The 13th InsurDigital Digital Insurance Summit was held in Shanghai on April 13, 2023. Representatives and management from the insurance industry attended the Summit with the theme this year being “Intelligent Insurance, Inclusive Life”. The theme explores new technology applications and different scenarios for digital transformation to promote exchanges among industry peers.
Philip YU, Chief Operating Officer and Chief Information Officer of AXA Tianping, delivered a speech themed “Digital Technology Leading Businesses”. He gave a holistic view of AXA Tianping’s digital journey, including the company’s data culture, auto insurance pricing capabilities, customer journey and new office culture, expounding the application and practice of digitalization in different scenarios in AXA Tianping.
After the judging round by the organizing committee, AXA Tianping won the “Digital Insurance Innovation Award”, witnessed by more than a hundred insurance company guests on site, bringing more honor to the company.
Emma by AXA 3.0 has successfully launched on WeChat platform. As an integration of AXA’s local practice and AXA Group’s resource advantages, Emma by AXA is an innovative one-stop digital insurance and service WeChat mini program. Through Emma, AXA Tianping customers can conveniently complete the whole process from insurance to claims and easily access a variety of value-added services such as policy benefits, online health and insurance knowledge. AXA’s intelligent customer service and human customer service are also online 24/7 to provide instant support to customers.
During his visit, Gordon Watson, CEO of AXA Asia and Africa, took a special photo to encourage everyone to register on and experience the Emma app. As of April 25, 2023, AXA Tianping has achieved a registration rate of 98.4%, of which 26 branches have reached the 100% registration rate target. Thank you all for your active support for the Emma by AXA Mini Program. Your support and encouragement is the driving force behind the transformation of Emma by AXA! We sincerely invite friends who have not yet registered to do so as soon as possible, and enjoy all the convenient advantages brought by Emma by AXA!
On the morning of April 13, 2023, CEO of AXA Tianping Kevin Chor, AXA’s Executive Vice President Liancheng Zhou, and AXA’s CEO Office General Manager Siyuan Dai visited the Jiangsu branch of AXA Tianping.
Kevin recognized the achievements of the Jiangsu branch in 2022 and put forward the following expectations for 2023: I) to foresee and adjust plans accordingly in face of uncontrollable factors in the auto insurance market, and to follow a diverse development path involving the development of health insurance and commercial insurance; II) to make relevant adjustments in response to market changes and to actively respond to the commercial reform of auto insurance; III) to be profit-oriented and to strengthen cost control, achieving the transformation from cost-centred to profit-centred; IV) to make the branch’s goals clear and manage the plans accordingly, and to fulfil the budget target issued by headquarters.
Bo WU, General Manager of AXA Tianping Jiangsu Branch, gave detailed reports on the branch’s operations in 2022, actions for improvement, key work plans for 2023, and the branch’s progress in the first quarter. Leadership from the headquarters raised questions afterwards and had on-site communications with the general managers.
Kevin, Liancheng, and Siyuan had lunch with the management team of the Jiangsu Branch. Colleagues hailing from different cities in Jiangsu introduced their hometown’s special features, industrial structure, history, and culture. During lunch, the management team also expressed the determination and confidence in achieving their operation goals in 2023.
Kevin and the accompanying delegation visited the GM Financial Service office in the afternoon, exchanging thoughts on AXA Tianping’s brand, product features and advantages, and the direction for future cooperation.
This visit boosted the confidence of all employees of the AXA Tianping Jiangsu branch and made clear the branch’s development path. The Jiangsu branch will follow the strategy laid out by headquarters and actively seek opportunities and enthusiastically respond in face of challenges. With determinationa and confidence, AXA Tianping will accelerate transformation and realize sustainable development goals.
