Adding value to insurance products: the AXA Irish experience
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Post By: Insurance Top Stories
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While competition within car and home insurance increases through more players and also unfamiliar entrants to the market (supermarkets), the purpose of this paper is to report on a study of one large insurer in Ireland which attempts to differentiate itself from its peers.
1. Introduction
Like any service brand, insurance companies are adopting techniques that have traditionally been employed for fast moving consumer goods to differentiate themselves in a homogeneous market (McDonaldet al., 2001). Simplicity of insurance products (Devlin, 2001) and technology improving the quality of the sales process (de Chernatony and SegalHorn, 2003; Yanget al., 2004) are patterns that have revolutionised the industry.
Improvements in technology and communications are also changing distribution channels, allowing underwriters to bypass traditional intermediaries like insurance brokers (Debling, 1998). Alongside this, new entrants, like strong brands from different industries, are entering unfamiliar markets, like insurance. For example, supermarkets are offering financial services (Hatch and Schultz, 2003). New technologies and distribution channels are creating an environment in which branding becomes more important while, at the same time, consumers are becoming increasingly sophisticated about the relationship between brand promise and performance (Schreuer, 2000). Hellieret al.(2003) found that customer loyalty may not be an important intervening factor between customer satisfaction and brand preference.
The implication is that previously loyal customers are not necessarily the same as currently satisfied customers or committed future customers. Unlike other markets, the Irish insurance industry is dominated by foreign players, where previously local underwriters had a prominent market position alongside foreign underwriters (Irish Times, 1997). These various circumstances mean that practitioners in the Irish financial service market have had to re-evaluate their marketing strategies and reassess their approach to relationship marketing (O’Loughlinet al., 2004).
Thus, insurance companies are facing greater challenges in differentiating their product from others in the marketplace.
The question of which elements of a particular offering are crucial to adding value (from the perspective of the consumers), becomes a key consideration as companies attempt to formulate competitive marketing strategies (Devlin, 2001). Customer relationship management (CRM) or loyalty programs are a very popular option for many companies who have used this process to give financial and relationship rewards to customers. Such strategies are employed in various sectors, both service-based and product-based (Uncleset al., 2003).
This study looks at one insurer in Ireland who has employed a unique way of promoting their corporate brand through its customer base by way of a uniquely crafted loyalty program. Through a study of the current literature and an examination of the techniques used by AXA, the development of the use of personal lines (e.g. Car and Home Insurance) in the insurance market will be illustrated. This market has recently seen significant distribution changes as the technology used has been transformed.
2. Personal lines in the insurance market in Ireland
2.1. Industry
Insurance traditionally, and still today, is sold through intermediaries, commonly known as insurance brokers. The duties of an insurance broker are to look at and arrange the most suitable cover for the risk presented and assist in claims notification to the underwriter (Virgo and Ryley, 2004). In the recent past many of the larger underwriters have developed direct channels by developing their own branch networks, such as PMPA, or employing agents to represent them and sell their products. Technological changes have allowed insurance companies to develop their own channels using new interfaces such as telephone call centres and, more recently, the internet.
One high profile company is Direct Line in the UK who are a highly successful example of a new entrant who has chartered a new distribution channel focused on low operational costs and a highly cost effective approach. This has made it possible for them to introduce new pricing structures to the market offering excellent levels of service based on convenience, speed and value compared with traditional channels of insurance brokers (Palmer and Lucas, 1994).
Irish websites have been categorised as the ornamental, the informational and the relational, and the internet offers a unique opportunity for marketers to build up and maintain relationships with their clients (Geiger and Martin, 1999).
The internet and the potential of e-commerce have been highlighted by Atkinson (2001) who described the removal of the intermediary from insurance and financial services products as “disintermediation”. Li and Holeckova (2005) highlight, in a study of UK insurance websites, that websites are utilised as a tool for shopping around for quotes but the final purchase is made by most consumers over the telephone.
