2008
(07/04/2008) AXA announces protection training for advisers
AXA is launching a nationwide adviser training programme to help them advise on protection products, in an attempt to help close the UK protection gap.
The main objective of the training sessions is to help advisers identify their clients’ protection needs whilst fulfilling their Treating Customers Fairly responsibilities.
Feedback from more than 100 advisers who took part in the pilot between December 2007 and March 2008 has been so positive that AXA has decided to carry on the training, adding additional selected key partner networks to the scheme.
IFA Networks being offered the training will be able to select the most relevant training for their particular business from a menu of modules, including smart ways to maximise protection sales and recognising and dealing with different customer personality types. AXA will then provide the training either in its own offices or at the premises of the network.
The pilot was run in conjunction with specialist financial services training and development company Chisenhale. To enable the training to be run on a larger scale, Chisenhale is now training up a team of AXA’s Protection Account Managers so they can also deliver the training to advisers.
Jamie McIver, Director of Protection Sales at AXA, said: “The feedback we’ve had from the advisers who took part in the pilot has been overwhelming. One adviser, for example, got in touch to say that he’d only advised on two protection policies during the whole of last year, but the AXA training had given him the confidence to sell 10 already during 2008.
“This is exactly what we wanted to achieve – to give advisers straightforward techniques to identify clients’ protection needs and convert these in to sales. Our objective is to boost adviser confidence in selling protection and therefore strengthen and build trust in the industry as a whole.
“We want to use this training to share our expertise with our key partners and further enhance our strong relationships. It can only be a good thing for both customers and advisers if we can start to close the massive protection gap that exists in the UK.”
One of the networks that took part in the initial pilot was Tenet, who chose two training modules, each attended by more than 15 advisers.
Keith Richards, Tenet Group Distribution and Development Director, said: “When assessing the hierarchy of most consumers’ needs, protection is often one of the first and most important areas for advice. Under TCF principles, it is essential that advisers regularly review clients’ protection needs where appropriate. Training and development is key in assisting advisers to better understand the features, benefits and effective positioning of protection products with their clients.”
AXA will begin offering the training scheme to the selected key partners from late spring, with networks deciding whether to opt for half-day or whole-day sessions.
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More information
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Helene Barnes 0117 989 5161
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Notes to editors
The AXA Protection Account was launched in 2004 and products include Life Cover, Critical Illness Cover, Income Protection Cover, Life or Earlier Critical Illness Cover, Mortgage Income Protection Cover, Accident Sickness & Unemployment Cover and Business Cover: Keyperson Protection, Shareholder Protection and Partnership Protection.
AXA Protection accepts over 75% of lives at normal rates and declines less than 2.5% of lives. AXA Protection was the first UK insurer to launch full tele-underwriting nationwide and 2007 statistics show just 1.23% non-disclosure for tele-underwritten applications.
AXA Protection was winner of What Mortgage Magazine's award for Best Life Insurance Provider in 2007. In 2008 Defaqto awarded AXA 5 Stars for its Level and Decreasing Critical Illness, Stand Alone Critical Illness and Income Protection products. AXA also won Most Improved Provider, Best New Initiative, Best Underwriting Team, Best Individual Impact – Naomi Greatorex, TCF Award and Best Overall Provider at the LifeSearch Awards 2008.
About AXA
AXA UK is a part of the AXA Group. AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area. IFRS revenues amounted to €94 billion for the full year 2007.
The AXA ordinary share is listed on Eurolist A of Euronext Paris under the ticker symbol CS (ISIN FR0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). The American Depository Share is also listed on the NYSE under the ticker symbol AXA. Our previous company performance is not a guide to how we may perform in the future.