View more on these topics

Unexpected demand puts Axa service under strain

Axa has been forced to take action to improve service levels to IFAs after it underestimated business volumes on its new protection product.

The insurer has suspended its tele-underwriting facility for tied advisers in an effort to free up capacity for IFAs.

Axa admits it has not been able to manage the level of calls it has been receiving.

It expected that The Protection Account would see 10 to 20 per cent of applications taking advantage of tele-underwriting but that figure has been substantially outstripped.

Head of protection marketing Ian Mallon hopes to be able to restore the facility to tied advisers in the next few weeks.

Axa launched its protection proposition in November 2004 initially through distribution partners Bankhall, Millfield, Tenet, Lifesearch and Britannia Building Society. It will not be available to the whole of market until the end of 2005.

Mallon says: “Tele-underwriting is not a solution that you can get right in two or three weeks. It will take two to three years to get right. This is a long-term investment and we are fully committed to it. We want to get our service levels up first and we are using customer research to monitor the situation.”

Chadborn Baker & Kearle IFA Peter Chadborn says: “We have noticed a definite deterioration in service levels over the past three weeks. There is a marked difference between them and, for example, Royal Liver.”


The starting grid

In this article, I will conclude my discussion of some of the main factors which might determine the advisability or otherwise of effecting a transfer from a final-salary pension scheme.

NU turns to whole of life

Norwich Union aims to combat competition in the protection market with the launch of a non-profit whole-of-life product.

Boulger on Mortgages

Now the general election is behind us there is another important election, or rather referendum, coming up. I doubt that the gilt market would react very much to the result of the general election as the difference in macro economic policy between the two main parties, at least for the first two years after the election, is not big enough to generate wild swings in interest rates.

Artemis Global Income: favouring Europe over the US

With a 10 per cent return from his Global Income Fund in the first three months of 2015, Jacob de Tusch-Lec talks to journalist Alexis Xydias about the drivers and why he favours Europe and Asia over the US. Jacob believes European companies remain cheap and is still finding opportunities amid value stocks – in contrast […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment