I recently talked to Shanghai Insurance Monthly, which is subordinated to Shanghai Insurance Association, for its August Issue’s cover story. I’ve introduced AXA’s development in China under the backdrop of the 20th anniversary of China joining the World Trade Organization, and elaborated on our growth, transformation as well as digitalization upgrade combining insurance with technology. Welcome to read below full article.
It has been one year since we activated the Soar to Success transformation plan. We are all very familiar with the four pillars: Distribution Transformation, Fix the Basics in Motor, Accelerate Health, and Simply to Drive Efficiency. In motor, we are actively exploring opportunities across areas. For example, Shandong branch writing truck insurance and making endeavors in new electric vehicle insurance. In non-motor, the growth of a bunch of sectors including Health, Guarantee, Liability, Enterprise Property, Accident and Home Property, reach higher than the market average. Health alone is ten times higher than average. We are on the right track despite the severe challenges amid the whole P&C industry.
This year we’ve strived for greater success. Things are constantly changing in and out of the company, the industry itself, the business structure and operation mode. We ride on these changes and have fine-tuned our transformation strategies after months of research and discussion. The NEW Strategy will expand to SIX PILLARS, adding two new ones – Commercial Line and Technology, Digitalization, Data and Customer, to further drive the stable growth.
Each and every year, from 20 September to 24 September, Group catalyzes all CSR efforts by mobilizing all AXA employees around solidarity actions, to which we have joined through a world relay challenge in 2020.
In a world where climate protection has been prioritized more than ever, we therefore gave our pledge for a “RECYCLE for the Future of Our Planet Challenge” this year. I am so glad to see so many of you participating with enthusiasm, sharing your positive energies to the world by taking actions within your power. I would like to thank you all again for being a part of the first charity flea market of the company ever on 24 September. 52 items out of more than 100 donations were sold out within one hour after when the market was open, collecting a total amount of 5048 RMB thanks to our employees with philanthropic passion, donated directly to “Aiyou x AXA Children’s Playroom”.
It is in my belief that everyone has the capability, invisible and yet powerful, to protect the planet, though not one-off actions but rather, ongoing and continuous efforts.
Early this month, the Global “Healthy You” Campaign was launched for the purpose of creating a safer and healthier workplace for you to live a longer, happier and healthier life as we view our employees as the real assets of the company.
To begin with, two online conferences were available for you to access the most advanced knowledge and information around major health and prevention topics. Moving forward, you will be invited to enjoy more health services and activities, such as [ ]
Last but not least, I invite you once again to benefit from this Health Programme and wish you happy and healthy!
What a pleasure it was for me to have celebrated the arrival of the Mid-Autumn Festival with you at both Ruiming and Jinqiao offices with all Shanghai headquarter colleagues, accompanied by Emma, who appeared everywhere in office wearing traditional Cheongsam. Hope you’ve enjoyed the mooncake cooking session as well as the special festival gift of AXA Millesimes white wine with you family!
I would also like to take this opportunity to sincerely thank all of you again, for your hard work as well as the support from your families. The past year has been challenging and tiring and yet you are still sparing no efforts in delivering your work, in spite of the unprecedent challenges in face of the Henan floods and the pandemic situation. You make the impossible possible, as real assets of the company.
Invited by Shanghai Banking and Insurance Regulatory Bureau, I was very honored to attend the Technology Insurance Innovation Symposium in Lingang, attended by industry peers in the prosperous and ever-changing city, sharing our insights on how AXA in China can contribute to supporting Shanghai as an international financial center, as well as how we can respond to the challenges in face of a time where climate change has become a global issue.
It is my belief that we, as a leading foreign insurer, have the ability to cope with climate related challenges by levering our scenario based global expertise and “insurtech”, and to expand our pilot climate index insurance products to the country to benefit those who are in need, which will eventually contribute to the development of Lingang, one of the starting points for China’s sustainable development as well as to participate in the strategic global resource allocation. As Mr. Duverne said, AXA will help contribute in Shanghai’s becoming a leading center for climate finance, with many of our great initiatives, including green investments, and health insurance schemes built as public-private partnerships.