On April 11, AXA’s “Employee Welfare Protection Plan” Roadshow, aimed at promoting the sustainable development of health insurance, was successfully held in Quancheng, Jinan. With the theme of “Make it better”, the roadshow centers on the business focus of this year: the employee welfare protection plan. In-depth discussions were carried out, giving full play to AXA’s comprehensive advantages in health protection and corporate services, leveraging AXA’s mature experience in comprehensive care for physical and mental health to bring a different empowerment experience to corporate customers.
Eva HUANG, Chief Marketing and Communications Officer of AXA Tianping, stated, “AXA Tianping’s capital wealth, professional technical capabilities, rich product lines and high-quality customer service, nationwide layout and localization, and deep insight into customer needs are the unique advantages that distinguish AXA Tianping from other foreign-funded property and casualty insurance companies.”
AXA’s employee welfare protection plan is based off the results of the recently released 2023 AXA Mental Health Survey, and aims to provide information for individuals, businesses, healthcare practitioners, and policy decision makers, helping audiences to understand the current state of social mental health. The report gives in-depth interpretation of the various challenges faced by the young generation in today’s workplace, which highlighted the need for employers to launch mental health support programs to address the potential risk of attrition of employees.
In response to the individual needs of different corporate customers for employees’ health protection plans, AXA provides comprehensive product liability coverage, professional service, and advanced online and offline system support to ensure the practicability, professionalism, and timeliness of the insurance plan. Customized health management services such as lectures, corporate health days, and corporate infirmaries take into account the overall physical and mental health of employees, help companies address their employees’ medical needs and enhance their sense of belonging.
The roadshow culminated in the lighting ceremony, which demonstrated AXA’s corporate vision of “from payer to partner.” AXA will continue to upgrade its health protection products and services, and work together with all partners to continue to provide corporate customers with rich, diverse, flexible and customized health protection solutions, relieve the concerns of enterprises, and contribute to the steady development of the real economy.
From April 3 to 4, AXA Asia & Africa CEO Gordon Watson and AXA Asia Chief Strategy Developing Officer Françoise Gilles visited the headquarters and Shanghai branch of AXA Tianping. This is the first time that AXA’s Asian management team has visited China since the COVID-19 pandemic began.
Gordon and Françoise met with the AXA Tianping management team, reviewing the 2022 performance, and planning the 2023 development. Detailed discussions on specific operations including solvency management, branch and channel transformation and ESG were carried out.
While touring branch offices, Gordon affirmed the achievements of the AXA’s business transformation, and raised questions on the opportunities and challenges faced in business development. On future development, Gordon focused on auto insurance telemarketing, and put forward an innovative plan—to enhance customer interaction through partnerships with new media, and help AXA reach more potential customers, so as to break through business development plateaus.
In the afternoon of April 4, a special all-employee townhall Empower China High-quality Growth was held at AXA Tianping’s headquarters in Ruiming Tower. With 2800 employees attending, Gordon fully recognized the achievements of AXA Tianping in the past few years, especially its efforts and resilience in response to the impact of the pandemic and market uncertainty. Gordon expressed that as the world’s leading insurance group, AXA has unparalleled technical and professional capabilities. Combined with China’s vast market demand, the future of development will be bright. The Group is willing to provide the resources needed for development, and encourages AXA Tianping to make full use of resources and advantages to further understand customer needs, create products and services that meet and exceed customer expectations, and win market opportunities with differentiated advantages.
During the interactive Q&A session, Gordon and Françoise answered issues that concerned employees the most including opportunities and challenges in China, female leadership, and AXA’s Asia-Africa strategic direction, AXA’s ESG impact goals, female leadership, and career development. By expressing and conveying AXA Group’s firm confidence and continuous investment in the Chinese market and the importance of grasping development opportunities in Asia to achieve profitable growth, the two boosted employee morale and cohesion, and strengthened confidence in strategic transformation and goal achievement.
