In 2021, we have made remarkable achievements in brand building, business development, social responsibility, insight, product innovation, digital innovation and other aspects, and have been recognized and praised by authoritative media. In the past year, the company recorded 4,290 media reports in corporate communications, with an advertising value of RMB185,812,136 and 274,464,305,895 reach of coverage.
2021 was a year of achievement and recognition for AXA Tianping. Together, we won over 25 accolades from Shanghai headquarter and branches.
These awards are awarded by authoritative national media, industry associations, insurance organizations and local government departments, and are highly recognized for the company’s transformation achievements, covering many dimensions such as brand influence, digital innovation, social responsibility, health strategy, employer brand and risk management.
Please join me in reviewing the achievements of 2021 and hope to make your business development efforts more powerful.
The year of Tiger is approaching. How joyful it was to celebrate the gala dinner with you at the headquarters office, filled with happiness, love and festive vibrations! At this occasion, on behalf of the management committee, I am very happy to present you the year-end video, wishing you and you families a happy new year full of prosperity, abundance and success!
Previously on 20 January, at the occasion of the 2021 Branch Performance and 2022 Business Boosting Conference around the theme of “Transformation to One AXA”, we have announced to embark on the 3.0 Era of AXA Tianping with a focus on “Diversified products, Quality driven, Sustainable growth”. Our Vice Executive President, Liancheng ZHOU is about to share with you his reflection and strategy on product design, distribution management and innovation a bit later in this month’s newsletter.
Later at the gala dinner, our AXA stars and AXA brilliant teams got awarded for their whole year’s devotion and dedication at work, which is the perfect reflection of AXA values: Customer First, Integrity, Courage, One AXA, to not only show our gratitude but also to amplify their excellent performance to the whole company.
Looking back, 2021 has been a year of milestone results across all business lines: up till November 2021, the YOY growth of health, retail and commercial has respectively reached 73.8%、44.8% and 61.5%, greatly surpassing average market growth rate; it has also been a year of industry awards, highly recognizing our great work in brand awareness, digital innovation, corporate responsibility, health protection, customer service and risk management, thanks to your collective efforts and professionalism. I strongly believe that this will further encourage us to empower more and more Chinese families to “Protect Their Passion and Go Further with Confidence” moving forward. 2022, let us make it great together!
The year of Tiger is approaching. How joyful it was to celebrate the gala dinner with you at the headquarters office, filled with happiness, love and festive vibrations! At this occasion, on behalf of the management committee, I am very happy to present you the year-end video, wishing you and you families a happy new year full of prosperity, abundance and success!
Previously on 20 January, at the occasion of the 2021 Branch Performance and 2022 Business Boosting Conference around the theme of “Transformation to One AXA”, we have announced to embark on the 3.0 Era of AXA Tianping with a focus on “Diversified products, Quality driven, Sustainable growth”. Our Vice Executive President, Liancheng ZHOU is about to share with you his reflection and strategy on product design, distribution management and innovation a bit later in this month’s newsletter.
Later at the gala dinner, our AXA stars and AXA brilliant teams got awarded for their whole year’s devotion and dedication at work, which is the perfect reflection of AXA values: Customer First, Integrity, Courage, One AXA, to not only show our gratitude but also to amplify their excellent performance to the whole company.
Looking back, 2021 has been a year of milestone results across all business lines: up till November 2021, the YOY growth of health, retail and commercial has respectively reached 73.8%、44.8% and 61.5%, greatly surpassing average market growth rate; it has also been a year of industry awards, highly recognizing our great work in brand awareness, digital innovation, corporate responsibility, health protection, customer service and risk management, thanks to your collective efforts and professionalism. I strongly believe that this will further encourage us to empower more and more Chinese families to “Protect Their Passion and Go Further with Confidence” moving forward. 2022, let us make it great together!
（供中国大陆区以外同事观看,For AXA colleagues outside mainland China)
On 20 January, the 2021 Branch Performance and 2022 Business Boosting Conference took place in Shanghai, announcing the 3.0 Era of AXA Tianping with a focus on “Diversified products, Quality driven, Sustainable growth” to continue strengthening motor, accelerating Health, and developing commercial. Liancheng ZHOU, Executive Vice President of AXA Tianping has shared his reflection and insights on distribution management and distribution innovation per his understanding of 3.0 Era of AXA Tianping.