I recently spoke to Digital Insurer, the largest knowledgebase and community on digital insurance, about how AXA is adapting and evolving in the fast-changing China market. We also discussed about AXA Tianping’s digital innovations and partnerships, health strategies, and the future of China market. Please click the link to read more:
In August, we have rolled out two integrated health products, Signature Inpatient & Outpatient Medical Insurance, as well as Modular Health Insurance, further enriching our product portfolio in health insurance and providing China families with an expanded range of choices for customized medical management plans.
The Signature Inpatient and Outpatient Insurance provides customers with comprehensive protection covering outpatient, inpatient, overseas medical treatment with differentiated premium pricing based on customers’ requirements and preferences, suited to a range of family budgets. Giving access to a wide range of domestic public and private medical resources, as well as top medical institutions worldwide, customers can more easily receive the appropriate diagnosis and treatment approaches for different degrees of diseases. Bills can be paid directly among in-network hospitals, simplifying the process of medical treatment and claim settlement. The product also includes multiple value-added services covering the entire healthcare journey before, during and after consultation, along with access to an online family doctor, overseas medical assistance, and MDT multidisciplinary consultation.
In addition to Signature IPOP, AXA Tianping has also introduced Modular Health Insurance as a strong supplement to a range of existing health insurance plans. Policyholders can enjoy “all-in-one” medical support with expanded spectrum of choices for medical management plans. The Modular product compensates for 80% hospitalization expenses with zero deductible within the scope of social insurance, as well as inpatient cost, outpatient and emergency medical expenses caused by the hospitalization, providing corresponding protection for death and disability caused by accidents as well as sudden death.
Thanks to the teams for bringing to market what customers really need. The introduction of the two products reflects our ongoing dedication to meeting the unique needs of families in China, accompanying them along every step of the way of their healthcare journey. It is a realization of our commitment to be not just a Payer, but a Partner to Chinese families.
In July, extreme and prolonged rainfall and floods has paralyzed the greater Henan province and affected millions of people. The super typhoon “In-Fa” also caused serious losses of life and property. Climate change and its meteorological disasters have become a significant challenge for all mankind. As the world’s leading industry leader, AXA has made use of the advantages of in-tech, combined with scenario application, and opening up opportunities of the financial industry coping with climate change through insurance + technology.
This July, AXA settledthe first domestic commercial climate index insurance in Xinjiang as a product designer and reinsurer. This insurance product provided a limit of 8.42 million RMB against climate risks for more than 3,000 mu of maize farmers in Bole city. Climate index insurance shows broad prospects and great potentials in solving problems such as climate, catastrophe, agricultural food securities, and spreading the losses caused by climate change.
In the case of Xinjiang maize insurance, AXA investigated historical loss, peril analysis, and climate risk exposure in Bole city and Tacheng areas, and concluded that these areas are mainly threatened by frequent climate risks such as heavy rainfall, wind storm and hail. AXA incorporated the perils that cause losses to farmers into its insurance liability in the form of climate index insurance and tailored the rainfall, strong wind and hail index insurance for maize. The insurance company will pay the claims instantly according to the weather indices when disasters occur, which benefits farmers with fast recovery in production after disasters. This insurance can effectively help local government and the insured to share risks, smooth their income curve, and realize the full cycle of disaster managing service that accomplishes claim payment in years with disasters using premiums from abundant years.
As Denis Duverne, Chairman of Board of AXA Group, said in his speech at the 2021 International Forum for China Impact Investing: “AXA has twice as many opportunities to make positive contributions to the climate and environment, not only as an insurer, but also as a responsible investor that accesses environment-related metrics for environment-related investments.”
The Qingdao branch has scored in the top batch among 31 general insurers in the city’s first consumer rights protection evaluation held by CBIRC Qingdao Bureau.
Congratulations to Qingdao colleagues for your efforts in gaining the inspiring recognition from regulators. I’m very proud of what you have demonstrated in practicing the Customer First value and dedicating yourselves to work.
Qingdao colleagues set a good example to all of us in the Soar to Success journey to bring more convenient and relevant services to our customers.
