AXA PPP healthcare (U.K.) introduces Corporate Health Plan for Mid Corporates
AXA Group’s AXA PPP healthcare unit in the UK in August 2015 launched its “Corporate Health Plan for Mid Corporates”, geared towards small-to-midsize businesses (SMBs) from 65 to 250 employees, that provides access to medical diagnosis and to approved treatments and drugs to get employees back to health and back to work quickly.
Features usually reserved for larger groups include networks of quality-assessed healthcare providers: over 250 hospitals, 400 scanning centers, and around 24,000 specialists and practitioners; a fast-track appointments process, on-line membership information and simplified claims processes; requiring minimal management by the SMB. This plan is poolable through the MAXIS and the IGP networks, subject to other conditions being met.
The SMB segment amongst multinationals has been traditionally neglected by most insurance carriers, pooling networks and global brokers and consultants. The customary bespoke approach is well adapted to large multinationals but unsustainable financially for SMBs. So-called “mass customization” is required but most global employee benefits providers are ill-equipped and culturally alien to it. At the same time, the market of the largest multinationals is saturated; growth opportunities are to be found in the mid-market (i.e. 250 to 5000 employees, depending on definitions) and in the SMB segments. According to UNCTAD, in 2014 the number of multinationals was approximately 90,000 – to be compared to the 3,000-odd, mostly large MNCs having a pooling arrangement; the market potential is staggering but it definitely requires different products, processes and marketing techniques if it is to be developed.