But commercial lines up just 1.4 per cent
AXA’s goal is to have two-thirds of its brokers renewing business online in 2008, said UK chief executive Peter Hubbard on the back of the company’s annual results that saw it grow commercial business by only 1.4%.
Hubbard said by the end of 2007, 7,500 transactions were taken place online per month and 300 brokers in the commercial market were renewing business electronically.
Hubbard said: “Electronic trading cuts out error. If we could get two-thirds of our brokers renewing business online at renewal, we would be in a good place.
“We will continue to put more products on AXA business risk so more business can be traded online.”
Hubbard said the next product they are looking to trade online is commercial combined and wants to see its system running at 99.9% of the time, instead of the current 97%.
AXA UK’s underlying earnings were up 15% to £354m.
The company’s revenues in UK and Ireland general and health insurance increased by 8% to £3.5bn.
Hubbard said AXA increased its commercial rates by a total of .7% but that overall they need to go up by an additional 5%.