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2020 Integrated
Report
Driving progress
Understanding
Portfolio. Trend analysis
after a peculiar year.
What will our post-Covid world look like?
page 04 To answer this question, central to all of our debates
throughout 2020, we have continually engaged
in dialogue with the stakeholders and experts in our
ecosystem. This report delivers their analysis of
Covid-19’s impact on our health systems, economy,
environment, lifestyles and society.
Driving This trend analysis has, of course, been integrated
progress into AXA’s strategic considerations. AXA has
Opinion. Our strategic emerged from the crisis robust and confident
vision up to 2023.
page 14 of the choices that have guided us since 2016
and served as the basis for our new Driving
Progress 2023 strategic plan.
3
This plan reflects AXA’s purpose defined in 2020,
Protecting “act for human progress by protecting what
and acting matters,” which guides the Group’s contribution
Health. How can AXA meet growing
global healthcare needs? page 24
with concrete action to protect patients’ health
Customers. How can we simplify and make insurance easier to access and use
and improve access to our services
for our customers? page 32
for all our customers, and to support the transition
Climate. How can we accelerate
to a sustainable economy.
the transition to adress the climate
emergency? page 40
As we have done every year since 2016, we are
reporting on our contribution with transparent
indicators of our financial and extra-financial impact.
This integrated reporting approach is inspired by
Measuring the International Integrated Reporting Framework.
our impact
Reporting. AXA Group’s financial
and non-financial indicators.
page 48
AXA - 2 02 0 I nte g rate d Rep or t U N D E R S T A N D I N G _ H E A LT H
“The Covid-19 pandemic has
shone light on a number of flaws:
how we organize our healthcare
systems and how we treat our
oldest and most vulnerable
citizens. It has also demonstrated
the role played by socio-economic
factors in health risks. Another
point worth noting is the number
of patients who are no longer
seeking treatment for other
serious illnesses such as cancer,
diabetes or cardiovascular
diseases.
As our populations age, we have
to get better at dealing with
multi-morbidity. We have made
progress in this area, but not
enough. Finally, we must learn
from the mistakes made with our
elders, due in particular to poor
coordination between health and
social services. Most of these
issues cut to the heart of who we
are: how we balance the interests
of younger and older people,
protect the less fortunate and
integrate older people more fully
into our economies and societies.
The hard lessons of the pandemic
4 challenge us to radically transform 053
our health and welfare systems,
using fresh insights and new
determination.”
_TOM KIRKWOOD
Emeritus Professor of Aging
at Newcastle University (UK),
chairman of the AXA Research
Fund’s Scientific Board “Chronic diseases are responsible management of chronic diseases,
for 71% of global deaths, and for example by using data models
this percentage is rising as the to streamline medical appointments
population ages. Patients of or redistribute them across
chronic diseases have been the a network of establishments.
main victims of the Covid-19 We also use these tools to study
pandemic. They are not only more patients’ behavior, especially
vulnerable due to their underlying their medication adherence
conditions but are also increasingly and lifestyles, since the ultimate
pausing or abandoning treatment challenge is to make them agents
altogether, due to the disruption of their own health, in terms of
to many services caused by the both treatment and prevention.”
pandemic. It’s essential to maintain
diagnostics and continuity of care, _EVRIM DIDEM GUNES
and health systems have gradually Associate professor of operations
adapted by introducing solutions management at Koc University,
such as telemedicine and Istanbul (Turkey), AXA Research
home-based care. But to determine Fund Award Recipient in service
the best forms of treatment, each operations management
patient’s risks must be assessed in healthcare
according to their pathologies
and profiles. Our work consists
of optimizing the healthcare
AXA - 2 02 0 I nte g rate d Rep or t U N D E R S T A N D I N G _ E C O N O M Y
“The Covid-19 pandemic unprecedented challenges.
