PEMBROKE, Bermuda–(BUSINESS WIRE)–AXIS Group Benefits, part of the specialty insurance business of AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE: AXS), has added a new gap insurance product to its lineup travel, voluntary and supplemental employee benefits coverage across multiple industries in the United States.
HealthGap is a supplemental medical insurance policy that supplements an employee’s qualified major medical policy by reimbursing upfront and out-of-pocket covered expenses, including deductibles and coinsurance.
HealthGap coverage has been designed to fit the needs of employers and employees, with clear, simple policy language and streamlined processes. In the event of a claim, policyholders are reimbursed for covered expenses, up to the policy limit, upon presentation of an “Explanation of Benefits” form to the AXIS claims administrator.
As a long-time provider of limited benefit products for underserved industries, the launch of HealthGap marks AXIS Group Benefit’s expansion into the traditional employer market.
Doug Hayes, Head of AXIS Group Benefits, said, “The launch of HealthGap expands our ability to provide clear and intuitive insurance solutions that meet the needs of a wide range of employees across a variety of industries.
“Every stakeholder involved in providing workplace health coverage understands the economic challenges associated with rising costs. Our goal is to support employers and employees facing escalating healthcare costs by providing an alternative to offset the unintended consequences of cost shifting. HealthGap, an expense reimbursement plan, joins HealthAssist, our fixed compensation plan in our solutions menu.
AXIS Group Benefits is part of the AXIS Accident and Health (A&H) division.
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global provider of specialty insurance and treaty reinsurance with equity of $5.1 billion as of March 31, 2022 and operations in Bermuda, USA , Europe, Singapore and Canada. Its operating subsidiaries have been rated “A+” (“Strong”) by Standard & Poor’s and “A” (“Excellent”) by AM Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.