On March 21, the AXA Commercial Insurance Forum and the Seminar on “Upholding Principles and Helping the Real Economy” was held in Guangzhou. AXA and nearly a hundred partners gathered in Yangcheng to share development opportunities and draw a beautiful blueprint. The theme of the forum not only responds to the call of “high-quality development” put forward by the two sessions, but also closely adheres to the current era of economic recovery and stable growth opportunities. This year is a critical year for the commercial insurance business. We have improved our professional team system, built stronger business capabilities, innovated online service models, and continued to optimize customer experience. With the introduction of the group’s superior resources and the enhancement of global underwriting capabilities and technical support, we will realize synergies between commercial insurance and corporate insurance, make breakthroughs in group insurance and special risk insurance, and become a long-term companion for the sustainable development of corporate customers.
Another piece of good news comes from the field of sustainable development. The2022 AXA Entity Sustainability Index ranking has just been released, and in this important evaluation to measure the ESG maturity of various entities, with a year-on-year increase of 16.57 points, AXA Tianping became the entity with the largest improvement in the world (75.77 points vs. 59.2 points),and ranked third in the Asian market, closely following Thailand (78.43 points) and Hong Kong (75.93 points). We would like to thank our colleagues in all relevant ESG lines for their joint efforts and dedication. At the same time, in the context of global AXA entities increasingly prioritizing ESG, we still need to make steady progress and move forward with all our strength.
During this year’s 315 period, centering on the industry theme of “building an honest consumption environment and boosting financial consumer confidence”, the company will comprehensively optimize outlet service facilities, continued to improve service levels and construction, and carry out in-depth education and publicity, which will strengthen consumer confidence. The protection of consumer rights and interests is a cornerstone and gene of sustainable development. The high-quality development we advocate and pursue must also point to a customer-centric, more sophisticated, and more modern direction, which is reflected in the practice of the corporate vision from “payer” to “partner”.
With the recovery and development of China’s economy, the whole industry will usher in a broader development prospect. In the long run, rapid technological advancements, rising consumer expectations, and increasingly complex competition are all reshaping the definition of insurance. More and more family or business customers are looking for stronger protection, and we are confident to become a more trustworthy partner.
On March 21, the AXA Commercial Insurance Forum and the Seminar on “Upholding Principles and Helping the Real Economy” was held in Guangzhou. AXA and nearly a hundred partners gathered in Yangcheng to share development opportunities and draw a beautiful blueprint. The theme of the forum not only responds to the call of “high-quality development” put forward by the two sessions, but also closely adheres to the current era of economic recovery and stable growth opportunities. This year is a critical year for the commercial insurance business. We have improved our professional team system, built stronger business capabilities, innovated online service models, and continued to optimize customer experience. With the introduction of the group’s superior resources and the enhancement of global underwriting capabilities and technical support, we will realize synergies between commercial insurance and corporate insurance, make breakthroughs in group insurance and special risk insurance, and become a long-term companion for the sustainable development of corporate customers.
Another piece of good news comes from the field of sustainable development. The2022 AXA Entity Sustainability Index ranking has just been released, and in this important evaluation to measure the ESG maturity of various entities, with a year-on-year increase of 16.57 points, AXA Tianping became the entity with the largest improvement in the world (75.77 points vs. 59.2 points),and ranked third in the Asian market, closely following Thailand (78.43 points) and Hong Kong (75.93 points). We would like to thank our colleagues in all relevant ESG lines for their joint efforts and dedication. At the same time, in the context of global AXA entities increasingly prioritizing ESG, we still need to make steady progress and move forward with all our strength.
During this year’s 315 period, centering on the industry theme of “building an honest consumption environment and boosting financial consumer confidence”, the company will comprehensively optimize outlet service facilities, continued to improve service levels and construction, and carry out in-depth education and publicity, which will strengthen consumer confidence. The protection of consumer rights and interests is a cornerstone and gene of sustainable development. The high-quality development we advocate and pursue must also point to a customer-centric, more sophisticated, and more modern direction, which is reflected in the practice of the corporate vision from “payer” to “partner”.
