AXA - Transforming from Payer to Partner: Challenges and Opportunities
Discover how AXA is evolving from a traditional payer to a strategic partner, facing challenges such as digital disruption, changing customer expectations, and increasing competition. Explore key questions on innovation, market impact, and adapting to the digital world to seize future opportunities and drive cultural transformation by 2025.
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Presentation Transcript
AXA AXA Partners in living a better life Partners in living a better life SMURFIT CONSULTING >>> FIONA LEAVY JITESH GOYAL AISLING MURPHY MARK NOONAN
How does AXA transform from payer to partner? CHALLENGE
QUESTIONS TO SEIZE FUTURE OPPORTUNTIES 1. How should AXA advance on its Payer-to-Partner transformation journey? 2. How to speed up innovation that would differentiate AXA? 3. What can AXA do to have a greater impact in the Asian region? 4. How to adapt long-established processes to the new realities of the digital world?
Partnership 2025 Partners in living a better life Partners in living a better life Faster Better Smarter Cultural Transformation Hospital Partners in Asia AXA 360
AGENDA ANALYSIS RECOMMENDATIONS IMPLEMENTATION JITESH AISLING MARK
INTERNAL ANALYSIS -INORGANIC GROWTH FOLLOWED BY BUSINESS CONSOLIDATION Where do we play Developed and Emerging markets B2C and B2B offerings ARENAS What s our pace How do we play M&A Partnerships Organic growth VEHICLES ECONOMIC LOGIC Rapid Growth SPEED DIFFERENT IATION How do we make profit How do we win Broad range of services suited to consumer needs Risk pooling Diversification Cost efficiencies
INTERNAL ANALYSIS TIME IS RIPE FOR A SHIFT IN THE BUSINESS MODEL Consumers Custo mer Businesses AXA NEXT AXA AXA Partners Personalized Journey Busin esses Hospi tals Hospitals ANALYSIS RECOMMENDATIONS IMPLEMENTATION
CHALLENGE HOW DOES AXA TRANSFORM FROM PAYER TO PARTNER? Digital Disruption Rise of Insurtechs Changing customer expectations Slow growth rates Increasing competition Impact of natural hazards Business Model Faster product development Culture of innovation ANALYSIS RECOMMENDATIONS IMPLEMENTATION
STRATEGIC ALTERNATIVES Digital Disruption Slow Growth Rates Business Model Development Decision Communication plan to Asian market (value) Focus purely on China Fast-track AXA 360 Partnership 2025 Creating a culture of innovation Build a network of hospital partners across Asia ANALYSIS RECOMMENDATIONS IMPLEMENTATION
RECOMMENDATION (1) FAST-TRACK AXA 360 Digital disruption using your capabilities Develops your business model Challenges Utilises AxaNext and brings it to the forefront Supports adaption of long established processes Your Questions ANALYSIS RECOMMENDATIONS IMPLEMENTATION
RECOMMENDATION (2) CREATING A CULTURE OF INNOVATION Need a cultural transformation in tandem with a digital transformation Supports the development of a more agile business model Challenges Will speed up new product development by creating this more agile workforce Enables the adoption of new business processes Your Questions ANALYSIS RECOMMENDATIONS IMPLEMENTATION
RECOMMENDATION (3) BUILD A NETWORK OF HOSPITAL PARTNERS ACROSS ASIA Initially in China, which is a key growth segment Challenges Your Fits in with the payer to partner approach which AXA is advocating Questions ANALYSIS RECOMMENDATIONS IMPLEMENTATION
Partnership 2025 Partners in living a better life Partners in living a better life Faster Better Smarter Cultural Transformation Hospital Partners in Asia AXA 360
IMPLEMENTATION (1) FAST TRACK AXA 360 Developing a curated platform for personalized services Focus on customer lifecycle journey WHAT Drive increased revenue and margins Creation of brand loyalty customer retention Collection of data across all segments WHY Utilise technology developed within AXA Next Developing a curated platform for partners and customers Utilising data to ensure curation of services to customers both B2B & B2C Develop communication and marketing campaign aimed at bringing customers onto the platform HOW ANALYSIS RECOMMENDATIONS IMPLEMENTATION
IMPLEMENTATION (2) CREATING A CULTURE OF INNOVATION Creating a culture of innovation and agility Building a strategic roadmap for AXA Next to ensure pull through WHAT Need to share learnings and innovation across activities and regions Bring innovation from AXA Next to Life through AXA Accelerator programs WHY Creating digital transformation and cultural training content Running change management and digital workshops Develop a structure based on sharing knowledge across key regions with innovation hubs for market Piloting key areas of innovation across key markets Set targets for innovation and usage of new digital tools HOW ANALYSIS RECOMMENDATIONS IMPLEMENTATION
IMPLEMENTATION (3) BUILD A NETWORK OF HOSPITAL PARTNERS ACROSS ASIA Focus on developing a hospital network in Asia Focus starting with China in 2020 WHAT Potential growth opportunity Ageing, growing middle class Improve uptake of revenues in the Asian Market to meet targets Making customer journey seamless WHY Conduct market research on main healthcare groups Business development team in Asia with a focus on China first Signing partnership agreements with main hospital groups across China Bring partners onto 360 platform for network and customers Focus on health and then focus on other areas HOW ANALYSIS RECOMMENDATIONS IMPLEMENTATION
FINANCIAL ANALYSIS Driving Revenue & Margin:- AXA 360 Curation Value Add Partnerships in Asia Innovation reduce costs & drive higher margins:- Revenue growth of 72% by 2025 & Doubling of Earnings
FINANCIAL ANALYSIS - GROWTH Financial Growth 200,000 180,056 180,000 166,708 153,203 160,000 141,642 131,594 140,000 122,965 115,900 120,000 100,000 80,000 60,000 40,000 15,290 12,710 11,148 9,848 8,983 20,000 8,207 7,240 - 2019 2020 2021 2022 2023 2024 2025 Revenues Earnings Revenue growth of 72% by 2025 & Doubling of Earnings
TIMELINE RECOMMENDATION 2019 2020 2021 2022 FAST TRACK AXA 360 Utilise technology developed within AXA Next Developing a curated platform Develop communication and marketing campaign CREATING A CULTURE OF INNOVATION Creating digital transformation and training content Develop a structure based on sharing knowledge Piloting key areas of innovation across key markets BUILD A NETWORK OF HOSPITAL PARTNERS ACROSS ASIA Conduct market research on main healthcare groups Agreementswith main hospital groups across China Bring partners onto 360 platform for network ANALYSIS RECOMMENDATIONS IMPLEMENTATION
KEY PERFORMANCE INDICATORS PERFORMANCE INDICATOR MEASURE Revenue Growth 70% Number of active users +20% No. of new services / offerings 5 Number of hospital partnerships 50 Profit 15 bn ANALYSIS RECOMMENDATIONS IMPLEMENTATION
RISKS AND CONTINGENCIES Risks Contingencies China hard landings Focus on health first. Aging population, rising middle class Cannot develop hospital network quickly enough Local business development team is key. Potential to partner with a global hospital group in China Ideas not coming through AXANext quickly enough Structure is key. Clear communication plan. ANALYSIS RECOMMENDATIONS IMPLEMENTATION
Partnership 2025 Partners in living a better life Partners in living a better life Faster Better Smarter Cultural Transformation Hospital Partners in Asia AXA 360
AXA AXA Partners in living a better life Partners in living a better life SMURFIT CONSULTING >>> FIONA LEAVY JITESH GOYAL AISLING MURPHY MARK NOONAN
