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    Case Study

    AXA: Claiming the future of insurance

    By Amit M. Joshi and Ivy Buche
    20 pages
    November 2019
    Order this case study
    Reference: IMD-7-2128

    This case traces the journey of the AXA group, one of the top three insurance providers globally from 2016 to 2019 under the leadership of newly appointed CEO, Thomas Buberl. During this period, the insurance industry faced strong headwinds – persistent low interest rates, weak financial markets, evolving customer expectations, new types of risks associated with cyber, health and natural catastrophes, as well as widespread disruption from the new breed of insurtech players. Buberl’s strategy rested on two pillars – focus to drive efficiency in the company’s core business and transform to prepare it for the digital age by developing new capabilities and value propositions to allow it to shift from a payer-to-partner business model. Buberl’s biggest move, contrary to market expectations, was a pivot in AXA’s portfolio from life and savings to commercial property and casualty (P&C), achieved through the US$15.3 billion acquisition of US-based XL Group, making AXA the largest P&C player globally. Other moves included increasing its focus on the health insurance segment, accelerating growth in Asia, and launching a new business unit – AXA Next – to build an innovation ecosystem focused on developing services and business models beyond insurance. However, competition from both traditional insurers and niche players was intense as a wave of M&As swept across the industry. The rules of the game were changing fast. Could AXA maintain its leadership position? And if so, how?

    Learning Objective
    • Identifying the strategic shifts in an industry.
    • Developing a roadmap to address the challenges and opportunities thrown up by the evolution of an industry.
    • Understanding the role of innovation and new business models in order to remain relevant in a fast-changing world.
    • Dealing with new types and levels of competition
    Keywords
    Strategy, Insurtech, Strategic Change, Mergers and Acquisitions, Partnership, Competition, Incumbent Company, Customer Expectations, Tipping Point, Roadm​ap, Disruption
    Settings
    World/global
    AXA Group, Finance and Insurance, Insurance
    2016-2019
    Type
    Published Sources
    Copyright
    © 2019
    Available Languages
    English
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    Copyright ©2024
    Copyright owner IMD Copyright
    Organization Daikin Industries
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    Copyright owner IMD Copyright
    Organization Daikin Industries
    Industry Consumer Goods, Home Appliances
    Available Languages English
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    Reference IMD-7-2620
    Copyright ©2024
    Copyright owner IMD Copyright
    Organization Daikin Industries
    Industry Consumer Goods, Home Appliances
    Available Languages English
    Contact

    Research Information & Knowledge Hub for additional information on IMD publications

    Related topics
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    This case study examines the remarkable evolution of Daikin Industries, a company that demonstrated resilience and innovation over nearly a century. Founded in 1924 by Akira Yamada in Osaka, Japan, Daikin originally focused on manufacturing aircra...

    Global Business Strategy
    By Kazuo Ichijo and Yunfei Feng
    Case reference: IMD-7-2618, © 2024
    Read more
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    By Joep de Caluwé
    in I by IMD
    Summary
    Learn why flashy innovation often fails and how a strategic, fact-based approach can drive real innovation success in corporate environments. Insights from industry experts.
    Read more
    Contact

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    Learn why flashy innovation often fails and how a strategic, fact-based approach can drive real innovation success in corporate environments. Insights from industry experts. In this final article in a series of three articles, Joep De Caluwé (EMB...
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