perfectly illustrates the growing The European Union is also
connectivity of risks: the health facing an existential moment,
crisis quickly led to a social, particularly in terms of debt
economic, cultural, political and management. The crisis has
geopolitical crisis. In the US, sharpened international tensions,
the African-American community not only between the US and
has been disproportionately China, but also, for example,
affected by the pandemic. Lower with Russia. The health crisis has
average incomes are part of made the world’s most prominent
the explanation but there are democracies more vulnerable.
other factors such as preexisting Emergency measures, widespread “Supply chains – from the
health conditions and higher lockdowns and the use of purchasing of raw materials
unemployment rates, which personal data have weakened to the delivery of goods to the
mean less access to healthcare. personal freedoms.” consumers – are continually
Worldwide, the complex character expanding. This is explained
of the crisis has put pressure _JAMES PETER BURGESS by the complexity of finished
on the international system, Professor of philosophy and products, which are manufac-
weakening the World Health political science at ENS Paris tured with parts from a multitude
Organization, the International (France), holder of the AXA of geographically dispersed,
Monetary Fund and the World Research Fund Chair in the specialized suppliers. This model
Bank, which have faced Geopolitics of Risk enables companies to reduce
costs but at the price of complex
logistics, which have proven
6 to be fragile during the Covid-19 7
crisis. This has been unique in
combining a supply-side shock
– production plant closures,
transport disruptions, etc. – with
a major shift in demand (a drop
in traditional purchases and
an increase in online buying).
In normal times, this kind of
imbalance is enough to create
disruption. In a health and
economic crisis, the situation
can degenerate into complete
paralysis. To secure supply
chains, companies more than
ever need a comprehensive
approach to risk management
with insurance and an
emergency fund providing
a buffer for crises. And new
technologies are becoming
essential for improving risk
analysis and prevention: the
most resilient companies during
this critical period are those
who have invested in this field.”
_ANDREEA MINCA
Associate professor at Cornell
University (United States),
AXA Research Fund Award
Recipient
AXA - 2 02 0 I nte g rate d Rep or t U N D E R S T A N D I N G _ C L I M A T E
“The pressure we exert on nature
through our consumption and
manufacturing methods is
conducive to pandemics such as
Covid-19. Zoonosis, or diseases
transmitted from animals to
humans, are a direct consequence
of biodiversity erosion, since
the destruction of ecosystems
considerably increases the risk
of contacts between species and
the transmission of infectious
agents. Global food security,
which relies on the free ecosystem
services provided by nature to
humankind, requires a large
number of wild species. However,
the vertebrate population has “The numerous lockdowns during
dropped by 68% in less than half the Covid-19 pandemic have had
a century. We are both culprits positive repercussions for the
and victims of this decline, in environment: lower CO2 emissions,
the face of fires, droughts, water improved air quality, less pressure
shortages, lower farming yields, on wild fauna, etc. While the
and pandemics… Nature is our impact on the climate has been
life insurance, and the health limited (the temporary drop in
crisis should raise our awareness CO2 emissions is small compared
of these issues and encourage to the quantity accumulated in
us to make the transition to a the atmosphere), the lockdowns
sustainable, resilient economy. have enabled us to observe our
interactions with the environment
Companies can and must play and increase our awareness
8 a driving role in preserving of climate issues, offering an 9
biodiversity by helping develop opportunity for each of us to be
a circular economy, reduce more responsible consumers and
greenhouse gases and halt try to reduce our carbon footprint.
deforestation. Through their To move towards a +2°C global
action, they can influence the warming trajectory, we will need
entire supply chain from suppliers to do much more by 2030:
to employees and consumers. continue decarbonizing electricity
Society expects companies to production and transportation,
be agents of change.” improve energy efficiency in
buildings, change farming practices
_VÉRONIQUE ANDRIEUX and stop deforestation. Recovery
CEO of WWF France plans offer tremendous potential to
achieve this. For the injected public
funds to benefit both the economy
and the environment, we need to
favor green investments and create
the regulatory and socioeconomic
conditions for directing private
investments to carbon neutrality.