With the recovery and development of China’s economy, the whole industry will usher in a broader development prospect. In the long run, rapid technological advancements, rising consumer expectations, and increasingly complex competition are all reshaping the definition of insurance. More and more family or business customers are looking for stronger protection, and we are confident to become a more trustworthy partner.
2022 is an extraordinary year for AXA Tianping. With the hard work of all employees, we have successfully coped with the difficulties brought about by the new crown epidemic, and promoted the extraordinary progress of various business lines during the transformation process.
In 2022, we continued efforts to deliver on our commitment to strengthen corporate governance. In 2022, more than 150 system updates will be completed, including branch expense management policies. We also successfully promoted actions and projects aimed at improving efficiency, and realized a total cost optimization of about 100 million yuan. In terms of deepening the implementation of organizational transformation and optimizing organizational layout and resource allocation, by the end of 2022, nine secondary institutions have achieved phased upgrades. In the three-level institutional optimization project, more than 90% of institutions achieved optimization goals. The company’s per capita production capacity has increased by 38%, policy costs have been optimized by 8.6%, and the number of non-vehicle sales teams has also increased by 50%.
In terms of insurance lines, the employee welfare business has been launched in the health insurance line, with the premium reaching 35 million yuan in 2022. We continued to improve the core technical capabilities of the product line and integrated technology into business processes. The health insurance core system established by the CHEP project was also a solid boost for the health insurance business to achieve a year-on-year growth of 71%. On the other hand, the pilot program of auto insurance customer base and model upgrade increased the number of mid-to-high-end customers through the direct sales channel by 158%. Lastly, commercial insurance made unprecedented progress in 2022. Through cooperation with AXA XULI, we have strengthened the underwriting capacity and market competitiveness of commercial insurance lines. The AXA Amtex 3.0 project was launched to examine customers’ digital journey from a holistic perspective.
2023 is crucial for AXA Tianping. We will pursue high-quality development and shape a profitable culture. Our transformation goals in 2023 are:
Dual-track parallel development of auto insurance.
For health and retail insurance, we will expand our advantages in the mid-to-high-end health insurance segment.
In terms of commercial insurance, the number of strategic institutions will be further expanded to 9.
At the same time, we should always abide by the regulatory requirements, abide by compliance operations, and promote the sustainable and healthy development of the company.
On March 7, the first corporate insurance business promotion meeting with the theme of “commercial and enterprise development to empower professional development” was successfully held. Representatives from the management, sales planning, commercial insurance, corporate insurance, and other departments of the head office joined colleagues from the strategic institutions to witness another key step in the layout of AXA Tianping commercial and enterprise insurance within the institution.
Kevin CHOR, CEO of AXA Tianping, delivered an opening speech for the meeting. He first affirmed the achievements of commercial insurance in the past year in terms of business development and capacity building of the institution. He pointed out that 2023 is a critical year for the development of institutional commercial insurance. It is also the first year of the development of the institutional corporate insurance business. The corporate insurance team is expected to bridge between the group and the local area while firmly grasping the development opportunities at the same time. With the foundation of performing well in the basic market of commercial insurance, it will make breakthroughs in large-scale enterprise risk businesses and create long-term profitable growth for the institution. Mr. Chor also said that the theme of this meeting – “commercial and enterprise go hand in hand, professional system prospers” exactly demonstrates his expectation for the long-term development strategy of commercial and enterprise insurance. It is hoped that AXA Tianping’s commercial and corporate insurance will develop together by utilizing global resources, deeply cultivating the local market, and driving high-quality growth with professional capabilities.
The sales planning department then introduced the assessment rules for institutional corporate insurance business in 2023. Not only it formally included corporate insurance business in the scope of institutional commercial insurance achievement assessment, but it also encouraged strategic institutions to achieve breakthroughs in this business through special accounting bonuses. For colleagues from the institutional side, they can learn about relevant business processes and the company’s risk preference logic and business selection criteria. These colleagues can also study more about corporate insurance policies including the dimensions of business preference, comprehensive strength, products and applications, listing location, industry, financial status, and advantages of resources and business scopes.
