I am very proud that our company got recognized by the industry with two high profile awards: “Most Innovative Company Award” via the 10th China Finance Summit and “Outstanding Health Enterprise” through the 3rd Asian-Pacific Insurtech International Summit.
This has perfectly showed that our hard work and efforts throughout this transformation journey to pivot our company from a mono-liner to a multi-liner with a focus on health have paid off. Now I am more than confident that together, we are sure to be soaring to success!
On July the 16th, invited by Chairman of the Chinese Academy of Financial Inclusion (CAFI), Duoguang BEI, I attended the gala dinner of International Forum for China Impact Investing (IFCII), which was a new landmark summit on the topic. Our Group Board Chairman, Denis DUVERNE, shared his insights on Impact Measurement and Management via a virtual panel in the afternoon.
I strongly believe, as our brand purpose “Act for Human Progress by protecting what Matters” illustrated, that insurers should take up societal responsibilities and spare no effort to help the communities by making financial products and services more affordable and accessible. Here in China, we aim to continue our trials and efforts in unleashing the capital for good, to provide a mechanism that helps mitigate personal and enterprise-related risks so as to contribute to improve livelihoods and sustained development.
I was very honored to attend the Shanghai International Financial Advisory Council (SIFAC) meeting on July the 15th.Our board chairman, Denis Duverne, was also invited to give a virtual speech as a member of SIFAC. The meeting was also joined by Xiaochuan Zhou, the former Governor of the People’s Bank of China and Zheng Gong, the Mayor of Shanghai.
I was very proud that AXA is the only insurance company invited among the ten world-class institutions. I believe, 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 was very delighted to have celebrated the French National Holiday on July 14 thanks to Mr. Benoit Guidee, French consulate general in Shanghai’s invitation.
It was a wonderful night for lovers’ of French and Chinese culture, for a spectacular evening of celebration at the consulate general’s residence, with amazing exchange on the Sino-French friendship and the prosperous future we will have.
At this occasion, AXA was also invited to attend the festival at French Embassy, joined by 20 colleagues and distributors in Beijing to further maintain and strengthen the relationship. I believe that by working together with our friends in France, we can complement each other with our own advantages, so as to seek a win-win situation in face of challenges.
We’ve got a clearer idea of AXA’s HR strategy across Asia from Peck’s video. In China, how we make our own localized version and execute those strategies? This month team vlog, I’ve invited the HR team to introduce themselves and their insights in driving AXA Tianping’s talent recruitment and employee experiences amid the business transformation.
You may think that HR professionals do all the hiring, benefits, continuing education, etc. However, they are also responsible for creating the culture, who we choose to hire, how we compensate people, what benefits we offer, and how work is structured, all of it factors into whether or not we enjoy where we work. And hope we all enjoy our work here!
It has been almost ten months since we launched the Beijing Jinghuibao Public Private Project Inclusive Health Insurance last October. This May, we joined hands again with Beijing Life and rolled out the Malignant Tumor Medical Insurance for Women (HuiTaBao). An innovative move to protect the women in Beijing with affordable medical support. As of the close day on July 22, nearly 100,000 people registered and purchased this product, far exceeding the 30,000 targets.
Meanwhile, the Beijing Jinghuibao Scholarship Donation Ceremony was held at Beijing Life Conference Hall on July 9th. AXA Asia Chief Strategy & Customer Officer, AXA Tianping Chairman DJ Choi attended the ceremony joined by Beijing Life Chairman Guanglei Guo, Beijing Youth Development Foundation Secretary of General Ronghui Qian, as well as forty outstanding students from prestigious universities in Beijing including Tsinghua University and Peking University.
DJ sent his congratulations to the commended students and expressed his gratitude of being part of the Beijing Jinghuibao project team. He said that AXA is very honored to partner with the industry’s leading players to strive for a comprehensive and multi-level medical system in China in accordance with the government strategic goal of ‘Healthy China 2030’.
Back to last October when Beijing Jinghuibao was launched, AXA worked with Beijing Life and Yidu Cloud and donated one million yuan to the Beijing Youth Development Foundation to assist young people and more communities in need.
This month I have invited Peck Yeow Gan, the HR Director of AXA Asia to talk about the HR strategy and her personal experiences. Peck comes from Singapore and has a very beautiful Chinese name. She can speak Mandarin and she is the first one from the AXA Asian Africa office doing this video in Chinese.
She also sent her special words to AXA Tianping colleagues about how we can do our work right and well. It also resonates with me. Please watch Peck’s video and find out more. I hope you feel the same.
I joined the AXATP Customer Strategy Workshop on July 1st in Shanghai together with the management team as well as health, product, and distribution colleagues. Hosted by Marketing & Communications team, the workshop centered around UMC customer segmentations, AXA core targets and health product, service, channels, and marketing strategies to fulfil customer needs.
A productive and fruitful half-day brainstorm fueled with solid ideas! I would like to share some takeaways from the session with all of you:
AXA Tianping’s potential customers are categorized into seven segments：
Three markets that AXA Tianping can target: High-end with wealthy planners in Tier 1 and New Tier 1 cities; Medium market of parents with kids under 10; Mass market with affluent city youth and naïve passives.