Closing down our economy cannot
be a viable response to the climate
crisis: if we want to limit climate
change and protect the environ-
ment, we must quickly transform
the economy and transfer jobs
to virtuous sectors.”
_OLIVIER BOUCHER
Climatologist, Deputy Director
of Institut Pierre-Simon Laplace
and Member of the AXA Research
Fund’s Scientific Board
AXA - 2 02 0 I nte g rate d Rep or t U N D E R S T A N D I N G _ D I G I T A L T R E N D S
“A few weeks after the start
of the lockdown in Italy, we
observed a rise in cybercrime
with tripled attacks and, in
particular, a success rate close
to 50%. This scenario was
reproduced in France in April
2020, mainly with phishing, or
basic fraud exploiting temporary
technological weaknesses after
remote working was widely
adopted. Since then, the success
rate for these attacks has
started to decline. Government
cybercrime – aimed at destabilizing
economic sectors with viruses
or by overloading systems
to block access and capture
10 data – is more worrying: it’s 11
accelerating, leaving companies
less time to get organized.
There are best practices for
victims of these attacks: closing
your networks and informing
stakeholders, especially the
markets, and isolating vulnerable
systems to quickly relaunch those
“The Covid-19 crisis increased The Covid-19 also accelerated
required to resume business.
the importance of remote customer the shift to mobile banking:
But above all, prevention will
interactions in many sectors. Whilst we registered 87% of mobile
enable companies to become
human contact remains important, interactions with our customers
more resilient (through efficient
digital proficiency is no longer a in 2020 – which is a new record.
IT investments, employee
‘nice to have’ for banks. We see The crisis has only but reinforced
awareness, reinforced security
across the board banking brands the relevance of ING’s mobile-first
systems at each company and
accelerating their digital capability approach – our share of
its partners), while innovation
and, in some cases, applying this mobile-only active customers
(AI and blockchain) will improve
acceleration to reducing their went from 26% in 2018 to 40%
digital traceability.”
physical footprint as customer in 2020. The Covid-19 has changed
demands shift. The pandemic has people’s lives. We do not foresee
_LUC TENTILLIER
fast-tracked market trends such as this trend reversing, however
Associate Managing Director
contactless and mobile payment. balancing fully digital channels
Financial Markets at Accenture
For instance, in the Netherlands, with human contact will be key.”
Security
ING recorded 85% contactless
payments in 2020 via cards _SUZANNE AKTEN
and services like Apple Pay. CEO of ING Digital Bancassurance
AXA - 2 02 0 I nte g rate d Rep or t U N D E R S T A N D I N G _ S O C I A L S T A K E S
“Although children have been less risen by 20% since the first
affected by the Covid-19 epidemic lockdowns. Finally, the prolonged
itself, they’re among those most disruption to schools may
impacted by the crisis. Restricted aggravate inequality in the long
movements, school closures and term: the most vulnerable
the economic crisis have had students will have trouble
serious consequences on many catching up and hundreds of
of them. A further 86 million thousands may drop out of
children worldwide have fallen pathways to jobs. What’s more,
below the poverty line, and this we still have a poor grasp on
“The economic shock linked aggravated poverty has led to the consequences the crisis will
to the Covid-19 crisis has come a resurgence of child labor and have on this very vulnerable
at extremely high speed, and yet child marriage in low-income population’s mental health. In
it has not affected every segment countries. Malnutrition has any event, UNICEF will continue
of the population equally. also gained ground: around to provide the protection they
Those on lower incomes have 400 million children depend need all around the world.”