Focusing on online brands, a study by Da Silva and Alwi (2008) found that factors such as ease of use, personalisation, security and customer care are significant in determining the positive or negative corporate brand image of the online seller, and the brand image reinforces success in the off-line context of consistency and customer care.
As some insurance products move from a complex contract to a commodity-based service, direct writing in the UK has gained considerable market share in a very short period, as personal lines products are targeted to a price-conscious consumer for whom cost is generally the deciding factor (King et al., 1997).
While insurance companies always promoted their products and always made the purchaser aware where they were getting their cover, whitelabeling some insurance products has become popular. The UK has seen the major grocery retailers pursuing a policy of brand extension into nontraditional service areas through tie ups with a range of financial institutions providing an array of financial services including insurance products that carry the grocery brand (Burt, 2000). Known as “Brandassurers” they operate with massive market appeal, better brand reputation, goodwill and a consumer reach that financial services companies find it impossible to match. In turn, customers turn to them mostly because they believe in the brand values of the retailer, so they feel they will provide a reliable product at a cheaper price and also have the added advantage of convenience (Griceet al., 2008). Although technology allows insurers to sell directly, products that are of a complicated nature may require sales agents to assist in the purchasing process with the consumer (Arnoldet al., 1999).
The banking sector was, and is currently, involved in selling personal lines insurance through various means, such as strategic alliances, co-ownership and other means. More commonly known as “Bancassurance” it brings together the sophisticated selling skills of insurance operators and the stronger customer orientation and loyalty of the banks, resulting in highly profitable, cost effective cross selling of insurance products (Hughes, 1994). The bancassurance model is a form of corporate restructuring that emerged in the 1980s as a result of the evolving financial landscape that was produced by changing regulatory and competitive environments (Artikis et al., 2008b). Newman et al.(1998) identified that technology and a combination of computers, telephony and dedicated call centres working in sync has revolutionised sales of car insurance for a branch-based bank. In Ireland at the present moment we have a number of bancassurance initiatives. One well known example (which subsequently went out of operation) is Premier Direct. Premier Direct, was launched by Bank of Ireland as a sister company of their telephone banking operation, Premier Bank. Premier Direct was an insurance intermediary service where various insurers provided underwriting services to Bank of Ireland using a call centre to process information via the telephone (Canniffe, 1997). Parts of Premier Direct were sold to the direct sales operations of Zurich and Aviva in 2004 (Irish Times, 2004).
Another technological development in this arena is the emergence of internet virtual communities where the public and the product provider can use the medium for information sharing. Barnatt (1998) has identified that these virtual communities may have the potential to become the key customer-infomediaries, social forums and trading arenas. However, delivery and long term customer relationships are critical for success. In Ireland, one independent online forum for financial services entitled Askaboutmoney.com does contain content drafted by the public and moderators regarding insurance products.
2.2. Personal lines products
2.2.1 Motor insurance
Motor insurance in Ireland is governed by a raft of regulations that has been shaped over the years by both Irish and EU legislation. Although motor insurance has been available in Ireland since the early twentieth century, the Road Traffic Act (1961) provided for compulsory third party motor insurance for all mechanically propelled vehicles on the public roads, covering property damage and injury. Following from this, other cover types were developed, such as fire and theft and comprehensive policies, where the latter covers for the damage to the policyholder and their property. Ireland’s entry into the EEC and subsequently the EU, introduced directives applicable to Ireland, such as Europe-wide compulsory motor insurance, claims handling of uninsured drivers and other policies issued within the EU.
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Protect Your Motor Today
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Most private motor policies in Ireland carry a no claims bonus calculation, where a policyholder with no claims is rewarded with lower pricing. Motor insurance premiums are usually calculated by way of the age and risk profile of the main driver and additional drivers combined with the location, engine size or horsepower of the vehicle to be insured.
Traditionally, as is the case with any product differentiation, motor insurers have set themselves apart from their peers by including additional complimentary cover, such as windscreen cover (where claiming does not affect the no claims bonus), breakdown assistance, and more recently no claims bonus protection.
