Outlining the industry changes AXA is dealing with, the executive said customers now expect more from their insurers. In addition to financial compensation, people now want support to minimize the impact that an unfortunate incident has on their lives. That means, for example, health insurance must go beyond covering the treatment for illnesses to offering support for psychological or counselling services that patients may need, he explained.
Increasingly, people also want insurance policies that cover “nothing more, nothing less” than what they need, the CEO explained. Such options may not as widely available yet, but insurers can help consumers better understand the risks they face to prevent accidents or buy insurance that 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 and theft at their homes. On the site, people can learn of the frequency of those occurrences and the costs to fix them — data previously used only internally to design and price insurance products.
“The world of yesterday, where I just give you money for a claim, is over,” said Claveranne. “Our job is to say: ‘How do we cover these things more and more?’ and ‘How do we cover them in a different way?'”