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Target markets

Target markets for private healthcare cover

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 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.

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.