been more exposed to the crisis, on school meals for their daily
partly because the sectors nutritional needs. With canteen _SÉBASTIEN LYON
subject to lockdown tend to be closures, impoverished families Executive Director,
relatively low-pay, low-skill. and limited access to food, UNICEF France
especially in certain regions of
But there are other economic Africa, child malnutrition has
factors at play. Those who have
lost their jobs need to rely on
government help, which is
12 sometimes paid after a delay, 13
further reinforcing their
precarity. The same goes for the
self-employed who have been
forced to close their businesses
from one day to the next. The
crisis increased their debts and
they sometimes had to liquidate
their assets. Another issue is
the returns on some assets that
are particularly important for
the middle class, like housing
and small commercial real estate,
are going down. The rents
cannot be paid, and they are
likely to be renegotiated. What
I foresee for the future is that
wealth inequality will most
likely go up and it will be a while
before low- and middle-income
segments of the population are
able to restore their assets.”
_LUIGI GUISO
Professor at the Einaudi Institute
for the Economy and Finance
in Rome (Italy), holder of the
AXA Chair in Household Finance
and Insurance
AXA - 2 02 0 I nt e grat e d R e p or t D R I V I N G P R O G R E S S
of thousands of patients worldwide have used
our telemedicine services throughout the crisis
and I’m proud to say that AXA has contributed
Report. to continuity of care during this critical period.
The last is the solidarity we’ve shown. We have
of course been impacted by the economic
Our solidity has recession, but we’ve come through this year
enabled us to withstand
more robust with a 200% solvency ratio, up
20 points on the fourth quarter of 2020. This is
the crisis. It’s also a strong guarantee for our customers, as well
as our financial partners and shareholders.
the reason we can All across AXA, 2020 also marked the end of a
look to the future five-year strategic plan that enabled a deep and
durable transformation of the Group’s profile.
with confidence. We can all see the road traveled since 2016.
Thomas Buberl In just a few years, we’ve switched our focus
CEO of AXA from financial risks to technical insurance
risks. Property and casualty, health and
protection now account for two-thirds of our
Opinion. 2020
In 2020, we faced a crisis that was business. At the same time, we’ve redesigned
14 15
unprecedented in form, scale and impacts. and simplified our organization to provide
The ongoing consequences of the coronavirus AXA entities with more autonomy, enabling
and the future seen
on health, humans and the economy will them to get closer to customers and better
leave a mark on our societies and the world meet their needs. This reorganization has
we live in for a long time to come. significantly increased customer satisfaction,
by Thomas Buberl
with 94% of our entities now exceeding the
I have already had the opportunity to talk average satisfaction score for our sector,
about the way AXA has approached this crisis, compared with 50% in 2015. Finally, we’ve
and three members first protecting its employees and then quickly
ensuring the continuity of service we owe
our customers: two emergency responses
become a leader in health insurance with a
from “payer to partner” strategy that provides
our customers with services well beyond
of AXA’s Management made possible by the Group’s strong
digitalization efforts over the last few years.
During the first global lockdown, AXA also
healthcare reimbursements.
Committee. brought support to hospitals and was the
first company to contribute to the French
government’s solidarity fund for businesses.
Continued on page 16
Looking back over this exceptional year,
three things strike me. The first is clearly
AXA teams’ unreserved commitment to
supporting their customers during the crisis.
The second is the power and utility of the
solutions and services we’ve developed over
the past five years, particularly in health: tens
AXA - 2 02 0 Int e g rat e d R e p or t D R I V I N G P R O G R E S S
The emerging
trends in the post-
Covid world fully We made the right choice in investing very We must prevent
early in digital innovation and developing
confirm our strategic tools and services with our customers in mind.
systemic risks, starting
decisions. The successive lockdowns and business with climate change.
