The AXA Way: Improving Quality of Services
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ICMR HOME | Case Studies Collection
Case Details:
Case Code : OPER058
Case Length : 17 Pages
Period : 1997-2006
Organization : AXA
Pub Date : 2006
Teaching Note :Not Available
Countries : France
Industry : Financial Services
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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Excerpts
The Problems
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The late 1990s and early 2000s presented many challenges for the global
insurance industry. Major events that affected the global economy were the oil
price hikes in 1999 and 2000, and the burst of the speculative bubble in
technology stocks. The year 2001 witnessed a global economic slowdown, which
resulted in a decline in corporate earnings.
The insurance industry was among the worst hit and underperformed the general
indices. Lower equity returns, low interest and high default rates - all had a
negative effect on the industry. The September 11, 2001 terrorist attacks in the
US resulted in total insurance claims of over US$ 70 billion...
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The AXA Way
AXA had set priorities which included strengthening the group's businesses
in most developed and high potential markets like Western Europe, North
America and in selected countries in the Asia Pacific region. Another
priority was to achieve operational excellence in each market by leveraging
organic growth and improving quality and productivity. In 2002, when AXA
measured its customer satisfaction , the score was 53, with defaults at
about 20%, thus presenting great scope for improvement...
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Reaping the Benefits
By the first half of the year 2005, AXA had more than 400 Black Belts and
10,000 employees had been sensitized to the AXA Way. By then, the AXA Way
had been launched in 23 of its companies which accounted for 90% of the
group's revenues. The implementation of the AXA Way helped in improving
customer satisfaction at AXA. This was revealed through the Scope survey on
customers conducted in 16 countries, which accounted for 94% of group's
revenues. Customer satisfaction on servicing had increased to 69% during the
first half of 2005 as compared to 64% in the corresponding half of the year
2004... |
Exhibits
Exhibit I: Axa - Business Segments
Exhibit Ii: The Axa Way
Exhibit Iii: The Axa Vision
Exhibit Iv: Objectives Of Ambition Axa
Exhibit V: The Dmaic Principles
Exhibit Vi: Voice Of Customer In Intermediaries
Exhibit Vii: Key Performance Indicators
Exhibit Viii: The Axa Way - Success Stories
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