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Target Market & Product Fair Value Assessments

Target Market Statements

The Financial Conduct Authority (FCA) requires all insurers to provide details of the target market of our plans to intermediaries.  It also requires us to ensure the intended distribution strategy of our plans are consistent with the identified target market so they are not offered to customers who do not share the common needs, characteristics and objectives of the identified target market. As such, we have created target market statements to help you better understand all of this.  Laid out below under each category heading are the target market statements which cover the following information:

  • the product type;
  • product status (open or closed to new business);
  • who the product is designed for and who the product is not designed for;
  • the main product features;
  • information on potential product complexity;
  • details of any additional customer costs;
  • the intended distribution strategy of the plan;
  • information on which product literature should be read alongside the target market statements to provide more information on the plan e.g. the appropriate Insurance Product Information Document (IPID) and the plan handbook; and
  • our approach to product governance.

This information will assist you in establishing the health and travel insurance demands and needs for each plan’s target market. The Insurance Product Information Documents (IPID) and the plan handbooks will also help customers to make informed decisions about the suitability of our plans, and whether they offer fair value considering their health and travel insurance demands and needs. Our target market statements are not intended for customer use.

Fair Value Assessments

To ensure we are aligning ourselves with the FCA's product management (PROD) rules and guidelines and to help our intermediaries understand the intended value these products provide to our customers, we have now completed fair value assessments across all of our products. These include: 

  • an overview of how we undertook the assessment, including the types of MI we collected, reviewed and analysed to establish product fair value 
  • the outcome of the fair value assessment 
  • information about any groups of customers for whom the product may be unsuitable or may not provide the intended value 
  • information about any actions required to address potential poor value 
  • confirmation the fair value assessment was completed/approved and the latest date by which the next fair value assessment will be completed. 

The Fair Value Assessments have now been published below under the relevant category heading. If you have any further questions, please contact your AXA Account Manager. 

Personal Health

Personal Health is aimed at individuals, couples, and families looking to build their own private healthcare cover. This plan suits those looking for comprehensive cover and comes with access to over 21,000 specialists across 250 hospitals and 400 scanning centres. This is a modular product where a range of options can be added to suit individual customer demands, needs and budget. 

Personal Health IPID 

Health For You

Health For You is aimed at individuals, couples and families looking to build private healthcare cover to suit their demands, needs and budget. Although this plan has a shorter list of hospitals and specialists when compared to Personal Health, members benefit from a reduction in premium as a result. 

Health For You IPID

inSpire Health Plan

inSpire Health Plan is aimed at individuals, couples and families where cost is a key factor in deciding the level of cover to purchase. Members on this plan can only use specified Ramsey and Spire hospitals, so it’s important that they’re within a comfortable distance to access these hospitals. This specified list of hospitals limits where they can get treatment in favour of a reduction in premiums. This product is not suitable for members who are not within easy reach of the specified Ramsey and Spire hospitals.

inSpire comes with a unique cashback benefit for specific surgeries. Meaning if a member chooses to have eligible treatment for certain specified surgical procedures through an alternative route (not the NHS), rather than claim for the private treatment under their plan, they’ll be eligible for a cash lump sum to spend as they wish. This treatment needs to be agreed with us in advance. A separate cash benefit is also included where the member chooses to have treatment through the NHS. 

inSpire IPID

Target Market Statement - Individuals

Fair Value Assessments

Product Group 1 Personal Health, Health For You & Inspire Health

Product Group 2 Health Select, Priority Health and Personal Choice

Product Group 3 Assure, Key, Ideal, Premier

Product Group 6 Retirement Health

Product Group 20 Annual Travel Insurance European, Annual Travel Insurance Comprehensive and Annual Travel Insurance Luxury


Advance is aimed at corporate businesses, typically looking to provide private healthcare cover as part of their wellbeing strategy and increase their employee benefits. All Advance members have access to the AXA Health app, which brings together detailed assessments, coaching programmes, line-manager support, inspiring content, wellbeing services and more.

Target Market Statement - Large Corporate

Fair Value Assessments

Product Group 15 Advance, Philips Family Health Plan, Philips Premier

Product Group 15b General Stop Loss Insurance, Specific Stop Loss Insurance, General and Specific Stop Loss Insurance Combined, 100% General Stop Loss for Master Trust arrangements

Product Group 21 Annual Travel Insurance Comprehensive & Annual Travel Insurance Luxury

AXA Health do not charge a fee for setting up cover. However our Account Managers may receive a payment for arranging sales as part of their overall sales and retention targets. The actual payment amount will depend on sales and quality targets being consistently met by that employee throughout the year.