Axa Australia has struck up an exclusive partnership with the Royal Automotive Club of Victoria (RACV), providing the financial services organisation with a new source for potential risk insurance clients.
As part of the new arrangement, RACV members who take out new insurance policies for Axa's Elevate Life, total and permanent disability and trauma products will receive a 5 per cent discount on their premiums.
"We started looking for brands that have strong consumer associations with the right kind of brand loyalty and the right kind of brand positioning and we identified RACV as an organisation we'd really like to do business with," Axa financial protection general manager Michael Rogers said.
"It's very attractive to us commercially because it gives us access to a large client base in Victoria. We have a very similar customer profile and very similar views about the value of enriching people's lives."
RACV members will still have to go through a financial adviser to take advantage of the deal and take out a new risk policy. If they do not already have an adviser, Axa will offer to refer them to one if necessary.
In setting up the deal, Axa ensured the discount conditions were not overly complicated.
"We made sure there aren't any of those dubious conditions involved so people won't have to read the fine print. If they take out a policy, they get a 5 per cent discount and that comes straight off the bottom line," Axa individual life new business senior product manager John Ashton said.
The offer is only for policies taken out by RACV members from November 2010 and does not apply to existing Axa risk clients who are RACV members.
Rogers said Axa was looking to strike up more partnerships like this one with other similar associations, such as the NRMA in New South Wales and the RACQ in Queensland.
