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Transcript of AXA
• Company Overview
• Current Situation
• AXA Way
• Phases of Implementation
• Eight Steps for Transformation
• Problems and Challenges
• Recommendations
Agenda
• A French global insurance group headquartered in Paris.
• Engaged in life health insurance and investment management.
• Operation areas: life & savings, property & casualty, international insurance, asset management and other financial services.
• Operates in western Europe, North America and the Asia pacific region and the middle east.
Company Overview
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
Current Situation
1990s 2000sGood overall market condition
Decentralized Operation
Acquisition as main driving force of growth
High default rate
Over 140,000 employees and distributors
Stagnant customer service level
Market share stalled
Out of time organizational structure
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
AXA Way
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
AXA Way - Phase 1
Identify Problems
Define Conditions
Determine Causes
Develop Solutions
Prepare Actions Plan, Implement Improvements
Verify Results
Document, Communicate, and
Check for replications and
sustainability
Long-term Implementation
D.M.A.I.C
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
AXA Way - Phase 2
D.M.O
Define Current Processes
Identify Key Metrics
Set Up Measurement Index
Monitor the Ongoing Processes
Take Actions to Maintain the
Stability of the System
Long-term Implementation
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
AXA Way - Phase 3
D.I.D.V.O
Define Current Processes
Identify Potential Areas of
Improvement
Create Innovative Ideas
Transform Ideas into Feasible
Solutions
Validate Solutions by using
Collaborative Intelligence
Implementation
Long-term Implementation
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
Establishing a sense of urgency
• Brunet identified that the current processes in the company had a default rate as high as 2 out of 10.
• Henry de Castries was found out that the fluctuation in the outcome of AXA’s processes was the strongest source of customer dissatisfaction.
• The global economic recession in 2001 resulted in financial market depreciation and a series of severe losses.
• A meeting with company’s top 300 executives was called to launch AXA Way.
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
Formation of powerful coalition
• The AXA Way central team based at AXA’s headquarter would act as global leader.
• Local entities will apply guidelines and methodologies developed by central team regarding the priorities they would opt for by themselves.
• A recruitment of 10 members of central team was done in 2001.
• A recognized high potential manager was appointed as AXA Way leader reporting to CEO of the company.
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
Communicating the vision
• Employees wrote testimonials to demonstrate the benefits of AXA Way.
• Leaders, the Group magazine and local entity newsletters, played a great part in this communication effort.
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
Empowering others to act on the vision
• Some of the top executive who attended the initial meeting were skeptical about the AXA Way.
• Ownership of the tasks they were involved in and contribution towards improvement of processes.
• Awareness of their activities , the group (strategies and objectives) and contribution to organization.
“Six Sigma may be fine for industry [manufacturing companies] but you will soon discover our business is a very special one”
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
Planning for and creating short term wins
• First steps were to focus on simple processes in order to achieve quick wins from the low hanging fruits.
• Additional operating costs generated by the program would be minimal and the current priorities of the entities involved would be supported, not challenged.
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
Consolidating improvements and producing more changes
• Shifting from phase 1 to 2, a shift in the focus from DMAIC to DMO projects.
• No low-hanging fruit on this side of the fence!AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
Institutionalizing the new approaches
• Central Team – 10 members
• Visible and recognized high potential managers appointed as AXA Way Leader
• Black belts
• By 2005, AXA way implemented in majority of AXA entities and 90% of Group revenue was generated by entities involved with the AXA Way
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
Issues during “Phase 1”
• Spread awareness of the AXA Way program.
• Original projects were slow runners.
• No short-cuts to conclusions, so executives were impatient.
• Measure of impact on customer satisfaction was not possible.
• Customer-centric & process-centric for support of customer service.
16
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
Issues During “Phase 1”
• Mere option.
• Projects are meant to deliver lasting benefit.
• Customer not given the focus.
17
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
Issues during “Phase 2”
• Stronger understanding & facilitation of processes.
• Learning & development would be slow.
• IT infrastructure & adequacy of AXA Way team.
• Validity of AWNPI
18
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
19
Recommendations
• Confidence building measures should be implemented.
• Improve the Customer Relationship Management by establishing better IT infrastructure.
• Publicize how the company is better in handling customers than its competition.
• Changing the working conditions &
relations within teams might also be necessary.
• Rewards and appraisals to all employees involved.
AXA WayAXA Way
Current situationCurrent situation
Phases of implementation
Phases of implementation
Company overviewCompany overview
Eight steps of transformation Eight steps of transformation
RecommendationsRecommendations
Problems & ChallengesProblems & Challenges
Q&A