The upgrade applies to trauma, term life, and total and permanent disablement policies and is estimated to benefit more than 115,000 of Axa’s existing clients.
“We launched these products back in 1995, which is probably one of the biggest things we have done as an organisation,” Axa head of individual life Stephen Rosengren said.
“We think it’s good for consumers and good for advisers because all of their clients now will get access to all of the up-to-date [insurance policy] definitions.
“One of the things we’ve also honoured is that in some very rare cases the definitions are much older and better than what we could offer today. So if there is a better definition, they get to choose which one applies.”
The upgrade has been made at no extra cost to Axa customers.
In conjunction with the change, Axa has constructed an insurance definition library for its advisers and clients.
In the past, when clients asked for their risk coverage history, Axa would have to go back to the start and reconstruct the timeline of the cover in order to determine what definitions now applied.
The service is already available for advisers to use and will be opened up to customers later in the year, around September or October.