2.2.2. Household
Unlike motor insurance, household cover is not required by law in Ireland, although many people take out this cover for various reasons, including a personal requirement to protect financial interest in a property, or as required by a lending institution as part of taking out a mortgage. Household cover entails property damage to buildings and contents. Alongside this, all risks cover is a way for policy holders to add cover to personal valuables such as jewellery, cameras, sporting equipment, bicycles, etc. The product premium is calculated on the basis of sums insured combined with a rating of the location.
Many insurers in the past have differentiated their product from those of their competitors by various initiatives such as automatic contents cover as a percentage of the building sums insured (e.g. contents automatically covered for 40 per cent of the value insured of the buildings), extra covers such as personal accident, expenses covered for jury duty, all risks cover up to a certain sum and freezer contents cover.
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Protect Your House Today
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3. AXA Insurance Company in Ireland
3.1. Background
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AXA Insurance Company in Ireland
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Guardian Royal Exchange (GRE), a British insurance firm, was itself subject to rebranding in the 1970s when the Royal Exchange and Guardian Insurance companies merged (Pike, 1990). In Ireland they had significant market share and primarily used intermediaries to distribute their products. The other company forming AXA is PMPA, which originally started off as a motorist insurance interest group and became an insurance company in its own right in the late 1960s (Pike, 1990). The company, (unlike other insurance companies), pioneered direct selling to the public and developed its own branch network instead of using intermediaries to retail their products (Carswell, 2006). In October 1983, PMPA was put into administration, although it continued to operate as a going concern until 1989 when it was purchased by GRE and operated as a separate business unit and company brand (Pike, 1990). Continuing the trend of consolidation of insurance companies the GRE PMPA organisation became part of the French insurer AXA Group in 2000 (Keogh, 2000).
The AXA brand itself is unique. An internal competition took place within the French company Mutuelles Unies/ Drouotthe during the 1980s, with a computerised ballot and employee input. The AXA name came into being in 1984, although it in no way reflects what the company does. However, the name is easily pronounced in many languages and was used to foster the emergence of a shared identity and culture (AXA, 2011). The AXA brand, completely unknown to consumers of insurance in Ireland, was used to rebrand the distinct business units of its products sold through intermediaries, directly to the public through the branch network, and also to corporate and group schemes. Rebranding took place in the early 2000s, after which the GRE and PMPA brands completely disappeared (Figure 1).
3.2. AXA Insurance product offering in Ireland
AXA in Ireland are one of the leading motor insurers, holding a significant market share of private motor insurance. Private motor insurance is by far their leading product, followed by household insurance and commercial motor, taxi and Hackney insurance. Alongside conventional products that are sold through intermediaries and by their direct operations, they operate specialist and niche insurance products through various channels including classic car, bus and coach, and motor fleets. They are also one of the few motorcycle insurers operating in the Irish market. More recently they have reentered the commercial insurance market, covering shops, offices and liability cover. This re-entry to the market took place after a lapse of ten years. To put AXA in perspective amongst its peers in the marketplace, AXA commands the lion’s share of premium income from motor insurance, with 19 per cent of total premium income from this sector in 2009 (see Figure 2) (Central Bank, 2010).
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Figure 1 Flowchart of the AXA brand in Ireland
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Although AXA mainly uses traditional channels of distribution (insurance brokers and direct channels) they have entered the market by other alternative means such as bancassurance arrangements with Allied Irish Bank for the provision of home insurance. They have also entered the online world by selling insurance through their website www. axa.ie
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Figure 2 Premium Income for Motor Insurance in Ireland 2009
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3.3. Differentiating AXA from its competitors
AXA has adopted many strategies to differentiate its products from those of its peers, adding various features to their product offering. In car insurance AXA offers the largest no claim bonus discount available on the Irish market, where 70 per cent is obtained if one does not have an accident or claim. Usually in Ireland, the maximum figure for a no claims bonus is 50 per cent after 5 years. However, some insurers have varied this figure over the years. Although the AXA 70 per cent no claims bonus looks very generous, it is only applicable to AXA pricing and not to any other insurer if for example someone went to another insurer will only obtain the equivalent of 5 years no claims bonus based on their respective insurance scale.
