The reinsurance agreement with AXA is aimed at enabling Friday to expand its business in current and new markets
Friday Health Plans, a health insurance firm, has signed a multi-year quota-share reinsurance arrangement with the Life and Health international solutions division of AXA.
The reinsurance agreement is aimed at enabling Friday to expand its business in current and new markets. AXA is expected to support the company with its additional expansion plans.
By leveraging its expertise in healthcare and reinsurance, along with a blue-chip balance sheet, AXA is expected to strengthen Friday’s capital efficiency during the expansion of its footprint in future.
Friday Health Plans said that its partnership with a large-scale health insurance firm will benefit through a globally recognised brand and a focus on preventive health and consumer experience.
AXA Life and Health international solutions division reinsurance arm head Jérôme Hémard said: “Friday Health Plans is an innovative healthcare player whose vision and values align very well with our own.
“Our partnership will help make affordable, accessible healthcare available to more people at a time when it is greatly needed. Through our tailored, comprehensive solution and services, we look forward to supporting Friday Health Plans’ long-term growth and expansion plans.”
AXA would support Friday with its plans to expand footprint in future
Friday Health Plans is a health insurance firm purpose-built specifically for individuals and small businesses purchasing their own health insurance.
The company is focused on offering affordable health plans with benefits that help members stay healthy and cover them in case if they are sick or injured.
Friday claimed that operational efficiency, customer service, and smart technology are core to its consumer-centric approach.
The company has entered into its growth stage following the acquisition of Colorado Choice Health Plans in 2017 and has witnessed an exponential increase in the individual membership after the expansion.
Friday Health Plans CEO Sal Gentile said: “AXA and Friday are aligned on the vision of consumer health insurance.
“As we strive to make health insurance simpler, more affordable, and with practical benefits for people who buy their own health plan, our partnership with AXA will boost our success. We couldn’t ask for a partner with better reinsurance and consumer health expertise.”