Driving digital transformation in the fintech industry
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Driving digital transformation in the fintech industry WRITTEN BY
SEAN GALEA-PACE PRODUCED BY
JORDAN HUBBARD
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AXA GULF
AXA Gulf ’s Siddhaarth Iyer, Head of Digital, and Yannick Janssen, Head of Technology and Innovation, discuss their company’s digital transformation journey
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ransformation. It’s a word that has become synonymous with the financial services industry in recent years. The
influence of new technology has shaken up the 04
fintech world and encouraged companies worldwide to seek fresh ways to differentiate their offerings and stand out from rivals. As one of the leading insurers globally, AXA is used to embracing change. A major force in the Gulf Cooperation Council (GCC), having been in the region for over 68 years, AXA in the Gulf covers the UAE, Oman, Bahrain and Qatar markets. AXA’s strategic ambition is to be a true partner to its customers throughout every stage of their life journey and empower them to live better lives. Siddhaarth Iyer, Head of Digital, and Yannick Janssen, Head of Technology and Innovation, are both key components of AXA Gulf’s digital journey and believe in operating with a collaborative approach. “People from every line of our business come together to voice their opinions of the digital path we should
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take,” explains Iyer. “It’s important we work together to figure out what is changing the digital world and how we can leverage that to grow AXA Gulf.” With change a consistent theme in both men’s mantra, Janssen adds that establishing a mindset to drive transformation is vital. “It’s important that we lead by example,” he affirms. “We should always be looking for new ways to drive change.” With customer-centricity a key pillar of AXA’s transformation, the company w w w.a xa . a e/en /
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AXA Gulf, a worldwide leader in Insurance and Asset
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AXA GULF
E X ECU T I VE P RO FI LE
Yannick Janssen
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Raised in a ‘tech family’, I lit my passion for technology with my first Apple II, programming games at night for my little brother. From ancient technologies, through to cutting-edge innovation, I am all in with technology - as my wife tells me: “you’re a geek”. I graduated from the prestigious Thunderbird and ESSEC Business Schools and started my career in strategy and business intelligence. As an entrepreneur, I launched and invested in cloud companies. I gained deeper experience in leading fortune 500 transformation programmes, rejuvenating their application, infrastructure, innovation and operation landscape. I am lucky now to share my knowledge and vision for the future of technology during public speaking events and always enjoy mentoring startups in their path to success. I have enjoyed travelling the world thanks to my professional experiences, crossing the destiny of leading companies in their distinct industry (Dell, Air France, ArcelorMittal, Accenture, Bank of Ireland, Etisalat…), working on e-government strategy (Ras Al Khaimah emirate), or preparing iconic events like Expo 2020. As Head of Technology Acceleration, I am now responsible for the technology and innovation roadmaps of AXA Gulf Insurance in UAE, Oman, Bahrain and Qatar, and determined to go beyond our transformation in the new. Passionate about excellence, I have been blessed with a National Champion title in Powerlifting.
CLICK TO WATCH : ‘AXA – FUTURE RISKS : CYBERSECURITY’ 09
has created a mobile-first approach. “With the number of devices constantly increasing, there’s a clear shift in the amount of people using our application,” adds Iyer. “There’s currently a 60/40 split in traffic with 60% using our services from a mobile device and 40% from a desktop. In the future, I believe that we’ll eventually just focus on mobile because
“ We should always be looking for new ways to drive change” — Yannick Janssen, Head of Technology and Innovation, AXA Gulf
people won’t want to access applications from anywhere else. The aim is to become an omnichannel player and in order to achieve w w w.a xa . a e/en /
that, you need to be available both
Iyer believes that the use of data is
online and offline. But, it is important
even more influential. “I believe that
to be aware of how all of our audience
the way in which data is consumed is
engages with us and ensure we’re
going to transform people’s approach
there for everyone.”