Uniquely AXA brought in a comprehensive driving of other cars facility to a section of its customers who qualify on prerequisite conditions. While other insurers would offer third party only driving of other cars, this enhanced cover has been a unique selling point for AXA compared to other insures. More recently “extra benefits” has been introduced to customers, where they can avail themselves of extra features for a small extra premium. For example, windscreen cover is available on third-party fire and theft policies (normally not available at that level of cover), and car hire cover in the event of an accident or claim is also an option.
For household insurance, AXA does have some unique features, such as automatic all risks cover up to a certain amount on their Privilege household product. In these and other ways, AXA seeks to differentiate itself from its competitors by offering different tweaks and improvements that are comparable with other product offerings and only become relevant when a claim arises, and which are often not apparent at the point of purchase.
The AXA Plus concept starts off as a personalised card that is issued to policyholders. Information is issued to policyholders about the various discounts. However this is enhanced with a dedicated AXA website for this loyalty scheme.
The website is a mixture of ornamental (for branding reasons), informational (for the list of partners of AXA Plus), and relationship, (for the purpose of transacting some products and services). The list of different benefits and offers is grouped into motor, home, travel, leisure, and also a credit card offer. In looking at the various benefits under the motor category, there are discount offers for tyre repairs, electronic toll tags, fuel, car parking, motor factors, car servicing, car history checks and other ancillary services. Like the offers linked to motor insurance, the home category has special offers related to useful discounts like electrical products, DIY shops, telephone and broadband provision, burglar alarms, frost monitoring, school books, cutlery and silverware and others. The travel category contains many discounts useful and appropriate for this category, like car ferry travel, air travel and so on. As part of this scheme, AXA Leisure Breaks is another discount provision for members of AXA Plus that contains a range of offers from Irish bed and breakfast locations, hotels, golfing and spa breaks to British holidays and five star hotel breaks. A branded credit card is also offered under this scheme where the annual spend is converted into a discount for next year’s insurance renewal.
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AXA Car Insurance
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5. Discussion and conclusion
Over recent decades, fundamental changes in the worldwide industry of financial intermediation, such as deregulation and advances in technology, had a visible impact on the provision of financial services. Deregulation (the removal of barriers to market entry) has led to the flexible provision of financial services and promoted competition among financial institutions, while technological progress has also increased profitability and facilitated faster processing and monitoring of multiple activities at even lower costs (Artikiset al., 2008a). In this context, the Irish insurance market offers generic regulated products that offer similar levels of service and where pricing, distribution channel (broker or direct underwriter), and method of transacting the channel (branch office/broker, telesales, internet channel) are the differentiating factor that comes under pressure. Other ways of enhancing loyalty beyond the product offering or the service brand then come to the fore.
Applying a matrix of consumer satisfaction, the study by O’Loughlinet al.(2004) of Irish financial services relationship experience found that both positive and negative forces contribute to the customer experience, and these elements include the brand, transactional and relationship factors that generate customer satisfaction. Each experience level is affected by both positive forces on one side and negative forces on the other, creating an overall dichotomous customer experience, simply putting it; good and bad effects the overall experience. AXA are unique in their approach to implementing customer retention and loyalty schemes in Ireland. In a regulatory environment where government policy (S.I. No. 389/2002 – Provisions of Information and Renewal Policy of Insurance), reinforced by the consumer protection code, encourages people to shop around, AXA has created a range of loyalty schemes to encourage customers to stay with the brand.
Although Ireland is no stranger to retention campaigns such as Tesco Clubcard, the Irish market is not as familiar with loyalty schemes as the UK. AXA’s approach with AXA Plus and AXA Leisure Breaks marks a distinct way to retain customers of the service brand and is also distinct from the approaches of other insurers in Ireland. AXA is also one of the first insurers in Ireland to implement a large scale loyalty programme of this nature, as currently other insurers, such as FBD, have given hotel offers in their own network of FBD Hotels, and Aviva offer their customers tickets to events in the Aviva Stadium (Lansdowne Road) in Dublin.
