AXA unveils broker tool to tackle underinsurance in mid-market

AXA has launched an online tool to help brokers calculate the business interruption risk for individual commercial clients.

The insurer said the tool will help firms tackle the problem of underinsurance in the mid-market.

The BI calculator AXA’s BI Calculator is a web-based tool that creates a quick and accurate report of a business’ exposure to BI based on the insured’s own financial accounts.

The bespoke tool, which is specifically aligned to AXA’s policy wordings, sets appropriate allowances for business growth trends as well as making indemnity period assessments based upon supplier and customer arrangements and trading climate.

Brokers can either enter the information directly into the calculator or a link can be sent to the customer to input the data themselves.

Although applicable to businesses of all sizes, the insurer said the calculator would deliver the greatest benefit to mid-market companies with more complex risks and consequent exposure to the impact of BI.

AXA Insurance managing director commercial intermediary Jon Walker said the use of the tool would support prompt claim settlement and ensure businesses could recover in the shortest time possible.

“BI is a notoriously difficult risk to cover properly not least because of a lack of understanding among the business community of what it is and how invaluable it can be if they are unable to trade in the normal way, Walker added.

“This calculator not only provides brokers with an accurate estimate, it gives them a technical and independent resource that will clearly articulate to their clients the exposure they face and the level of cover to mitigate that risk.

“The AXA BI Calculator gives brokers direct access to a crucial element of risk management ‘on the go’ and is another example of our commitment to ensuring that the mid-market community has the cover and security it needs.”