The Brand Strategy is to focus on High-end and medium markets, while also taking care of the mass market
Two-layer execution plan: differentiated strategies for three markets
Three pilot projects to kick off soon
Topic for next market research will be Distribution Channel Study
Following the workshop, a summary report with a next-step list was generated based on the discussions and customer segmentation studies conducted by the customer insight team. Those customer strategies will be brought to life through team collaboration to further drive the business growth and achieve the objective I’ve underlined at the workshop that “AXA will break through in the high-end and medium health insurance markets”.
We have many good news from the Soar to Success transition program due to our combined efforts in the past six months. I would like to share some of the major exciting updates for the four pillars:
Distribution Transformation
A lot more HQ partnerships are in process, including brokerage houses such as miaoins, revisiting agreement with Benz and building collaboration with Ford China.
Multiple activities around training and products are in pipeline with traditional brokers, including Fanhua, Datong, Mingya and Huakang.
Partnerships with top banks including China Merchants Bank, Agriculture Band of China, and Postal Savings Bank of China are proceeding well.
APTT (AXA Professional Trainer Training) scheme was launched for branches.
On Digital Transformation, the one-stop platform Emma by AXA has registered 778,007 users by June 30. WeChat Upgrade Program is running into its second phase to consolidate the service entry for easy access from customer end.
Accelerate Health
As of June 30, new products including Critical Illness, Million Medical through tele sales, Beijing Malignant Tumor Medical Insurance for Women (HuiTaBao), “Hui E Bao” similar to PPP have been rolled out. Signature IP + OP Medical Insurance and Modular product are making debut soon.
Health operation has been improved with dedicated health service line and speeding medical network deployment. 10 direct-pay medical institutions have joined AXA Tianping’s ecosystem, targeting 80-100 in first and second tier cities in three years.
China Health Enterprise Program (CHEP) kick started on June 23 to help accelerate digital innovations in health.
Health Management Platform under Emma by AXA has introduced new service for children since June 1.
New talent joined AXA EC to drive the business regarding emerging customers, such as PPP.
A bunch of marketing activities supporting Health in June included the Family Health Protection Forum, new brand promise launch #守护热爱自行前行, the Confident AXA Family serial commercials, billboards and digital ads in major cities, KOL cooperation, Child Growth Month, as well as brand designs for new products to empower health business development and branch colleagues.
Fix the Basics in Motor
Non-private car models and systems are launched. Pilot branches include Shandong, Hebei, Anhui, Jiangsu, Henan, Guangxi and Yunnan.
Motor insurance market share keeps stable in face of fierce marketing competition.
Cross-sale with accident and health insurance is increasing.
Innovated motor insurance such as GAP and UBI are in progress.
Simplify to Drive Efficiency
Pricing and Claims are being synergized.
As of June 30, the 2021 motor claim costs were reduced by 208million RMB.
Cost control measures put in place – anti-fraud, human injury and motor service management.
My thoughts are with those affected by the severe flooding, caused by a period of prolonged heavy rainfalls in Henan Province. As an insurer, we always prioritize employees’ safety, care and act for customers in difficult times. I’m very proud that we set up the emergency taskforce and roll out rescue and relief measures rapidly on the day when its capital Zhengzhou was hit by record floods.
Heartfelt gratitude to all the teams aiding Henan. They include the whole management team, Henan branch, Claims, Security, HR, IT, Marketing & Comms, and our branch colleagues from Shandong, Hebei, Shanxi, Shaanxi, Shenzhen branches as well as two operation centers in Chengdu and Shanghai. The Group and AXA Asia Africa also paid special attention to this climate crisis.
For staff, the Comms team informed 27 branches and call centres about the floods and our immediate protection measures straight away following the heaviest rainfall. Henan branch employees stranded in office were accommodated properly and a 24-hour duty shift was put in place to alert on any emergencies. A corporate car was arranged to provide electricity when power and network failed due to the floods. Work-from-Home plan was also implemented for other affected employees by the HR team.
For customers, we’ve allocated 131 inspection and rescue vehicles and 29 claims professionals from other cities and branches. Swift and systematic measures included fast track, timely alert message, real-time data dashboard, telemedicine through text, photo and video chat on Emma by AXA mini program, and free mental health hotline “All Support Henan”（400-650-6208）. Thanks to all your day-and-nights efforts. As of July 27th, 2027 claims were recorded and handled.
As Henan cleans up the flood damage, typhoon In-Fa made landfall in coastal regions including Shanghai on July 25th with strong winds and heavy rains. Prior to In-Fa’s landing, an emergency taskforce led by the management team has already sent out alert messages to customers and employees, and quickly activated emergency measures and relief efforts including fast track, remote inspection, and work from home. As of 14:00 on July 27th, we received 403 motor insurance, delay insurance and property insurance claims reports. The fastest motor claim was settled in 30 minutes, and the fastest home property insurance claim settled in 6.5 hours.
