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Axa scraps postcode system for PMI products

Private medical insurance provider Axa PPP healthcare is setting up an underwriting process which will help them gain more accurate information on their potential policyholders.

The group wants to abandon its “one-price-fits-all approach”, called a postcode lottery as it is based on where the policyholder lives and bears no relation to lifestyle. It says the new rating method will allow it to lower the cost of medical premiums by off-ering customers insurance at a price that reflects the risk they pose, with healthier lives benefiting from significantly lower premiums.

Customers will be asked a series of questions relating to their health and lifestyle, including their height, weight and whether they are smokers.

It says the new initiative will also allow them to offer cover for some pre-existing conditions.

Until now, companies have only asked prospective policyholders for their age and details of where they live based on their postcode. IFAs will still have access to the traditional underwriting system but the group is hoping to encourage more advisers to switch to the new system.

Distribution development manager Nye Jones says: “We have decided not to change the products, just the methodology used to sell them. Most people expect to have to give some information about their health when applying for health cover and this process will mean we can offer most people guaranteed premiums.”


Goy Harris Cartwright – Defensive Equity Growth Plan

Type: Capital protected bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £5,000-no maximum, £3,000-£7,000 Isa Term: Five years Guarantee: Original capital returned in full providing index does not fall by more than 50% and returns to at least its starting level Return: Between 25% and 65% growth at end […]

Insight merges global and Euro fixed-income desks after chief quits

Insight Investment is merging its global and European fixed-income desks following the resignation of head of global fixed income Peter Geikie-Cobb.Insight made the move after Geikie-Cobb, who runs the £30m global bond fund which was launched last September, told the company that he is joining a boutique fund manager in August.The fund will by taken […]

Amber buys £70m mortgage portfolio

Amber Homeloans has bought a 900 strong sub prime mortgage portfolio from Preferred Mortgages. The portfolio has been valued at around £70 million. Amber and Preferred have been working with each other for two years. The move is part of Amber’s strategy to create and trade mortgage assets, and the Skipton Building Society subsidiary said […]

Over a quarter of investors more pessimistic now war has ended

More than a quarter of investors are now less confident about investing in the stockmarket than they were before the war in Iraq, according to the AITC. Twenty-seven per cent of the 1,000 investors interviewed at the beginning of May were more pessimistic about investing, compared to just 15 per cent whose confidence had increased. […]

Inheritance Tax, a tax on the wealthy? Urban myth or fact?

By Kim Jarvis, Technical Manager with Canada Life’s ican Technical Services Team. Inheritance tax has been around in some form since 1796. Estate duty dates back to 1894 and over the years this tax has evolved into the inheritance tax (IHT) we know and love today, which was introduced in 1986 as a replacement for […]


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