closures have considerably accelerated
digital adoption worldwide. Our customers _ALBAN DE MAILLY NESLE,
want simplified, personalized journeys with Chief Risk and Investment Officer* and a
more high-value advice and expertise from our Member of the Management Committee
agents, and our digital investments will boost
our performance in these two areas. “The health, economic and social crisis
provoked by the Covid-19 pandemic shows
Finally, we made the right choice in making we live in a world of heightened risks
climate action our absolute priority for that are interconnected and increasingly
a number of years already. As you know, systemic. Having reached this conclusion
We have a strong position in all AXA’s decision to divest from the coal sector a long time ago, we have been preparing
of our markets, particularly France was pioneering in 2015. Since then, we’ve by maintaining an extremely robust
and Europe, where we can build continually strengthened our commitments solvency ratio and diversifying our business
portfolio. This has enabled us to bring the
on the quality of our distribution as an investor and insurer. Our action is
best possible solutions to our customers’
networks and our technical perfectly aligned with the green recovery needs during the crisis.
16 excellence. AXA is the global plans launched by governments in several 17
leader in property and casualty regions across the world: like them, we’re However, no insurer is equipped for a global
lockdown: when the entire population
commercial lines, thanks to the convinced this crisis presents an opportunity
simultaneously sustains losses on such
creation of AXA XL in 2018, and we to accelerate the ecological transition
a large scale, we cannot use the pooling
are the leader in health insurance, and take the climate emergency seriously. mechanisms that underpin our business
a sector that will be critical in model. We must therefore create measures
the coming years. We also have We’ve built the strategic priorities of our plan, hand in hand with governments, like
important growth opportunities Driving Progress 2023, on these in-depth the French public-private model for
in Asia and international markets. trends and in line with our purpose: act for natural disasters.
human progress by protecting what matters. In addition to crisis response mechanisms,
More importantly, the trends we need to anticipate systemic risks, starting
emerging in our post-Covid world fully with the most important: climate change.
confirm our strategic decisions. We made We are one of the first global insurance
Continued on page 18
the right choice in reducing our exposure to companies to have integrated climate action
financial markets to concentrate on technical into their corporate strategy. In addition,
This transformation has involved scrupulous risks: the low interest-rate environment we’ve set up an internal Role in Society
committee to activate every means at our
financial discipline that has enabled us to keep penalizes investors in the long term when
disposal as an insurer and an investor.
our commitments to financial partners. Between technical risk pricing cycles, especially in
To act quickly and effectively, we must also
2015 and 2019, we achieved a 5% increase per property and casualty commercial lines, are engage as a group and organize our action.
annum in operating profits per share, generated more favorable. That’s why, in addition to our investment
€25 billion of liquidity and obtained a 16% return commitments through the Net-Zero Asset
on equity while maintaining a high solvency ratio.
From this robust position, we’ve been able to
We made the right choice in making healthcare
our first development priority. The Covid-19
We’re convinced Owner Alliance, we recently called for
the creation of a Net-Zero Insurance
weather the financial crisis linked to Covid-19, pandemic has shown just how critical health this crisis presents Underwriting Alliance that will promote
and we can look to the future with confidence. is to our societies and concerns, as well the transition to a low-carbon economy
as the extent to which failings in health an opportunity to through underwriting measures.”
The group we’ve built with Ambition 2020 systems can impact the entire economy. accelerate the ecological * Alban de Mailly Nesle will become
is poised to enter a decade in which the first Our prevention-centric approach is useful
transition.
Group Chief Financial Officer on July 1, 2021
years will be marked by the current crisis. and can only grow in the years to come. while continuing to direct investments.
AXA - 2 02 0 Int e g rat e d R e p or t D R I V I N G P R O G R E S S
our profile as a both global and local company
that is capable of meeting the specific needs
of a region while developing globally in
high-demand segments, such as group health
insurance, where we are leaders.
