On February 16th, under the support of Labor Union, the Jinqiao Headquarter office held the Year of Tiger Chinese New Year celebration event to kick off the lunar new year.
The event committee set up by the Claims team and Operation team arranged an indoor marketplace, riddle guessing session and interactive games. The celebration was ended with the colleagues singing the Beijing 2022 Winter Olympic theme song “Together For A Shared Future” and everyone posting their new year wishes on wishing wall.
Recently I was very honored to be invited by the International Financial News under the People’s Daily to share insights on the 20th Anniversary of China’s accession to the World Trade Organization and bancassurance’s development over the years.
With nearly thirty years’ experience in the bancassurance industry, I was very lucky to witness significant milestones of the Chinese economy as the country continues to promote high-level opening-up over the years. AXA as one of the most vital players in the second largest insurance market, will continue to seize the opportunities in the opening-up and stand fast on our long-term investment and unwavering commitment.
The first AXA Asian & African townhall, joined by AXAers across two continents who celebrated AXA’s “Customers First” and “Business Growth” was successfully held.
Meanwhile, here in China, we have embraced a prosperous Spring, ushering in a quite optimistic Rosy Start: Our business and premium are growing far beyond our expectation, and our distributions and branches have set high bars of following compliance requirements with active business expansion. What a benign competition, generated thanks to our accumulated expertise, continuing team building, ever-growing distribution cooperation and strong backend support across HQ and branches.
Entering AXA Tianping 3.0 Era, we anticipate brand-new breakthrough and milestones. In this month’s issue, our commercial team is to share its 2022 strategy with us, focusing on resources integration, taskforce relocation to win new market based on the 2021 business review.
Going in Spring for the mild, warm sunshine and welcoming the upcoming Arbor Day and World Forest Day, we are soon to activate the company’s ESG integration, referring to the implementation of Environmental factors, Social factors andGovernance when measuring the sustainability and ethical impact of a business and a company. This has been reflected through our brand purpose, our business operation as well as company activities already: we have organized employee volunteering acts, called for the society to join our philanthropic efforts, encourage sustainable development and optimize and strengthen our governance and compliance. We are confident to embark on the journey of green operation and sustainable development in response to Group’s sustainability strategy and ESG roadmap.
I look forward to working with all of you, my dear colleague, nurturing opportunities in challenges, and opening new games in changing situations.
The first AXA Asian & African townhall, joined by AXAers across two continents who celebrated AXA’s “Customers First” and “Business Growth” was successfully held.
Meanwhile, here in China, we have embraced a prosperous Spring, ushering in a quite optimistic Rosy Start: Our business and premium are growing far beyond our expectation, and our distributions and branches have set high bars of following compliance requirements with active business expansion. What a benign competition, generated thanks to our accumulated expertise, continuing team building, ever-growing distribution cooperation and strong backend support across HQ and branches.
Entering AXA Tianping 3.0 Era, we anticipate brand-new breakthrough and milestones. In this month’s issue, our commercial team is to share its 2022 strategy with us, focusing on resources integration, taskforce relocation to win new market based on the 2021 business review.
Going in Spring for the mild, warm sunshine and welcoming the upcoming Arbor Day and World Forest Day, we are soon to activate the company’s ESG integration, referring to the implementation of Environmental factors, Social factors andGovernance when measuring the sustainability and ethical impact of a business and a company. This has been reflected through our brand purpose, our business operation as well as company activities already: we have organized employee volunteering acts, called for the society to join our philanthropic efforts, encourage sustainable development and optimize and strengthen our governance and compliance. We are confident to embark on the journey of green operation and sustainable development in response to Group’s sustainability strategy and ESG roadmap.
I look forward to working with all of you, my dear colleague, nurturing opportunities in challenges, and opening new games in changing situations.
Led by the Sales and Distribution Hub, the AXA Tianping honor system for sales colleagues has been officially established in the form of AXA Talent Club. This will further help us to achieve the ONE AXA – Transformation objective.
The AXA Talent Club sets seven star-levels for all branch sales with corresponding honors and rewards. Furthermore, the club will provide special offers to the top four sales each quarter, as well as annual summit exposure and exclusive honors.
As we usher in AXA Tianping 3.0 Era centering “Diversified products, Quality driven, Sustainable growth”, all business lines have obtained strong growth momentum. In this month newsletter, the Chief Commercial Officer Shaw Zeng will introduce the commercial business updates, 2022 goals, the team’s competitive edge, partnerships and collaboration with branches.
Robust Growth
In 2021, the commercial business recorded profitable growth with an YOY 41.2% increase in GWP, far exceeding the market average. Branches’ commercial business has made a historic breakthrough in GWP and large-scale projects, with healthy interaction with each other. Branches are on the right track to build their own commercial teams of sales, operations and claims, as well as operation mechanisms.