Looking at the broader picture of services marketing and CRM in general, Mundtet al.(2006) argue that, regardless of the investments made in CRM and cross-selling initiatives, no brands seem to markedly out-perform their direct competitors in terms of cross-category loyalty, when comparing loyalty to the major products in each market. They conclude that setting ambitious objectives to engender more loyalty in the customer base as a basis for growth may not be realistic.
In looking at insurance products in general, where the offering is small compared to a supermarket, Garbarino and Edell (1997) found that consumers experienced negative affect when they had to exert more cognitive effort in processing information about alternative products and comparing and contrasting those products. Pham (1998) found that financial services are inherently “avoidance” or grudge products (required by law or by a bank) rather than “approach” products. They are often of a long term and complex nature, for which the underlying motive for consumption is instrumental rather than consummatory. Given the above aspects to insurance products, superimposing a complex CRM mechanism on top of these aspects would not be productive to either the insurer or the client.
Branding strategies need to balance the halo effect from the goodwill interest in the corporation’s name against the unique values in the particular product lines. Despite similarities between the principles of branding for goods and services, the specific nature of services requires tailored approaches (McDonaldet al., 2001).
Reflecting on the AXA loyalty programme in operation, AXA has taken account of the market environment with its changes in regulation, greater competition from traditional and non-traditional sources, and changes in client inertia (where the client stayed with the one insurer). The CRM strategy employed is a simplified system as opposed to the one that would be found in a supermarket or department store. As Mundtet al. (2006) found, an extensive CRM does not always result in greater cross selling, which shows that AXA’s approach is measured and fits the nature of insurance product purchase.
As insurance products are clearly not similar to fast moving consumer goods, and in many cases are purchased not out of desire for the majority of the market, AXA in their loyalty programme have taken account of this and brought together a range of complementary retailers, hoteliers, petrol companies and service providers to the specific product offering which has made the loyalty programme relevant to the company, useful to the consumer and added value to the brand and customer experience in a market where price has been and tends to be the major determining factor in choosing an insurer.
Since AXA has engaged in this strategy it has obtained first mover advantage over its peers by way of the loyalty product offering and it is also a unique selling point for AXA. In saying that, as price is a determining factor for purchase intent in insurance, it is hard to convey this message to new customers. It remains a constant challenge to engage existing customers in the programme. However AXA do this by issuing a membership card that is separate from their policy and also reinforce this in their outbound literature and advertising. They have also opened the scheme up to both their direct customers and intermediary customers so that they all experience a level playing field that takes account of the growing trend of disintermediation while acknowledging the intermediary market, which is still a significant part of AXA’s customer base, as it is for many insurers operating in Ireland.
AXA have addressed CRM in a simplified and easy to manage system, where the AXA brand values are managed well and reinforced with its selection of partners to work with AXA Plus. AXA have tailored their approach to match the environmental factors that influence the industry they operate.
In a price sensitive market such as personal lines insurance, AXA have managed to reduce the sensitivity to price in the equation and set out to achieve greater customer engagement, which is aimed at generating more business and increasing loyalty. This programme has added extra value to the firm’s relationship with its 600,000 customers and customer satisfaction and retention levels have greatly increased, as a result of this large-scale initiative.
The success of the AXA Plus concept, which was first developed, enhanced and pioneered in Ireland, has seen its introduction to other markets where AXA operates, notably the UK, North America, Korea, Switzerland and Portugal. To encapsulate the above observations of AXA Plus, an empirical study conducted by Camarero (2007) suggested that applying relational policies, such as preferential treatment, communication and adaptation to customers’ needs, is critical for customer retention, reducing complaints and conflicts, and improving market position.
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To cite this document:
Richard Brophy, (2013) "Adding value to insurance products: the AXA Irish experience", Journal of Product & Brand Management, Vol. 22 Issue: 4, pp.293-299, doi: 10.1108/JPBM-09-2012-0183
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