In 2015, AXA launched its new Employee Benefits business in the U.S. After extensive research and feedback from the market, AXA brought together technology and dedicated professionals to make the employee benefits experience powerfully simple. AXA’s integrated platform — EB360SM was built from the ground up to streamline the process from start to finish. The comprehensive suite of insurance products, including dental, vision, life, short- and long-term disability, deductible insurance, hospital-plus and critical illness, is designed for small- to medium-sized businesses with 20 to 500 employees.
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As life insurers continue to look for growth, AXA and others are targeting employee benefits in the U.S. workplace.
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Does AXA S.A. have experience with Employee Benefits globally?
Yes. AXA S.A. is a leading employee benefits insurer globally. In France and Switzerland, for instance, AXA S.A. companies have developed expert capabilities all along the value chain, and represent more than 15 percent of the employee benefits markets in those countries.
In addition, through the MAXIS Global Benefits Network, a joint venture between AXA S.A. and MetLife, AXA S.A. offers holistic benefits tailored to meet the unique needs of more than 1.5 million global employees of multinational corporations operating in more than 110 markets worldwide.
Why is now the right time for AXA to enter this new market?
Small- and medium-sized businesses (20-500 employees) are AXA’s target employer segment in the U.S. employee benefits market. These businesses are undergoing significant transformation:
- Employers are changing benefits strategies due to the implementation of the Affordable Care Act and rising medical costs. They are reducing or capping medical expenses and shifting responsibility to employees to manage health and financial risk.
- At the same time, new distribution channels like private exchanges, health plans and professional employer organizations are emerging.
As a result, the U.S. employee benefits market is expected to expand as consumers are empowered with knowledge and tools to help optimize their risk protection solutions.
When will AXA Employee Benefits products be available in the U.S.?
Our comprehensive suite of insurance products for employees of small- and medium-sized businesses began rolling-out in mid-2015. Products will continue to be made available as ongoing state approvals are received.
What are the new products being offered?
The new suite of insurance products includes dental, vision, life, short- and long-term disability, deductible insurance, hospital-plus and critical illness.
Note: Group insurance products will be issued by affiliates AXA Equitable Life Insurance Company (NY, NY) and MONY Life Insurance Company of America (Arizona stock company, administrative office in Jersey City, NJ), and by unaffiliated third-party issuers.
How is AXA differentiating itself amongst the competition?
AXA is entering the employee benefits marketplace unencumbered by legacy services and technology, enabling AXA to be nimble and responsive in this evolving market. We can differentiate ourselves by focusing on multi-channel distribution, streamlined enrollment and competitive product offerings.
AXA is focused on ease of doing business at all levels, creating the optimal customer experience that enables distribution partners to grow.
What is AXA providing to distributors that they can’t already get now?
Unlike most competitors, AXA is not encumbered by legacy services and technology, enabling us to be nimble and responsive in this evolving market.
Brokers and general agents have experienced limitations among carriers saddled with legacy systems and technologies, and AXA is purposefully building solutions to maximize flexibility, offer brokers a seamless technology-enabled experience, and provide best-in-class service led by skilled account management and sales representatives.
We can differentiate ourselves by focusing on multi-channel distribution, streamlined enrollment, multi-platform tools and attractive product offerings. In addition to offering a competitive base and supplemental compensation schedule, AXA will provide future-ready and easy-to-use technology tools which help brokers grow their business. This technology will consist of an integrated toolkit with features that span instant electronic quoting across multiple lines of business, real-time compensation monitoring, and trackable issue resolution.
How does AXA plan to distribute these products in the U.S.?
AXA plans to develop strong, targeted partnerships with influential regional, national and local brokers and general agents across the country. AXA will also develop strategic partnerships with other types of employee benefits distributors in the market – including private exchanges, health plans, and professional employer organizations. AXA will also cultivate distribution relationships organically, working with our nationwide retail network of approximately 5,000 AXA Advisors, LLC financial professionals.
AXA intends to offer all distribution partners a compelling platform for selling employee benefits products, including a competitive base and supplementary compensation package, comprehensive service and account management, and powerful future-ready technology tools and capabilities geared toward helping distributors grow their business, and making it easier for distributors to transact business on a daily basis.
How committed is AXA to this business?
AXA is committed to funding the success and development of its best-in-class U.S. employee benefits business by offering competitive products, and modern, technology-enabled tools and processes that result in differentiated, high-quality service. AXA is investing in technology solutions that use the latest and most flexible platforms and applications to ensure a simple, streamlined and intuitive experience for the distributor, employer and employee.
What is AXA’s definition of success for this new endeavor?
AXA is entering the U.S. employee benefits marketplace to become a top competitor among carriers in the space today. In the near term, AXA will be successful by leveraging strategic partnerships with key brokers and general agents in the employee benefits market, developing a credible market presence and reputation, and growing our base of employer and employee customers. Ultimately, AXA’s success will mean establishing a trusted brand in U.S. employee benefits and gaining a significant share of the small- and medium-sized business market.
Who can I contact?
“AXA” is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (AXA Equitable) (NY, NY), MONY Life Insurance Company of America (MONY America) (AZ stock company, administrative office: Jersey City, NJ), AXA Advisors, LLC and AXA Distributors, LLC. Group insurance products are issued by AXA Equitable, MONY America, and by unaffiliated third-party issuers. AXA Equitable and MONY America have sole responsibility for their insurance and claims-paying obligations.
AXA S.A. is a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC.