AXA Singapore’s digital disruption
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AXA Singapore: a customer centric digital transformation WRIT TEN BY
CATHERINE S TURM AN PRODUCED BY
NATHAN HOLMES
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We spoke with AXA Singapore’s Chief Operating Officer, Eric Leylon on developing customer centric products and services for its digitally savvy consumers
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he Singaporean market is witnessing significant demand for life and health insurance products. Gaining double digit
growth across all product types, the life insurance market paid out more than S$5bn to policyholders and beneficiaries in 2017, with health insurance premiums also totalling S$374mn for YTD Q42017. 04
Singaporeans are now living to over 80 years of age, where longer lifespans, rising healthcare costs and an increased demand for new digital tools have placed increased pressures on existing insurance incumbents As part of the Monetary Authority of Singapore’s efforts to attract foreign investment to further ignite its economy, insurtech startups have brought new business models to the table, as well as new digital technologies, such as chatbots and mobile apps, helping insurance giants to step up to the challenge and remain competitive. Transforming its service delivery across an entire gamut of insurance services, from Life & Savings, to Health and Property & Casualty, AXA Group has invested in overhauling its outdated processes and adopting a new digital approach in order to cater towards this growing demand.
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“ We are very proud of our digital transformation projects, where we have up to 90% adoption rate on our sales too” — Eric Leylon, Chief Operating Officer
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“Every one of our competitors is
well as its IT and transformation
utilising self-service tools. At AXA
projects, Leylon has also sought to
Singapore, we deal with all lines of
protect customer data as part of his
business,” explains Eric Leylon, Chief
role as Data Privacy Officer. As the
Operating Officer, AXA Singapore.
customer’s need for personalised,
“We have competitors within life
digital services continue to grow at
insurance and general insurance, such
scale, it will remain imperative for AXA
as motor, travel, home and health, but
to adopt customer-centric engage-
all of them are trying to sell directly to
ment strategies to win and retain the
the consumer or tying up with partners
trust of its customers, and embed a
to create a digital ecosystem.”
blended approach in delivering person-
Responsible for insurance policy, AXA’s local customer call centre, as
alised products and services at a corporate and individual level.
CLICK TO WATCH : AXA IN REAL LIFE REPORT 07
“In Singapore, our life insurance
choices and convenience for custom-
segment has been auto-equipped
ers. We are equipping our sales force
with Digital technologies across sales,
with innovative digital tools to engage
services and marketing. We are very
and close a case with customers in
proud of our digital transformation
minutes,� he says.
projects, where we have up to 90%
In order to reduce paperwork and
adoption rate on our sales tool. Our
enable faster policy issuance turna-
agents are selling most of our prod-
round, the business has therefore
ucts online, which will bring significant
worked to overhaul its backend
advantages. The next step for us will
capabilities and upgraded its outdated
be an offline version, which we will be
systems to provide not only cost-effi-
launching shortly, enabling agents to
ciency, but to minimise human error
sell faster, better and offer more
and deliver exceptional support to w w w.a xa . com . s g
121 System
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sales@eabsystems.com +852 2576 6000 www.eabsystems.com
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its digital savvy customers. “There was a lot of transformation
customers. By taking an in-depth look at its distribution models, it has overhauled
in the backend because we didn’t need
a number of its processes, leveraging
anyone to do the processing anymore,
new technologies along the way.
but we did need to factor in regulatory
“With our life insurance, our agents
checks. However, we are now looking
make up more than two thirds of the
to change our back-end system as
business. We also sell insurance to the
well, for a system more flexible and
post offices, for example, as well as
cheaper to implement a new product,”
financial advisors (FA). We are also
states Leylon.
exploring the increased value of APIs
Reducing its dependence on legacy
through an Insurance as a Service
systems and bringing a complete
proposition. We can do much more
omnichannel experience to the table,
on the General Insurance side, selling
AXA has sought to fully empower its
direct to the customer through the w w w.a xa . com . s g
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AXA GROUP
€98.5bn Approximate revenue
1985 Year founded 160,000 The approximate number of AXA employees
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“ With our life insurance, our agents make up more than two thirds of the business. We also sell insurance to the post offices, for example, as well as financial advisors (FA)” — Eric Leylon, Chief Operating Officer
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phone or through digital means, but the
ties of consumer data. Investing in
intermediary must always remain. We
the development of a new security
are investing in checking-up on the cus-
protocols to safeguard all data under
tomer, ascertaining their needs before
its portfolio, AXA has partnered with
moving to a business process,” he says.
KPMG, undertaking a number of
Investing in new technologies and
assessments to ensure its effective-
business processes, the growing
ness, as well as implemented cloud
number of cyber-attacks is an area of
technology to further secure all
focus which has remained firmly on top
customer-related information.
of the agenda for AXA. High-profile
However, such change is not without
breaches have led to increased fears
its challenges. Transforming its organi-
on an international scale, particularly
sational structure and processes has
for businesses which hold vast quanti-
no doubt led to a cultural seachange w w w.a xa . com . s g
A X A S ING A P OR E
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Gaining double digit growth across all product types, the life insurance market in Singapore paid out more than S$5bn to policyholders and beneficiaries in 2017
AXA has sought to fully empower its customers. By taking an indepth look at its distribution models, it has overhauled its processes, leveraging new technologies along the way.
Singaporeans are now living to over 80 years of age, where longer lifespans, rising healthcare costs and an increased demand for new digital tools have placed increased pressures on traditional insurance companies
Two years ago, we rolled out an ambitious initiative locally for our front to back office transformation. We chose EAB Systems, HK as our lead system implementation partner and moved to the cloud for increased agility
AXA Group has invested in overhauling its outdated processes and adopting a new digital approach in order to cater towards this growing demand
We are utilising technologies from Kofax, Couchbase and Red Hat, choosing local software to complement our cloud-based solution
In order to reduce paperwork and enable faster claims turnaround, the business has worked to overhaul its backend capabilities to provide not only cost-efficiency, but to deliver exceptional support to its digital savvy customers
We have onboarded about 1200 agents across different channels and launched all of AXA’s key products (21 in number) within an astounding one year time frame. We are now rolling this out across FA channel and this is the 1st time that AXA is opening STP solution for this group of distributors.
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at AXA, where the move towards digital
areas where we have the new operat-
integration has created a ripple effect
ing model and the old operating model
across its operations.
working next together, it is not efficient
“We are using this fantastic new tool to allow straight-forward process where there is a lot of change at the
with regards to cost efficiency,” explains Leylon. “I am working with two hands – one
organisation and the people who are
is to be definitive to the lives of our
working for us. At the same time that
customers and to go faster to enable
we are launching this new tool we need
a positive customer experience. The
to decommission the legacy. We are
second is to do with cost control, where
eradicating all the old tools one by one
I am looking at this further. The work
which will make us more agile. None-
will show it really has been the teams
theless, because we’ve got so many
of people in our company that are
“ With an emphasis on innovation, AXA will continually make insurance personal and simple at every touch point, utilising omnichannel data and solutions to better address the current and future needs of its customers” — Eric Leylon, Chief Operating Officer
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really understanding this and where
more services to the customer, particu-
we are moving to.”
larly on the health side where we are
With an emphasis on innovation,
exploring a growing interest in health
AXA will continually make insurance
and wellness solutions. We are really
personal and simple at every touch
excited about transforming our IT
point, utilising omnichannel data and
ecosystem, build stronger relation-
solutions to better address the current
ships with our customers where we
and future needs of its customers,
can take care of them.”
moving from a payer to a partner. “What AXA is trying to move to is more servicing. We want to become a partner of the customer, rather than a payer,” notes Leylon. “We want to offer w w w.a xa . com . s g
AXA Singapore 8 Shenton Way, #24-01 AXA Tower, Singapore 068811. Postcode 108-8020 T: 1800 880 4888 | F: (+65) 6880 5501 www.axa.com.sg