to systems,” he explains. “The biggest
With a mobile-first approach con-
disruptor in the market is going to be
sidered by some in the fintech space
data and how we use it. It will define
as the largest disrupter in the industry,
our mobile-first approach.” Janssen
E XE CU T I VE PRO FI LE
Siddhaarth Iyer I am a startup guy turned corporate with broad experience in creating amazing digital journeys for customers across industries like insurance, agriculture, healthcare, government and procurement tech. I have been a digital-tech guy throughout my career, with a keen focus on customer/user experience and business innovation. I hold three approved US innovation patents in the utility and tech space. In my short 12-year career, products built by me have reached and are used by more than three million users across multiple countries. Being from the startup community, I support and mentor many startups in the region, and back in India. I enjoy my evenings and weekends with my wife helping her in the kitchen. My wife and I have a mandatory late night drive everyday where we catch up on what happened through the day. Having built a music e-commerce startup I love to discover latest music trends and keep an eye for new artists. I read and listen to podcasts, learning from others’ experiences. I follow inf luencers like Guy Kawasaki, Tony Robbins and Simon Sinek.
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“ Whether you succeed or fail, you’ll learn along the way” — Siddhaarth Iyer, Head of Digital, AXA Gulf
13 affirms that extracting more ways to
“The way they have embraced digitali-
harness data is the key. “We must
sation has been amazing. We call them
look at how to get more data than the
digital champions because they’re the
customer gives you,” says Janssen.
ones who will drive change throughout
“How do you track customer behaviour
the organisation,” he affirms. “All of our
and provide them with a value-added
employees are onboard and eager to
service that they really want? It’s this
adapt their way of working to become
behaviour and analysis which is going
more efficient. I believe it’s important
to make all the difference.”
to be challenged from a digital stand-
At the heart of AXA Gulf’s transfor-
point and I’ve seen that cultural shift
mation drive is its employees, which
and drive to embrace technology. It’s
Iyer refers to as ‘digital champions’. Iyer
extremely important to us.”
believes their mentality and willingness
In a bid to accelerate operations,
to embrace change has been a major
AXA Gulf believes in forming strategic
factor behind his company’s success.
and sustainable partnerships to assist w w w.a xa . a e/en /
AXA GULF
in its transformation drive. “As a large company, we’re dependant on our partners to help deliver high quality solutions for us. We can’t do it ourselves,” says Iyer. “A good partner must have speed, agility and be adaptable. These three core values are essential and contribute to long-term success.” Janssen adds that forming the right partnerships is essential to success. “I believe that the next step is to ensure that all our partners recognise that AXA is centered around technology,” adds Janssen. “I want to ensure 14
we’re developing the right technology partnerships to help us drive this transformation.”
“ The biggest disruptor in the market is going to be data and how we use it. It will define our mobilefirst approach” — Siddhaarth Iyer, Head of Digital, AXA Gulf
As AXA Gulf’s transformation journey continues to gather momentum, Iyer recognises that although his company’s shift to digitalisation has been challenging at times, it has been a significant learning curve and he instructs other leaders in the industry to take the ‘leap of faith’. “There’s never a right time to do it. Whether you succeed or fail, you’ll learn along the way,” he explains. “We’ve had our own set of failures and learnt lessons. It’s important that you always question
1816
Year AXA founded
800
Approximate number of employees
15
why you’re implementing something.
be focused around finding new ways
And if you’ve always answered that
to increase sales - that’s the ultimate
question, then you always have the
aim,” says Iyer. “It’s important to see
justification to do it.”
how we can generate more value and
“Change is led by individuals. I believe
offer other services to the customers
that in order to succeed, it’s important
we already have. If we have a customer
to have an open mindset to lead that
signed up to motor insurance, then
change,” affirms Janssen. “You need
they might be interested in our health
to be the best you can be to drive a
segment. It’s up to us to ensure our
transformation journey such as this.”
solutions are streamlined and simple to
Looking to the future, Iyer and Janssen
use for our customers.”
both have a clear vision for AXA Gulf over the next few years. “We have to w w w.a xa . a e/en /
AXA Gulf Floor 39 Churchill Executive Tower Business Bay Dubai United Arab Emirates T +971 508 550 321 www.axa.ae/en