Axa Health will begin publishing claims data reports for small and medium size enterprises (SMEs) in January.
The reports will apply for SMEs of 65 employees or more. Data likely to be provided by the insurer will include:
- Incidence or scheme usage metrics
- High value claims as a proportion of net benefit paid
- Hospital usage including hospital group information
- Top conditions by percentage of benefit paid
Advisers and intermediaries have been urging insurers to give deeper claims insights to SME firms as this will help tailor their strategies and understand where claims are coming from.
It is also particularly important in the high inflation environment.
The insurer told Health & Protection the new reports would:
- Enhance transparency around claims activity, enabling customers and brokers to better understand claims behaviour.
- Support brokers during renewal discussions by offering detailed information on claims usage, facilitating more tailored coverage recommendations.
- Educate SMEs on available healthcare benefits, coverage options, and ways to optimise their benefits packages.
Confirming the move, Axa Health distribution and marketing director Rich Glassborow (pictured) said it had done so in response to feedback from customers and intermediaries.
“This initiative reflects our commitment to transparency and aims to provide clearer insights into claims trends and usage patterns,” he said.
“This development represents a significant advancement in our efforts to foster a more transparent and collaborative relationship with our brokers and customers and help build greater trust.”
Welcome start, but more wanted
Association of Medical Insurers and Intermediaries (AMII) executive committee member Anders Lewis told Health & Protection he welcomed the move.
“The introduction of a standardised claims report for larger SME schemes is a welcome change in stance by Axa Health,” he said.
“Change never comes quickly but I am grateful to the team for making this happen. The availability of claims data will ensure clients receive the best possible advice each year, enabling better decision making and ultimately better outcomes for members
“I hope over time the group size threshold will be reduced allowing even more clients to make informed decisions.”
Howden Employee Benefits director of corporate Hugh Bennett was pleased with the move but hoped it would go much further quickly.
“This is a welcomed additional level of transparency, for SMEs with an Axa Health plan,” he told Health & Protection.
“However, it still isn’t the level of detail or insight required, to truly understand performance, make informed decisions and validate premium increases.”