatment with no yearly limit.
Therapies Cover
Adding therapies cover to your Core Cover means that it covers physiotherapy, osteopathy, acupuncture, and chiropractic treatments. However, these points are important to note:
There is no yearly limit on outpatient treatment charges when you're treated by recognised therapists.
You'll have access to up to 10 sessions per year when you're referred by a specialist.
Travel Cover
AXA provides European or Worldwide Travel Cover for emergency medical and travel expenses when you're abroad, including:
Personal accident cover.
Coverage for lost luggage, flight delays, and lost passports.
Additional benefits like dental treatment coverage and business travel.
An optional adventurous sport upgrade for both travel cover options.
Prescription And Hospital Stay Benefits
Prescriptions
With your AXA Health Personal Health Plan, you can access several prescription benefits. These include:
Cover for drugs prescribed by your doctor or specialist.
Cover for a wide range of medications that fall under AXA Health's formulary.
Access to mail-order pharmacy services for prescription refills.
Outpatient Options
As part of your Core Cover, you can also choose multiple outpatient benefits to be included in your policy, for example:
Full Outpatient Cover:
This option provides unlimited specialist consultations, diagnostic tests, and practitioner charges, with no yearly limit.
Standard Outpatient Cover:
Get up to three specialist consultations per year, with unlimited diagnostic tests and practitioner charges when you're referred by a specialist.
No Outpatient Cover:
With this option, the Core Cover will be limited to outpatient surgery, MRI, CT, and PET scans.
Support For Sustainability And Community
Environmental Initiatives:
As part of AXA's commitment to sustainability, it announced its commitment to reduce its CO2 emissions by at least 20% by 2025. As of 2020, they have already achieved this goal by reducing their net carbon dioxide emissions to zero.
Community Support:
AXA actively supports communities through various philanthropic activities and partnerships with local organisations. It runs an international volunteering program known as AXA Hearts in Action, which focuses on protecting the environment and vulnerable populations.
AXA Insurance Claims
With AXA, you can log your claims online with your AXA account. Your coverage will depend on the policy that you choose, and in many cases, this is a pre-determined cash amount when you receive a personalised quote from AXA.
However, in a press release earlier this year (2024), the company announced its strategic plan to have a total payout ratio of 75%.
Support For Sustainability And Community
AXA has integrated innovative technology across several aspects of its overall operations not only to enhance the customer experience but to streamline processes as well. These technologies include:
Digital platforms for insurance management, such as mobile apps and online portals that allow customers to access their policies and claims easily.
Artificial intelligence (AI) and data analytics to assess risk, personalise insurance offers, and improve the efficiency of the claims process.
Awards And Recognitions
Almond Insurance Industry Awards 2023:
AXA was honoured with the prestigious title of 'General Insurance Company of the Year', highlighting their excellent performance and leadership in the insurance sector.
Nigerian Investor Value Awards (NIVA) 2022:
In 2022, AXA was recognised as the 'Best Performing Stock', proving their financial strength and overall market performance.
World Economic Magazine Award 2022:
AXA was named the 'Most Innovative Insurance Company of the Year', showcasing its commitment to innovation and forward-thinking solutions.
Women in Marketing & Communications Conference/Awards 2022:
AXA received the award for 'Most Outstanding Insurance Company in Gender Inclusion'. This highlighted its dedication to diversity and inclusivity in the workplace.
HR Optimization Award:
AXA was given this award for its outstanding business continuity management initiative.
Top 50 Brands in Nigeria Awards:
This award celebrated AXA's strong brand presence within the Nigerian market.
Top 50 Women in Insurance Award:
The 'Top 50 Women in Insurance' award further proved AXA's commitment to gender diversity and empowerment.
Women in Marketing & Communications Conference/Awards:
AXA's amazing marketing within the insurance industry landed it the 'Most Outstanding Marketing Professional Insurance Category' award.
GRC & Fincrime Prevention Awards:
AXA was recognised as a 'Fraud Prevention Champion', which showcased its proactive efforts in combatting insurance fraud.
Environmental And Social Contributions
B Corp Certification:
AXA is committed to its social and environmental responsibility, and was the UK's first B Corp Certified health insurance provider.
Community Engagement:
AXA actively engages with local and national communities by offering grants and support to health-related charities and projects across the globe.
Innovation In Healthcare
Digital Healthcare Apps:
AXA has developed digital healthcare apps like SimplyPlan (under SimplyHealth, which was acquired by AXA). This offers convenient access to healthcare and resources for everyone.
Telemedicine Services:
AXA offers telephonic and video consultations with their 24/7 GP service. This allows patients to consult with medical professionals remotely for more accessible healthcare.
Innovative Treatment Options:
AXA prides itself on being at the forefront of advanced therapies and treatments. By staying ahead of the curve, it ensures that its customers have access to state-of-the-art treatments.
Community Support
Charitable Partnerships:
AXA is committed to community support and is involved in several initiatives and programmes to make a more positive impact. Through its charitable partnerships with organisations both big and small, AXA supports several initiatives that involve health, education, and social welfare.