AXA has introduced tailored international health plans and a profit share arrangement for businesses covering 75-150 employees overseas.
Groups can tailor their scheme to suit specific employee needs, with the option of raising and lowering allowances on key benefits, the choice of mixing levels of cover and the opportunity to spread the employee population across two of AXA's most popular healthcare plans - the International Health Plan and the Islands Health Plan
Previously AXA offered off-the-shelf provision, covering one or more employee and a bespoke solution for those insuring more than 150 employees.
The policy includes annual management information dashboard allows businesses to identify what employees are claiming for most and which benefits they are using, informing decision making in advance of renewal.
With specific stop loss cover, future premiums are guarded from the impact of high individual claims over £35,000/€44,500/$56,000.
Through AXA's profit share arrangement, clients will receive money back upon renewal if their total claims are less than 65 per cent of their annual premium.
After the first two years, if claims are less than 65% of the premium, AXA will pay back a credit of 50% of the difference when the business renews. For businesses following their wellbeing strategy, this presents the opportunity to realise the dual benefits of employee health and wellbeing, coupled with reduced premiums.
Kevin Melton, director of sales and marketing for AXA's global healthcare business, said: "Providing growing businesses with flexibility and the opportunity to scale their cover up and down is key in providing a sustainable product that clients will reap value from.
"The changes we have made to this proposition will help provide those businesses covering 75-150 employees with more transparency, less risk and the opportunity to reclaim value from unused premiums.
"We also recognise that a few significant claims can make a big difference to renewal premiums and that's why we've implemented the stop loss cover for claims of over £35,000/€44,500/$56,000. All of these developments will support our customers in purchasing employee healthcare at a sustainable price."
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