axa way crm

WAY:

CRM ASSIGNMENT NO 4

PRESENTED BY:-

SHOBHA KUMARI

KAUSTAV SHARMA

SHIKHAR

HARINDAR

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

INTRODUCTION

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 1988 ,merger between AXA and Compagie Du Midi

In the same year AXA got listed in Paris stock exchange

PROBLEM

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.

CONTD….

AXA had to dealt with several management issues, legal issues, capital allocation, integrating people and process due its merge with different companies

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

BUILDING THE BRAND

CUSTOMER FOCUS-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

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

CRM STRATEGIES

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

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

EMPLOYEE INVOLVEMENT

Ownership of the tasks they were involved in and contribution towards improvement of processes.

Awareness of their activities , the group objectives)and contribution to organization

DMAIC PRINCIPLE

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

DMAIC PRINCIPLE- THE AXA WAY

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

SUGGESTION AND RECOMMENDATION FOR FURTHER IMPROVING THE SERVICE

Implementation of MBO

Implementation of EVA

Implementation of the BALANCE SCORE CARD

-customer perspective

-financial perspective

-internal business process perspective

innovation and growth perspective

Feed forward control

THANK YOU !!