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The AXA Way: Improving Quality of Services

This document summarizes AXA's approach to improving quality of services, called "The AXA Way". It discusses how AXA implemented customer-focused measures, fact-based methods, and continuous improvement principles. Key aspects included listening to customer feedback, empowering employees, using data to identify and track key performance measures, and generating ideas from employees to continuously improve processes. This led to benefits like increased customer satisfaction, retention, and annual profits for AXA.

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Dhirendra Yadav
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99 views19 pages

The AXA Way: Improving Quality of Services

This document summarizes AXA's approach to improving quality of services, called "The AXA Way". It discusses how AXA implemented customer-focused measures, fact-based methods, and continuous improvement principles. Key aspects included listening to customer feedback, empowering employees, using data to identify and track key performance measures, and generating ideas from employees to continuously improve processes. This led to benefits like increased customer satisfaction, retention, and annual profits for AXA.

Uploaded by

Dhirendra Yadav
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 19

The AXA Way:

Improving Quality of Services


Presented by:
Vinay Gupta
Vipra Aggarwal
Dhirendra Yadav
Herkirat Sandhu
Shilpa Saluja
1
INTRODUCTION
AXA is a French global company headquartered in Paris.
Engaged in life health insurance and investment management.
Operates in Western Europe ,North America and Asia-Pacific and
Middle-East.
This group encompasses 5 operating business segment
Life & Savings
Property and Casualty
International Insurance
Asset Management
Other financial services
 In 1988 ,merger between AXA and Compagie Du Midi
 In the same year AXA got listed in Paris stock exchange

2
Count…
It has 42 subsidiaries ,1600 employees and 4000 general
agents.
Its turnover is around $45 million(US).
In 1994 ,AXA established AXA Asset management in
Europe and later renamed it as AXA Investment
Managers.
In 1996 ,AXA came out with an American Depositary
receipts and got listed in New York Stock Exchange.
In 1999 ,the acquisition of Guardian Royal Exchange
made AXA the largest player in Ireland non-life
Insurance industry.
3
PROBLEMS
2001 witnessed a global economic slowdown due to the September
11,2001 terrorist attacks in the U.S resulted in claims of over US$
70 billion.
In the life insurance segment, insurance companies faced pressure
on their investment margins and low fees on universal life
insurance products.
Poor economic conditions in Japan adversely affected the consumer
confidence in financial products.
Due to global recession in 2001 AXA revenues dropped by 6.25%
compared to 2000.
AXA had to dealt with several management issues, legal issues,
capital allocation, integrating people and process due its merge
with different companies

4
Count…
AXA operated in many countries across the world and
had to face statutory, regulatory and legal, accounting
and tax systems that differed from country to country

5
6
CUSTOMER FOCUSED KEY MEASURES

Listen to the voice of the customers(VoC)


Improving process performance to meet customers
expectations
Continuous Improvement of the performance
Continuously listening to customers
Building a customer and performance oriented culture
Transfer to tools and methods to systematically control
and act on the performance

7
FACT BASED METHOD KEY FEATURES

Data driven approach.


Key measure identified and systematically tracked.
Employee Ownership and Responsibility.
Empowering employees to act on the performance of
their processes.

8
DMAIC PRINCIPLE THE AXA
WAY

9
CONTINUOUS IMPROVEMENT

Regular customer feedback & incorporating it into its


products and services across the organization.
AXA Ireland started “Mad House” Program
“VOC” was used by AXA to introduce several new
products.
AXA introduced Multihelp, comprising of five different
insurance products.
Driving Help
Travel help
Home Help
Insurance according to the mileage estimate
10
EMPLOYEE OWNERSHIP

AXA considered its employees as its most valuable


asset and believed in keeping them motivated.
AXA kept its employees informed about the strategies
and objectives of the group.
AXA had been conducting scope surveys for its
employee to measure employee satisfaction

11
Role of employees in implementation of AXA way

12
Employee involvement

Ownership of the tasks they were involved in and


contribution towards improvement of processes.
Awareness of their activities , the group( strategies and
objectives)and contribution to organization.

13
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

14
Continuous improvement

AXA Ireland –
Innovation Quadrant - creating customer focused
opportunities, improving, elimination, reusing success
stories
Madhouse program
Voice of customers –
- Odyssey in France
- Multihelp in Germany
- Insurance according to mileage estimates in
Italy

15
Changes
In a span of one year 200 ideas were presented of which 20
were implemented.
Scope survey score increased from 36 in 2003 to 47 in 2005.
Customer satisfaction on servicing increased from 64 to 69
percent, and in customer satisfaction on selling it increased
from 64to 79 percent

Customer retention in Japan(10.6-6.6), reinvestment for


maturities in Portugal(48-57), reinvestment rate in Italy(27-
44),Spain(23- 42)

Increase in annual benefits € 38 million to € 200 million

16
BENEFIT OF THE IMPLEMENTATION OF “AXA WAY “

90 percentage of the growth revenues.


Customer satisfaction
Customer retention
Annual benefits-technical gains, productivity gains,
reduction in general expenses, incremental revenues,
cost reduction
Wide range of the product

17
To improve the quality of the service further

•Implementation of MBO.
•Implementation of the BALANCE SCORE CARD.
•customer perspective.
•financial perspective.
•internal business process perspective.
•innovation and growth perspective.
•Feed forward control.

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