axa serbia’s digital transformation journey · distribution strategy per channel swot analysis:...

AXA SERBIA’S DIGITAL TRANSFORMATION JOURNEY

Using Digital as an Enabler for Greenfield Transformation– Driving Growth, Effectiveness and Efficiency” -

CONFIDENTIALITY LEVEL: MEDIUM

Digital Transformation v1

CONTENTS

2

1. THE DOUBLE GAME OF DIGITAL STRATEGY P.01

2. FOUR PATHWAYS TO STAGE DIGITAL TRANSITION P.02

3. AXA SERBIA CONTEXT P.03

4. AXA SERBIA STRATEGY P.04

5. BANCASSURANCE P.06

6. PROPRIETARY (F2F) P.07

7. SMALL AND MEDIUM ENTERPRISES (SME) P.08

8. E-COMMERCE P.09

9. DIGITAL ROADMAP P.10

10. STEERING DIGITAL TRANSFORMATION P.11

11. DIGITAL VIDEO P.12

12. AXA SERBIA’S JOURNEY P.13

CONFIDENTIALITY LEVEL: High

The Double Game of Digital Strategy: Deciding Where to Play

3

Reengineer the value chain and reimagine the offering

MENTION DE CONFIDENTIALITÉ

• Bullet #1


THE DIGITAL OPPORTUNITY MATRIX

The Digital Journey: Four Pathways to Stage Digital Transition

Uses Big Data and advanced analytics to add value in underwriting, marketing, claims triaging and elsewhere in the business

Organizational structure and culture promote innovation and creative thinking

Builds analytics into processes to enhance decision making

.

Advanced analyzer Digital distributor

Customer - centric insurer

INTERNAL USE

Redesigns critical customer episodes to deliver best-in-class digital experience Obtains deep understanding of customers’ needs and preferences, as well as moments of truth Designs products from customers’ perspective Realizes better economics from improved customer retention and advocacy

Insurers benefit from choosing among four pathways to stage the digital transition

Promotes omnichannel distribution directly or through a digitally enabled agent

Integrates online and mobile channels seamlessly with contact centers and agents

Minimizes risk of churn by customers looking for digital solution

Effective operator

Maximizes opportunities for straight-through, once-and-done processing, but in ways that enhance the customer experience

Works to simplify processes, using digital technology to automate where appropriate

Reduces the operating expense base across all back-office activities

Digital Transformation v12 |

AXA Serbia: At a Glance

5

MARKET OVERVIEW: DISTRIBUTION

Form of government: Parliamentary Republic

Territory: 88 000 km2

Capital: Belgrade

Population: 7.1 million

GDP per capita: EUR 4.800

Nominal GDP: EUR 34 billion

Credit ratings: S&P BB-/ Fitch B+/ Moody’s B1

Currency: Serbian Dinar RSD

Current exchange rate: RSD/EUR: 121

POSITION

CONFIDENTIALITY LEVEL: High

23%

2%2%

20%25%

28%

EUR 550 M

Property, Casco Liability, Others

Brokers/Agents

SAVINGS: CAGR +20% Banks/Agents

MTPL: Technical shops/

Agents

PUBLIC COMPANIES: Direct

Health

Agents

Agriculture Agents

75%

Small and Underdeveloped: 700m Euros

Limited Access to 50% Savings

Low Spending-GWP (Per Capita)

Underdeveloped Market



AXA Serbia’s Strategy

6 INTERNAL USE

Match LagExceed

Brand Recognition

AXA Serbia: 4 Year Strategy (2013-2016)

Market Share

Operating Model (Internal Efficiency)

Third party Distributors (Brokers) Preference

Digital Maturity

Bancassurance

SME’s

Governance

Cost Allocation

No Data

Reinsurance Cost

Internal Efficiency

Not Known Brand

Develop Pesnonal Lines Portfolio as to Exit Quoto Share

Weaknesses

Need for better technical results

Set Strong Organization governance on executing the plan

Mitigation Target

Positioning towards digital enabled brand

SWOT Analysis: Mitigation PlanDistribution Strategy Per ChannelSM

E’s

Pers

onal

Li

nes

Brokers

Com

mer

cial

X

F2F Bancassurance

x X

X X

Multi-Channel

Mul

ti-Li

near

Digital Transformation: Leveraging digital technology across all digital touchpoints

7

Distribution network technology is fundamental to success. The effective integration of sales and service channels is essential for customers to have a positive, brand-affirming experience at every touch point.


