AXA to Accelerate Agency Growth in Asia
AXA Asia and Africa will increase the size and quality of its agency force in Asia through its AXA Prime programme with support from a new partnership with LIMRA, the leading global trade association for the insurance and financial services industry.
The AXA Prime programme was set up in 2020 specifically to set new industry standards by focusing on quality of service given, not just quantity of premiums sold. It acts as a showcase for top performers already with AXA, motivating existing agents to be their very best. This culture is also attracting the highest calibre of agency talent to join AXA.
To support the recruitment of AXA Prime agents, AXA is now partnering with LIMRA to identify the biodata and behavioural profiles of both current and potential Prime agents, to ensure these candidates have the aptitude and enthusiasm for the business. Through this process, AXA will be able to clearly and scientifically identify the profiles that it wants its agents and leaders to look for in new hires, as well as have a science-based method to assess psychological traits, that can be a predictor of success.
“There are many insurance agents in the market, but not all of them have the skills and expertise that customers deserve,” says Gordon Watson, CEO of AXA Asia and Africa. “By combining the expertise and data of AXA and LIMRA, we can ensure that our Prime Agents are true professionals who our customers can trust to help and support them at every stage of their lives as a partner and not just as a payer of claims”.
In recent years, AXA has been building a series of digital tools that support Agents, ranging from easy purchases to claims, backed by its award-winning online health concierge, ‘Emma by AXA’. It has also built an extensive toolkit of training modules and material – available via mobile and face-to-face – to keep agents up-to-date with the latest technology, financial regulations, and business opportunities. The company focus in 2020 on the professionalism of its agents under AXA Prime - to improve customer service and drive higher digital adoption - has proven successful. Despite COVID-19, AXA’s full-time Prime Agents were able to be successful with a series of remote-selling tools.
“We are delighted to be working with AXA on this important programme,” says Paul Arrowsmith, president of LL Global International, the parent company of LIMRA. “This process will be iterative and will allow AXA to continually improve its predictability in choosing the right candidates. Given scoring is key for success at AXA, we will also support them by gamifying the process, as the company promotes Prime through paid media to target, attract, engage and onboard new hires.”
The first step in the AXA Prime journey focused on professionalising existing agents and leaders - increasing the number of active, full-time agents and the quality of their customer interactions. This was then reinforced with a strategic shift from rewards based on a simple premium income calculation, towards a deeper assessment and recognition of the importance of ‘Quality of Advice’. This simple but powerful concept is a pioneering, customer-centric approach for Asia that is already delivering game-changing results across the region. With foundations built, AXA now seeks to expand rapidly its agency with new hires that meet the AXA Prime standard.
“Our vision for AXA Prime is to create a premier league for the next generation of confident agents and agency leaders,” says Stephen Appleyard, Chief of Distribution Hub. “Leveraging LIMRA’s expertise and in-depth market knowledge, this partnership will advance efforts to customise advisor profiles that best suit AXA Prime, as well as fit with local market cultures. With AXA Prime, agents and potential leaders can have a purposeful career where they have the ownership and freedom to achieve their ambitions, partnering with a company that actively mentors and empowers them to succeed, whilst being part of a collaborative environment with a strong team culture.”