At the end of the meeting, ZHOU Haoming, Managing Director of the Corporate Insurance Department of AXA Tianping, introduced the members of the corporate insurance team and future plans. It further strengthened the institution’s confidence in expanding local business through resource integration.
A full house of distinguished guests gathered in Yangcheng for the AXA Commercial Insurance Forum and the seminar “Upholding Principles and Helping the Real Economy” in Guangzhou on March 21. Sylvain FOURRIER, Consul General of France in Guangzhou, Kevin CHOR, CEO of AXA Tianping, and many other guests from the insurance industry gathered in Guangzhou to discuss how to harness the power of insurance to mitigate enterprise concerns and empower economic development.
Following last year’s stop in Nanjing, this year’s forum was hosted in Guangzhou to herald AXA commercial insurance’s 2023 journey. The theme of this forum was “Insurance Boosts the Real Economy”, which not only responds to the call of “high-quality development” proposed by the National People’s Congress, but also closely adheres to the current economic recovery and stable growth opportunities of the times.
In his opening speech, Consul General FOURRIERE said that the economic cooperation between France and China is very close and Guangdong, as the number one economic province in China, plays a very important role in it. As a leader in the French financial industry, AXA has solid foundations, rich experience and global resources in risk management and corporate support, and will certainly play an important role in promoting Sino-French economic and trade exchanges and activating Guangdong’s economic development.
Kevin CHOR, CEO of AXA Tianping, said, “AXA’s strong capital strength, professional technical capabilities, rich product lines and excellent customer service, combined with AXA Tianping’s nationwide network of organizations and comprehensive on-the-ground service capabilities together serve as our unique advantages over other foreign property and casualty insurance companies. AXA will be able to help our clients in the China market to manage their risks more effectively and deliver a ‘partner’ for economic recovery and sustainable corporate development.”
Mingming DONG, General Manager of AXA Guangdong introduced the steps achieved by Guangdong branch in the fields of responsibility insurance, commercial finance insurance and climate index insurance and noted that more effort would be placed in developing insurances lines such as asset loss, transport risk, construction risk, third party responsibility, executive responsibility, to offer customers a more multidimensional ecosystem and high quality service.
In the field of commercial insurance, AXA Tianping has rich resources and a differentiated competitive edge, demonstrated by the brand’s global influence. Eva HUANG, Chief Marketing and Communications Officer of AXA Tianping, introduced the corporate vision of the AXA brand from “payer” to “partner”.
In the beginning of March, the Guangdong Provincial government issued a cl to further boost confidence and promote high-quality development of enterprises. To this end, the forum also invited guest representatives from the fields of insurance and economic generation to have a roundtable discussion.
Responding to the interest of guests n the operational and professional information around commercial insurance, the forum also invited internal and external professionals for sharing sessions.
AXA Matrix Risk Consultant CEO Min XU gave a speech on identifying risk in enterprise operations; AXA Commercial Insurance Department Manager Ying LIANG, AX Climate Greater China General Manager Zijun SHEN highlighted solutions for asset risk, responsibility risk, water risk, climate index risk from a product perspective.
In closing, Shaw ZENG, Chief Commercial Insurance Officer of AXA Tianping, expressed his hope to take this event as an opportunity to continue in-depth cooperation with the agency channels, share development opportunities, and draw a beautiful blueprint to achieve better development.
This forum is a new starting point for the AXA commercial insurance journey. With AXA Group’s holistic strengths including rich capital, professional and technical capabilities, wide global network, rich product lines and quality customer service, combined with AXA Tianping’s global network and in-depth understanding towards the local market, AXA is confident in helping local and foreign customers in the Chinese market effectively manage risks and realize sutainable healthy development.
