AXA Leader Potential Bankrupt

In AXA agency agreement - Unit Manager and Agency Manager stood as “Guarantor” for himself, his agents and agency leaders under his supervision. 

What is a Guarantor?

In AXA agency agreement - Section 9.10 (a) and (b) – a Guarantor - agrees to be responsible for any debt, obligation, or liability due or owing or likely to become due or owing to the company by himself, his agents and agency leaders under his supervision. 

What Event?

An agent or agency leader under your supervision may have conducted one of the many actions:-

1. Free Look – customer returns the policy during the free look period.  AXA will refund 100% of premium and clawback all commissions, overrides and benefits paid
2. Mis-selling – customer lodged a complaint on agent mis-selling. AXA will refund 100% of premium and clawback all commissions, overrides and benefits paid
3. Misappropriation of premium – customer lodged a complaint on agent misappropriating premium. AXA will recover all commissions, overrides and benefits to repay customer
4. Customer sue Agent & AXA – AXA will recover all costs and liabilities from agent

Impact On Guarantor

AXA will initially seek to recover from your agent or agency leader under your supervision. Failing which, AXA will recover the same from you – as a Guarantor. In addition, under the agency agreement – you have also waived your right not to challenge, object or take any action against AXA. 

Open Liability

Example - if one of your agent or several agents - had received RM10,000 commissions and benefits from AXA. One day – customer(s) lodged complaint on mis-selling. AXA proceed to clawback from your agent(s). Your agent refused to pay and run away. AXA will then clawback RM10,000 from you as a Guarantor. Standing as Guarantor with unlimited amount - can potentially bankrupt you as AXA Agency Manager.

Competitor

AIA, Great Eastern, Prudential or Allianz does not have this so-called Guarantor Clause in their agency Agreement. These better managed insurers are more intelligent and uses other method to protect their agencies. Axa’s management is “Bangang” and is unable to protect its agencies. Now we know the reason – Axa is rotting at the bottom of a cesspool when AIA, Great Eastern, Prudential and Allianz is successful and growing rapidly.

AXA Dictator Terminates Agents

There are 24 pages in AXA Agency Manager Agreement. The agreement is worded to provide AXA maximum advantage over you. Entering into an agreement with AXA is to place the sword of Damocles (hanging by a single strand of hair) above your head. Something bad will surely happen to you & your business soon. 

Suspension Clause in Axa Agent Agreement - If the Company in its opinion suspects any of the events - may have happened, it may at its absolute discretion by notice suspend the operation of this Contract without giving any reason

Termination Clause in Axa Agent Agreement - The Company or the Manager may terminate this contract at any time and without giving any reason for so doing by giving 1 month’s notice to the other party in writing

Standard Procedure in AXA - The Chief Agency Officer (CAO) is the officer (exclusively) who decides to suspend and/or terminate your agency agreement. AXA will send a registered mail to your address.  

AXA will not hold any investigation

AXA will not call you for discussion

AXA will not make any courtesy call to you

What Is The Impact - Once your agency agreement is terminated – you will lose everything instantly:-

AXA stops paying your commission, overrides and all benefits

AXA hijacks all your agents and agency leaders under your supervision

AXA hijacks all your customers

Conclusion - AXA agency provides protection for client in the event of death or disability. No agent or agency is safe at AXA. AXA promised you that they will support you and your "Business". This is a lie. At AXA - Agency is not able to protect his/her own business. How can AXA Agent protects his/her client with Axa policy?

Hundreds of staffs and agencies have left to join AIA, Great Eastern, Allianz, Prudential - where they are doing better and earning more income.