Deep Dive into 3.0 Era of AXA Tianping
Quality-driven and Sustainable growth has always been at the core of AXA Tianping’s operation and is what makes the 2.0 strategy and 3.0 strategy consistent. The transformation journey, from a volume-driven, mono-liner business model to a value-driven, multi-liner business model has a test to our overall distribution, underwriting and claims capabilities. Since the 2.0 Era, AXA Tianping has joined other insurers to pivot business from motor to health. Some major progress has been witnessed in distribution cooperation and talents training but need to be further reflected on the branch level. The new era requests that we reinforce our sales capabilities to provide value-oriented services to customers, which explains the three – tiered focus of 3.0 Era: “Diversified products, Quality driven, Sustainable growth”.
The concept of “3.0 Era” is the creation of our integrated corporate purpose, brand promise and development strategy. We expand and diversity our product portfolio, covering motor and non-motor products to seek new business opportunities by upgrading our existing pipelines such as EB and Commercial; we strategize to make our distribution channels hybrid, incorporating traditional agents, distribution, digital and call center; we continue to optimize our infrastructure and backend support for a better quality control and a more refined management process, through a series of trainings, improvement plans and monitoring; we strengthen our sales and distributions’ capabilities for a long-term growth and sustainable development; we keep investing in team building, distribution cooperation, and mechanism set-up, focusing on risk control and compliance.
Of course, there will be opportunities and challenges, in face of the 3.0 era, but we have clearly put forward a more comprehensive development strategy that guides our business optimally. We are confident to change the track for greater glories in 2022.
Reviewing 2021
Let us now review our milestones of 2021 so that we have a better outlook on 2022 strategy.
We have initiated our distribution cooperation in the year of 2021 and has empowered branches in this field. Shandong branch for instance has significantly increased their operation and has optimized their organization as a result.
In addition, the health insurance premium platform has been steadily improved, with a three-fold increase at the end of the year compared with the beginning of the year, exceeding the 80-million-yuan mark in the fourth quarter. The annualized premiums of seven institutions including Hebei, Shandong, Henan, Beijing, Shanghai, Jiangsu, and Zhejiang exceeded 10 million. The source of premiums is mainly the traditional agents, accounting for about 77.8%. The pivot, from mono-liner sales to multi-liner sales, reflects precisely the change from sales driven by rigid demand to sales driven by growing unmet needs, which explains the core values that we request our team to possess, which are: strategy, execution, and delivery.
Expecting 2022
Moving to 2022, the industry is expected to enter a better chapter under a new regulatory landscape, especially for P&C insurers who might benefit from a more rational industry growth rate and a decline of operational costs as a result of the motor deregulation, initiated a year ago. The new energy vehicle projects will bring new opportunities that encourage the industry players to seek new patterns of cooperation, breaking the status quo of the general loss of new energy vehicle insurance. Since September 2021, the penetration rate of new energy vehicles in the country reached 20%. This is a market we must enter. A dedicated workforce has been set up to conduct research and planning on the business development of new energy vehicles.
We will continue to expand health and will officially open up the EB market as a breakthrough point, developing employee welfare business while building a series of supporting systems such as sales, underwriting, claims, system services, etc., and to strengthen the frontline with professional skills, deep insight and understanding of customers. The employee welfare product is not a simple insurance product, but rather, a solution to customers’ pain points.
Under the pandemic situation, customers’ ability to purchase and consume can vary, which will directly affect the expansion of long-term critical illness insurance business. However, PPP products (Huiminbao Insurance for instance) has a great chance to maintain its strong growth momentum. We must firmly grasp the market opportunities, and continue to deepen the distribution management, grasp the development trend of customer purchasing behavior, and actively explore new digital marketing models.
Transforming to One AXA
Empowered by our strong brand and supported by the sophisticated resources from Greater China, we are confident enough for a successful transformation despite the challenges on this journey, by working together towards the same goal, for we are united as one.
