By Manu Vikraman

AXA WAY - INTRO

o HQ in Paris

o Presence in all the continents.

o 5 Business Segments
o Life & Savings o Property and Casualty o International Insurance o Asset Management

o Other financial services

ORGANISATION
o It has 42 subsidiaries ,1600 employees and 4000 general agents. o Its turnover is around $45 million(US). o In 1994 ,AXA established AXA Asset management in Europe and later renamed it as AXA Investment Managers. o In 1996 ,AXA came out with an American Depositary receipts and got listed in New York Stock Exchange. o In 1999 ,the acquisition of Guardian Royal Exchange made AXA the largest player in Ireland non-life Insurance industry.

CASE CRUX
o 2001 Global Recession

o Insurance Companies Highly affected

o Poor economic conditions in Japan Added to the above problems. o AXA revenues were dropped by 6.25% vs 2000 o Operational Issues due to Mergers and Acquisitions

o Global Reach - statutory, regulatory and legal, accounting and

tax systems that differed from country to country.

AXA BRAND regeneration

CUSTOMER FOCUSED-Key Strategy

o Listen to the voice of the customers(VoC) o Improving process performance to meet customers expectations o Continuous Improvement of the performance o Continuously listening to customers o Building customer and performance oriented culture o Transfer to tools and methods to systematically control and act on

the performance

FACT BASED METHOD-KEY FEATURES

o Data driven approach o Key measure identified and systematically tracked o Employee Ownership and Responsibility o Empowering employees to act on the performance of their processes

DMAIC PRINCIPLE- THE AXA WAY

End less IMPROVEMENT

o Regular customer feedback & incorporating it into its products

and services across the organization.

o VOC was used by AXA to introduce several new products. o AXA introduced Multihelp, comprising of five different insurance products.
o Driving Help

o Travel help
o Home Help o Insurance according to the mileage estimate

EMPLOYEE - ASSETS
o Employees Most valuable asset Keep them motivated. o Employees are updated on the new strategies o Conducting scope surveys for its employee to measure employee satisfaction

Role of employees in implementation of AXA way

Employee involvement
o Ownership of the tasks they were involved in and contribution towards improvement of processes o Awareness of their activities , the group( strategies and objectives)and contribution to organization

Commission payments
D identification of complaints M audit of a sample of payments A instance of inaccurate payments and the causes of mistake I correct commission rates, C - query system

Changes
o In a span of one year 200 ideas were presented of which 20 were implemented. o Customer satisfaction on servicing increased from 64 to 69 percent, and in customer satisfaction on selling it increased from 64 to 79 percent o Customer retention in Japan, reinvestment for maturities in Portugal, reinvestment rate in Italy, Spain o Increase in annual benefits 38 million to 200 million

BENEFIT OF THE IMPLEMENTATION OF AXA WAY

o 90 percentage of the growth revenues. o Customer satisfaction o Customer retention o Annual benefits-technical gains, productivity gains, reduction in general expenses, incremental revenues, cost reduction o Wide range of the product

Suggestions for Further Improvements..

o Implementation of MBO ( Managing Bus Obj) o Implementation of EVA (economic Value Added) o Implementation of the BALANCE SCORE CARD
o customer perspective o financial perspective o internal business process perspective o innovation and growth perspective

o Feed forward control

Thanks