2021 Highlight
Five years after the Tianjin Port explosion, the team has taken immediate measures, followed closely with clients who suffered significant losses during the incident and negotiated with multi-parties despite various setbacks across geographies. And finally in 2021, we successfully pursued the Tianjin Port explosion Insurance recoveries and gaining the most subrogation fees ever for AXA Tianping – 113 million yuan.
Higher Goals
In 2022, the team will continue to strive for profitable growth, with a focus on developing key clients and strategic distribution partners and strengthening branch capabilities. In the meanwhile, opportunities to deepen the cooperation with GI Hub and AXA XL will be further explored.
For branches, our strategy is to tailor make solutions to cater to local clients’ diversified needs. For example, in Shanghai we will focus on foreign companies, while Chinese high-tech enterprises in Shenzhen.
Market Opportunities
We saw a rapid growth and great potential of the insurance market despite the pandemic. The prospect is much broader when it comes to third tier and fourth-tier cities in China, where AXA outruns other foreign peers with the nationwide branch network.
In the meantime, the country’s outward direct investment (ODI) activities and One Belt One Road initiative also provide plenty of opportunities for us to develop the RF business and cross sale.
AXA Advantage
We are proud to have built a comprehensive infrastructure and a professional team to lay a solid foundation. Working with all branches, we can provide top-notch services to local clients.
As a world leading insurer, the team is serving over 5600 corporate clients, having established a firm and long-term relationship across the market. Anchored in China, we look forward to bringing more relevant world-class solutions to more local clients.
We have kicked off the Rosy Start program in the end of 2021 and now halfway through it with the concerted efforts from branch and center colleagues. As of February 17, the target achievement rate reached average 61.1.% for all lines. Congratulations to the branches and centers on top of the list! We look forward to higher performance and success rates for the first quarter.
Branches and centers with higher achievement rates will be entitled the Premium Travel Reward in Macau.
As LFC’s official partner, AXA will run the LFC Football Training Camp in the summer in Beijing with LFC, to provide certified courses for young players in China to be coached “The Liverpool Way” this summer in Beijing. Branches and centers with higher achievement rates in the Rosy Start program will be offered free quotas to the camp.
We have been involving in governmental conferences actively in the past year. Lately on January 15, AXA Group Chairman Denis Duverne was invited by Mr. Lou Jiwei, Chairman of Board of GAMF and former Minister of Finance and Mr. Bai Chong’en, Chair of the GAMF Executive Committee and dean of Tsinghua SEM, to the Global Asset Management Forum Shanghai Summit and to discuss the topic of the New Economic and Financial Landscape in Global Recovery.
Denis joined the remotely from Paris and delivered the speech on the challenges and opportunities COVID has brought to financial institutions to cooperate.
As Denis said, business, government and community leaders must work together to build climate resilience, and financial players have a key role to play individually and collectively. In this spirit, AXA has initiated an alliance – Net Zero Insurance Alliance (NZIA), whose goal is to contribute to climate neutrality via the insurance reinsurance coverage we provide to our customers. Insurance is also the key to build resilience development, to increase people’s capacity to face hardship without falling back into poverty. In this front, Insurance Development Forum (IDF) which Denis chairs will provide risk and resilience analytics to 55 of the world’s most climate vulnerable countries.
The Global Asset Management Forum (GAMF) is a non-governmental global think tank initiated and founded by School of Economics and Management, Tsinghua University, Sun Yefang Economic Science Foundation and China Wealth Management 50 Forum (CWM50) amidst China increasingly opening up financially, with a view to promoting international dialogue in economic and financial areas, enhancing mutual understanding and reciprocal cooperation, and boosting development of the financial industry.
AXA Tianping has launched the e-CNY (China’s digital currency) premium payment function on January 6, 2022, and successfully issued the first e-CNY insurance policy. Running at the forefront among the industry in e-CNY payment technology, we believe the new function will help drive the company’s digital development.
Thanks to IT team’s continuous efforts in scenario research and communicating with China Construction Bank, we successfully established the e-account, completed the development, joint debugging and test in the end of 2021. The service was piloted in lifestyle and health products on the launch day and the first policy was issued for household property insurance.
Next, we will continue to be customer-centric, and further explore the function of the e-CNY receipt and payment of premiums, so that e-CNY can be used in AXATP more extensively and the customer experience will be more comfortable.
On January 21st, we held the year-end AXA Star employee award ceremony and celebrated the Year of Tiger in Shanghai Ruiming headquarter office, also joined by Shanghai Jinqiao headquarter office and branch representatives.
Thanks to the HR team for organizing this incredible event to recognize our colleagues who exhibited exemplary commitment toward the transformation goal and lived the AXA Values. Altogether 22 AXA colleagues from headquarter and branches are entitled to individual awards of AXA Stars of the Year in Transformation, Customer First, Integrity, Courage and One AXA, 9 teams won the CEO team awards of AXA Stars. Congratulations to those colleagues and thank you all for your contribution to the company growth.
The celebration event was also full of fun with people’s dances and shows, and luck draws. I hope you all spent a wonderful time together. And may the year of Tiger bring you prosperity and good health!