BANCASSURANCE: On-boarding our Distribution Partners on a Shared Digital Strategy

CONFIDENTIALITY LEVEL: High8

SUPPORT

Multichannel Client Database Frequent Interaction Payment Methods Web-banking Development

Front End Integration Web Sites Quotations E-bancassurance

PRODUCT:

Bundled Standalone

POSITIONING

SYSTEMS:

Operat ing

Mode l

Service Centre Field Animators E-learning Financial Incentives Drive Sales Funnel: à Cross Offer Ratio Bundled

Online Quotation Tool: Household

Online Quotation Tool: Travel

PROPRIETARTY - FACE TO FACE (F2F): On-boarding our Distribution Partners on a Shared Digital Strategy

9

DASA (Responsive front end (mobile, tablet,

desktop) Quotation, Issuance, Training and

Support

CRM DRIVE SALES FUNNEL

1 KEY FACTORS IN

TRANSFORMATION

INTERNAL USE

3

LEADS MANAGEMENT

5

Organization and Governance

Dashboards/ KPIs

Change Manageme

nt

Partnerships

4


LEADS “CULTIVATION” Campaign management

6

2

ADVISORY TOOLS - AXA WIZARD-


Small And Medium Enterprises: Sme’s

10 INTERNAL USE

Strong Monitoring DashboardsStandardized Offer

Online administration

BRAND DEVELOPMENT AND SALES

Advisory tools

E-letter engagement

TransportGroup Policies

UW rules

CUSTOMER SERVICING: ONLINE POLICY MANAGEMENT

SME DatabaseKPIs Evolution

# 40 (Feb, 12) 11092 22,6% 6,9%# 41 (Feb, 24) 11043 25,4% 7,8%# 42 (Mar, 10) 11014 26,7% 10,8%# 43 (Mar, 23) 10989 24.3% 7,7%# 44 (Apr, 07) 10948 26,1% 8,4%

Recipients

Open rate

Click rate

Casco Fleet Management: Geocoding

INTERNET OF THINGS

SME PROJECT KPIs MarchBudget

or Monthly

Var %

Achievment (Budget or Monthly Var%)

Target 16 YTD 2016/ YTD 2015

Revenues from SME clients (M RSD) - Total AXA 91,833 B 19,13% 480,0 185%ow Small 28,323 n/a 182%ow Medium 21,708 n/a 132%ow Other 41,802 n/a 238%

Number of SME clients - Total AXA 3.491 I 105,06% 5000 143%# Small 994 I 105,52% 150%# Medium 332 I 108,14% 135%# Other 2.165 I 104,39% 141%

Number of SME clients - 3 channels 2.507 I 102,41% 3975 112%Revenues from SME clients (M RSD) - 3 channels 84,548 B 19,66% 430,0 192%Brand awareness

Spontaneous awareness 10%Aided awareness 45%

KEY M

ETRIC

S

SME Dashboard


E-commerce: Online Distributive Sales Channel

11

✓ E – commerce Product Roadmap

✓ Using Analytics to understand customer behavior

✓ User Friendly ✓ Fast and Simple ✓ Secure

✓ Positioning ✓ Re-evaluation ✓ Adjustments

Implementation and Deployment

Governance/Dashboard

Deploy

Test and Learn!


E commerce Casco

What’s Next?... AXA Serbia’s Digital Road Map

12 CONFIDENTIALITY LEVEL: High

2010-2014 2015-2017 2018-2020

2013 à Systematic collection of Emails

and Mobile phones à Internal and external report

platform à New Web Site à Reusable CMS template for Web

Site à Claims notification forms on Web

Site à Application for debt collection à On line calculators for Standalone

products in banks 2014 à Distributor Front End à Display Campaigns à Google adwords campaigns à Social Networks Monitoring à Online quotation Travel à Responsive Web Site à SEO optimization

• 360o customer view • Workflow Management • External data CRM data

• Internet of Things (IOT) Partnerships –customer knowledge, risk data through devices and data


Steering Digital Transformation: Building and Transforming Our Organization

13

Experiment and Learn Lean Organization

DISTINCTIVE SKILLS AND CULTURE OF INNOVATION

& INCLUSION

1

“Technology is a key enabler in the transition to a digital enterprise, and insurers must invest in a robust business and technology architecture with the relevant tools to create an agile and flexible organisation”

KEY SUCCESS FACTORS

Build and Transform Our Organisation: Agile and Transversal Teams

INTERNAL USE

WHY?

WHAT?

HOW?2

3

Analytics: Dashboards Test!!

4

Partnerships

5

Data

Exposure

to Digita

l

IT

Devices


To be updated with Digital Video

Digital Video

14 MENTION DE CONFIDENTIALITÉ


AXA Serbia Journey

15 CONFIDENTIALITY LEVEL: High

2010-2014 2015-2017

-0.5

1.4

3.3

5.1

7.0

0.3

0.20.1

0.1

-0.2-0.4-0.4-0.3-0.2-0.1-0.1

3,7

20172016201520112010

1,5

201420132012P&LEconomic pureRevenues

+52%CAGR +45% +53% +7%

From a ratio of 106% to 44% while setting two proprietary networks

Driven by IT core system replacement

and digital transformation

*Pure economic expenses: excl. sales force salaries and MTPL variable cost

• Bullet #1

• Text Placeholder: Closing sentence to be determined

axa serbia’s digital transformation journey · distribution strategy per channel swot analysis:...

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