Move to the Cloud, AXA Next and Fast IT are some of the notable projects that the global insurer has initiated:
AXA, the global insurer present in 54 countries and with a customer base of 108 million, has seen the relevance of Cloud in creating business agility, speed of delivery and flexibility way back in 2017. It had then launched a ‘Move to the Cloud’ program covering all its units across the world and would spend several millions of euros. It was the biggest digital transformation for the Group with the aim of inducting the latest cloud technologies that would bring in benefits for its business capabilities and IT operations.
The Group faced a huge challenge in making all its global entities move to the Cloud so that it can ensure global consistency even as these entities could retain their regional autonomy and continue to have their own business applications. It adopted an inclusive program governance structure that would be controlled centrally but different entities managing all accountability and transparency. It also introduced a very effective training program so that all the stakeholders are on board and their involvement in the execution of various strategies is ensured. It also created a Cloud Broker Team to support the transformation and prevent silos.
EXPLOITING ADVANTAGES
The implementation was so smooth that in September 2020, some 2000 applications had been moved to the Cloud. Today, AXA is able to make use of the newest of the technologies like AI, ML, image and facial recognition etc. The new technologies have contributed to creating unique products and services like on-demand cover for drivers to protect their earnings when their vehicles are immobilized or the deployment of the data lake platform to enable automatic upload of customer feedback and the automated response provided through machine learning or the data smart platform that allows data scientists to conduct big data-based projects in an independent, self-service way using a 100% public cloud-based solution. Yet another cloud-native application allows connecting the company with a market-leading price comparison portal.
BIZ MODELS BEYONG INSURANCE
One significant development which is part of the digital transformation in the Group is AXA Next, a company dedicated to building new services and business models beyond insurance to protect the customers. It comprises 8 units to accelerate innovation driven by the Group’s aim ‘to act for human progress by protecting what matters’. AXA Next and its 10,000 Nexters serve millions of customers in over 40 countries, generating €3 billion of revenues and rapid growth in key target segments. It leads AXA’s global innovation strategy and its execution. It also partners with innovative tech players to bring value-add and support the Group’s transformation and prepare for the future.
5 VEHICLES
AXA Next focuses around 4 strategic pillars: Health, Platform Economy, Business Continuity for SMEs and Mobility. Its mission is to develop new services and business models beyond insurance coverage, to become a true partner of its customers. It brings together 5 vehicles with their respective missions, to support innovation at every level:
(i) AXA Labs, comprising 3 laboratories in Silicon Valley, Shanghai and London, mandated to identify the latest trends and connect with new economy players;
(ii) Kamet is mandated to launch, incubate and build new innovative companies by working with the most talented entrepreneurs and providing them with the resources they need to grow and realize their ambitions;
(iii) AXA Venture Partners invests in enterprise software, fintech, consumer tech and digital health, and other relevant technologies. It has a fund of €600 million and has created a unique network of 40 startups;
(iv) AXA Partners helps corporate clients to enrich their customers’ experience by implementing innovative global solutions in assistance services, specialized insurance and credit protection;
(v) AXA Global Parametrics protects AXA’s customers using a new insurance model driven by data and technology and based on independent parameters that trigger automatically claims payment.
FAST IT – SPEEDY RESPONSE
Insurance industry in general is heavily regulated and very complex manage. It has demonstrated that it usually resists change. Many of the prevailing practices have prevented new projects from being tested and developed. AXA is countering this situation with a project management technique it has developed, called Fast IT. The group’s IT technology team responds to business requirements with incremental and frequent changes in a speed as fast as every 2 to 3 hours, replacing the traditional waterfall model. AXA says the system is still evolving but it has been able to deliver more than 50% of its IT services through Fast IT. Very recently, the Group has been able to deliver 5-10% of the digital front-end services through the Fast IT initiative.
AXA has made clear its aim to design and implement new platforms and infrastructure to compete online. At the same time, it is also endeavouring to make FAST IT a culture in the organization all over the world so that even functions like distribution, marketing and sales are brought under the Fast IT culture.
This article has been compiled based on publicly available information on the web, particularly the company’s own website.
