Amid growing inflation, increasing customer awareness, and consequent rise in insurance claims, AXA Mansard Health has said its commitment to the health and well-being of its customers remains the top priority.
This was made known to journalists recently by Tope Adeniyi, CEO of AXA Mansard Health, a subsidiary of AXA Mansard Insurance Plc – part of global insurance and asset management company, AXA.
Adeniyi explained that the company has witnessed unprecedented growth in the past seven years because of its focus on customers, investment in technology, and quality healthcare delivery. He furthered that even in the face of growing uncertainties in the market, AXA Mansard Health will remain committed to its customers.
According to him: “the economic environment has been challenging and as the biggest player in the Health Insurance space, we are probably the most impacted. As inflation was growing, the cost of care was rising with it. But rather than reneging on our commitment to customers like most providers are doing, we decided to stay true to our words and our value customer-first, even when this commitment comes at a cost to us”.
“We now sit down with our customers to review the situation and because of the sacrifices we have made on their behalf, the conversation around pricing services has been much more fruitful. We expect to start seeing the impact of these discussions from Q4, 2022”, Adeniyi explained.
He noted that the commitment from customers stems from the different cost-optimization solutions the company presented to them.
“We didn’t just go to our customers and say inflation is high, No, we need to reprice our services accordingly. We leveraged our prior investment in technology to optimize cost everywhere possible. So, by the time we presented to our customers, they saw us as that partner that deeply understands and is committed to them. So, the conversation is easier”.
“And to also add more value to them, we are introducing new add-ons to our services. We have entered amazing new partnerships, particularly around wellness and preventive health and our digitization projects in telemedicine, health records, and mental health services amongst others are some added benefits. So, if you look at it, even with our new approach to cost, our customers will still get more”.
“We have also partnered with the state government to distribute state health insurance schemes in alignment with NHIA act which will give more Nigerians access to affordable care”
Furthermore, our “MyAXA Plus” has been very well received because it provides a much improved, seamless, and satisfying experience that puts users at the heart of every feature and action on the app.
The AXA Mansard Health CEO said the company’s winning strategy has been stopping at nothing to serve its customers. While this may impact its finances momentarily, its track record and a clear strategy are profound.
The company’s premiums increased from 8.96 billion (the half year 2020) to 10.3 billion (the half year 2021) to 12.4 billion (the half year 2022) a 15% and 21% growth respectively.
Though the company’s half-year report shows that claims have risen owing to medical inflation and utilization, the business has continued to rise to the challenges.
“We expect to begin to see an adjustment from October till year end as we account for the economic situation on our premiums”, Adeniyi concluded.