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New insurtech led by former AXA executive to target SMEs

New insurtech led by former AXA executive to target SMEs | Insurance Business

New insurtech led by former AXA executive to target SMEs

Matthew Reed, former AXA managing director of commercial intermediary, is bringing a new healthcare player into the market to tap an underinsured group.

Come March 01, insurtech start-up Equipsme will offer small- and medium-sized enterprises (SMEs) in the UK “easy to understand” and affordable health insurance plans exclusively through 30 of the country’s top independent brokers. Four cover options, ranging from £7 to £37 per employee per month, will be available.

“There are well over five million SMEs in the UK but less than 5% purchase healthcare insurance for their teams,” said Reed. “We felt that there had to be a way to open up access to healthcare for this huge sector.”

Under a five-year exclusive arrangement, AXA PPP healthcare will provide not only underwriting capacity but also access to its nationwide approved provider network of consultants, practitioners, and hospitals as well as full claims and helpline support services.

The plans will offer SME employees remote GP service, physio sessions, diagnosis services, scans, hospital treatment, and health checks. Meanwhile insured staff may opt to upgrade their level of cover or add family members through their mobile devices.

“There are no medical questions and it’s the same price for all ages,” added the former AXA executive. “In my experience as a broker and an insurer, it’s the easiest insurance product to buy and sell in today’s market.”

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