The AXA Way: Improving Quality of Services

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...

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...