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April 25, 2024
The recent years have witnessed a rise in financial literacy rate more than ever, thanks to the internet, especially social media, and content creators. From personal financing to budgeting to investing in stocks, people are becoming highly aware of where their money should go and how. Not only finance, but even knowledge of skincare, fitness, and relationship advice are all receiving widespread attention. But still, awareness on equally important–if not more, topics like insurance and claims seems to see no improvement.
Talking about such a setting in Indonesia, Laurent Bourson, CEO of PT AXA Insurance Indonesia says, “The penetration of insurance in Indonesia is still considerably low, which is at 0.47% of GDP for general insurance. This figure reflects the level of awareness of the people for protection needs. He further states, “Trying to increase financial and insurance literacy is still a challenge and takes efforts and investments from insurance companies.”
In the path to that, companies must first address the challenges surmounting the distribution of Insurance products to customers and the complexities involved in it.
One of the leading names in Insurance, AXA Insurance Indonesia, a part of AXA Group, is focused on empowering individuals and corporations in Indonesia with a wide array of Insurance products tailored to their specific requirements and needs. Founded in 2011, AXA Insurance Indonesia provides a variety of comprehensive protection solutions, both in the form of general and health insurance. Reaching out to its customers through multiple distribution channels selling to individuals, SMEs, and Corporates, the company has a diversified product range for motor vehicle, property, marine cargo, travel, personal accident, health, engineering, liabilities, and miscellaneous insurance. Its distribution channels are also diversified between bancassurance, multi-finance, agency, broker and digital.
PT AXA Insurance Indonesia (previously known as PT Mandiri AXA General Insurance (“AXA Insurance”) is part of AXA Group, one of the world’s leading insurance and asset management groups company headquartered in Paris, with 145,000 employees and distributors, serving 93 million customers, individuals, and business, in 51 countries. Initially, AXA Insurance was established in 1961 under the name of PT Asuransi Dharma Bangsa. In 2011, with the support of AXA’s global expertise, the company changed its name to what it is now.
What makes AXA Insurance a truly remarkable Insurance company is its commitment to protecting its customers in every stage of their life and of their business. This commitment has pushed the company beyond limits to continuously come up with new innovative ideas and products. The products which have been created since its inception are a testament to that statement. AXA Insurance is among the pioneers in the market launching its insurance e-commerce platform and a number of innovative protections, such as Total Loss Protection for car insurance, providing extra allowance to the customers to buy a new car upon total loss incident. Moreover, to provide farmers in Indonesia with protection against extreme rainfall (either too high or too low), AXA Insurance is launching a climate-based parametric insurance. Monitored directly from the satellite, this parametric insurance pays the claim based on the agreed parameters without the farmers even submitting claim requests. “We focus on being a market leader in terms of customer excellence through service digitalization throughout the customer journey, which includes real-time purchase via our insurance e-commerce platform AXA myPage (https://mypage.axa.co.id), online claim via Emma’s customer portal (https://myInsurance.axa.co.id), assisted by Emma chatbot operating via WhatsApp and online live chat.”
Besides, AXA Insurance enters into partnerships with a number of companies across different industries to create a connected ecosystem where insurance plays an integral part. This underscores its commitment to being present in every stage of the customer’s life. One example is becoming part of the LIVIN mobile banking super app of Bank Mandiri, the largest bank in Indonesia, and the company’s strategic bancassurance partner. As such, AXA Insurance has tied up with multiple e-commerce, health tech, insuretech, multi-finance, and well-established businesses. “‘From payer to partner’ is a fundamental value, on which we position ourselves not only as a claim payor when the customer experiences incidents or loss, but we walk with the customers as their partners throughout their life journey by encouraging them to live healthy lives and providing valuable services to their daily activities,” explains Laurent.
This year the company has also launched a series of new products and services called Smart Series (particularly through digital operations) to make life safer, fairer, and more inclusive for families and businesses. SmartTravel for both domestic and international for travel convenience, SmartDrive for driving with peace of mind, SmartHome for home protection (including in and out gadget protection), SmartMedicare comes with comprehensive health protection for customers and their extended families, SmartBusiness designed to protect entrepreneurs’ income when they are facing unforeseeable risks, such as flood, fire or illness. “We are providing new services that complement traditional insurance cover and build new business models to increase our customers’ protection,” says Laurent. Very recently, the company has launched a new service called SmartConsult, a telemedicine platform, in partnership with Admedika to prevent future risks and reduce the time for the Health claim process.
Backed by a dynamic team with the breadth and depth of Insurance and Claims expertise and experience in working with clients across different sectors, AXA Insurance has emerged as a thought leader in the industry. Today AXA Insurance is supported by more than 300 employees, out of which many are certified general insurance practitioners, with professional certifications in Actuarial, Project Management, Risk Management, and other specific competencies. Needless to say, every employee works together as a team with high integrity for the interest of external and internal customers. “In AXA Insurance, we empower every employee to take the decision at their respective levels in the spirit of bringing about the best customer and distributor experience,” says Laurent. Furthermore, To optimize and improve the customer journey, AXA Insurance’s 24/7 service support quickly follows up with customer complaints and sends feedback/issues to the right teams, thereby making life easier for customers.
One of the biggest strengths of AXA Insurance is its distribution channels. With the support of AXA’s global expertise in insurance and AXA Group financial strength combined with its partner Bank Mandiri’s extensive distribution network and omni-distribution channels, such as agency, broker, bancassurance & multi-finance and digital, AXA Insurance has been able to streamline its distribution process to end customers without any hassles. In collaboration with AXA Mandiri Financial Services and AXA Financial Indonesia, the life insurance companies of AXA in Indonesia, AXA Insurance is offering a unique One AXA point of sales, selling Life, Health, and General insurance proposition. “We are also convinced that insurance today should evolve by giving quick and easy access to customers, from the start of the journey when they are looking for information to the purchase and the claim stages,” states Laurent.
With a strong value proposition in place, AXA Insurance is all set to stay ahead of the curve by continually improving the functionality of its products and services based on market research analytics and customers’ needs. The financials speak that loud. AXA Insurance financials are showing strong improvement in reducing reinsurance assets, reducing high acquisition costs, and ensuring good and improved ratios including Risk Based Capital (RBC), reflecting the strength and the continuous improvement of our financial performance. With 10 marketing offices in 8 major cities, workshop partners in 71 cities, as well as more than 300 highly engaged employees, AXA Insurance always strives to provide the highest quality services to its customers. Notably, AXA has been recognized by Interbrand as the Best Global Brand ranking, as the #1 insurance brand for the 10th year in a row. AXA also has a meaningful partnership with Liverpool FC and became the Official Global Insurance Partner of Liverpool FC and Liverpool FC Women in 2018.
On a closing note, Laurent emphasizes, “AXA Insurance aims to become the preferred insurance partner by creating customer engagement, continuing to focus on achieving profitable and sustainable growth with multiple distribution channels selling to Retail, SME and Corporate Customers.”
Quote1: “’From payer to partner’ is a fundamental value, on which we position ourselves not only as a claim payor when the customer experiences incidents or loss, but we walk with the customers as their partners throughout their life journey by encouraging them to live healthy lives and providing valuable services to their daily activities,”
Quote 2: “In AXA Insurance, we empower every employee to take the decision at their respective levels in the spirit of bringing about the best customer and distributor experience,”
LISTING DETAILS:
Website: https://axa.co.id/
Founding Year: 2011
Management: Laurent Bourson
Headquarters: Jakarta, Indonesia
Description: AXA Insurance Indonesia is a general insurance company that provides a variety of comprehensive protection solutions, both in the form of general and health insurance.