No progress is made without passion, and no transformation can be realized without your collective efforts. Dedication, devotion, courage and confidence – these are what will make a great debut of 3.0 Era of AXA Tianping, and what will ensure a smooth operation of this transformation journey.
On December 24th, 2021 China Insurance Industry Digital Transformation Summit hosted by China Banking and Insurance News was held in Foshan, Guangdong province. At this summit, the practice of in-house developed DevOps container cloud platform based on cloud native provided by our IT team won the annual digital service outstanding case award, recognizing the progress we made in the digital transformation.
IT architecture upgrade has risen to the core of AXA digital strategy. Through the DevOps container cloud platform, we will improve the product development and marketing efficiency by 30% and shorten the docking period with online platforms in health and motor business. Thanks to IT team’s efforts, we can be better equipped to accelerate digitalization in customer service and all business lines.
（供中国大陆区以外同事观看,For AXA colleagues outside mainland China)
On December 3rd, we held the AXA Family Health Day in Shanghai and launched the 2021 China Urban Family Health White Paper, concluding our whole-year Brand Campaign and showcasing AXA Tianping’s thought leadership in health. The event site was lit up by the gallery of one hundred families’ smiling photos and the EMMA experience zone, embodying our Payer to Partner strategy.
The annual health flagship event also unveiled the upgraded AXA Health Formula comprised of one-stop health solutions, digital platform, mental health, and in-depth customer insights, which are realized by the collective efforts of the health ecosystem partners.
The White Paper was endorsed by the media partner Southern Weekly, the research company, mental health expert and AXA Tianping’s Head of Health, followed by a roundtable session involving AXA, distribution partner, healthcare provider and mental health experts to explore the answer to addressing family health management needs raised in the paper.
AXA Greater China CEO Sally Wan, AXA Greater China Chief Distribution Officer Howard Pou, AXA Tianping Executive Vice President Liancheng Zhou, Jiahui Health Chief Commercial Officer Yunyan Li and Datong Insurance Broker Shanghai Branch General Manager Xiaobing Zhang and I joined the Formula launch moment on stage, symbolling AXA Tianping’s determination to protect Chinese family health with the most relevant and high-quality offerings.
Over 100 guests including senior health experts, distribution partners, key media outlets and AXA representatives attended the event and joined by over 50,000 online audience through multiple livestreaming channels. The AXA Family Health Day was well received by distribution partners, and media and public. As of December 23rd, altogether 570 media reports were collected with more than 24million yuan AD Value.
First off, happy New Year to you all! I would like to express my sincere gratitude to everyone on behalf of the senior management team. Thank you for your hard work, professionalism and dedication over the past year to drive the Soar to Success transformation strategy. Please pass my greetings and gratitude to your family as well, who supported and contributed to our achievement along the journey.
In 2021, we have achieved quite a lot of milestone results in our pillar businesses including motor, health, lifestyle and commercial, amid the transformation from motor mono-liner to diversified multi-liner guided by the Payer to Partner strategy. This can’t be done without our collective efforts despite all those challenges.
In 2022, I look forward to continuing the journey with all of you to explore more growth opportunities in digital transformation, distribution partnership, ecosystem establishment and customer service. Hope all of us can kickstart the new year with full momentum and drive the Soar to Success to a new level of growth!
First off, happy New Year to you all! I would like to express my sincere gratitude to everyone on behalf of the senior management team. Thank you for your hard work, professionalism and dedication over the past year to drive the Soar to Success transformation strategy. Please pass my greetings and gratitude to your family as well, who supported and contributed to our achievement along the journey.
In 2021, we have achieved quite a lot of milestone results in our pillar businesses including motor, health, lifestyle and commercial, amid the transformation from motor mono-liner to diversified multi-liner guided by the Payer to Partner strategy. This can’t be done without our collective efforts despite all those challenges.
In 2022, I look forward to continuing the journey with all of you to explore more growth opportunities in digital transformation, distribution partnership, ecosystem establishment and customer service. Hope all of us can kickstart the new year with full momentum and drive the Soar to Success to a new level of growth!
