AXA’s Benoit Claveranne on insurance industry adjustments, trends

Outlining the industry adjustments AXA will be dealing with, the executive said customers right now expect more via their insurers. In addition to financial compensation, people right now want support to minimize the impact in which an unfortunate incident has on their lives. in which means, for example, health insurance must go beyond covering the treatment for illnesses to offering support for psychological or counselling services in which patients may need, he explained.

Increasingly, people also want insurance policies in which cover “nothing more, nothing less” than what they need, the CEO explained. Such options may not as widely available yet, although insurers can help consumers better understand the risks they face to prevent accidents or buy insurance in which meets their needs, he said.

AXA in October last year launched a website in six European countries to help people gauge the risks of water leakage as well as theft at their homes. On the site, people can learn of the frequency of those occurrences as well as the costs to fix them — data previously used only internally to design as well as cost insurance products.

“the planet of yesterday, where I just give you money for a claim, will be over,” said Claveranne. “Our job will be to say: ‘How do we cover these things more as well as more?’ as well as ‘How do we cover them in a different way?'”

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