Perspectives. In Europe, where we are a major player
in health insurance, we want to develop
intuitive journeys; if customers find
our processes too complicated, we must
Driving Progress 2023
is an operational plan
We want to a health ecosystem with data and digital
technology that will enable us to improve
eliminate any unnecessary steps; and if
they want faster answers, we must automate focused on implementing
further enhance coordination and quality of care, while
reinforcing prevention through our Digital
our transactions.
transformation.
our services to Health Platform. The solutions launched in
Italy, Germany and soon other European
Arriving at this outcome means investing
in the technologies that will enable us to
_GEORGES DESVAUX, Chief Strategy
become a health
and Business Development Officer and
countries enable our customers to access automate these management tasks and
a Member of the Management Committee
services across the entire healthcare journey. focus on what counts: expertise and advice.
“orchestrator” for This is a first in Europe. In regions where
the healthcare systems themselves need
To achieve this, we’re concentrating on
becoming more agile by modernizing our “Our new Driving Progress 2023 plan
our customers. to be reinforced, we’re focusing on a vertical
integration strategy, creating and managing
IT infrastructures, while simplifying our
internal processes.
has been built in several stages since
mid-2019, based on very solid foundations.
Thomas Buberl our own structures. This is already the case First, our long-term ‘from payer to partner’
vision, defined in 2016, remains relevant,
CEO of AXA of Mexico and Egypt, as well as Spain and In this way, our customers will benefit from
since the major trends we’ve identified
Italy for specific medical needs. To measure even simpler relations with their insurer, while
continue to play out. Second, our
our progress in this ambitious undertaking, we will benefit from increased productivity. transformation efforts have prepared us
With Ambition 2020, we’ve built a solid we’ve set an annual average growth target Our aim is to generate €0.5 billion of absolute to manage these structural evolutions
18 insurance business, firmly focused on of 5% of our health revenues by 2023. cost reduction between 2019 and 2023. without ever losing sight of our solidity 19
society’s needs. Driving Progress 2023 and profitability. Finally, our work on
will enable us to leverage these strengths Our plan’s second priority is simplifying defining our purpose, which we conducted
and become even stronger in our fields the customer journey while boosting the at the same time as our strategic review,
Continued on page 20 has guided us through the process.
of excellence. That’s why we’ve opted Group’s productivity. As I’ve mentioned,
for a short plan centered on execution our customers are looking for fast and We also wanted to capitalize on our
of our transformation, with manageable fluid interactions that give them more organizational model to improve our
objectives. autonomy. We must put ourselves in their understanding of local needs and identify
shoes and understand the pain points at strategic priorities that would be both
This new strategic plan also illustrates every step of the customer relationship: inspiring and highly operational in all
of our markets. This combination of the
the utility expressed in our purpose. if our contracts take too long to read, we
Group’s global vision and feedback on local
“Act for human progress” invites us to take must simplify them; if our services aren’t
perceptions from our entities reinforces
transformative action for ourselves and accessible enough, we must offer more Driving Progress 2023. It’s an operational
our stakeholders. This is exactly the object plan focused on achieving transformation,
of the plan, which completes our transition with a local anchor to ensure we meet
to a new insurance model. “By protecting the real needs of our customers.
what matters” leads us to concentrate on
Our strategic plan was finalized during
major risks for our stakeholders. the first months of the global Covid-19
pandemic, so we carried out several stress
Our top priority – developing health and tests to ensure our strategy remained valid
protection in every geography, especially Driving Progress in this new context. We noticed that the
through innovative services – meets growing global crisis accelerated the trends we’d
healthcare needs worldwide. In this field, 2023 will enable prepared for, rather than create new ones.”
an insurer can do much more than bear us to leverage our
its customers’ risks. We’ve proven it
by developing prevention services, and strengths and become
we want to further expand our business
and become a health “orchestrator.”
even stronger in our
To reach this goal, we have a major asset: fields of excellence.AXA - 2 02 0 Int e g rat e d R ep or t D R I V I N G P R O G R E S S
The climate
emergency raises
global questions As you can see, our new strategic plan is Autonomy and
that require us both highly operational and fully aligned
diversity are key strengths
with our purpose, which provides each of our
Our third priority concerns our underwriting to act with employees with a clear vision of the meaning for attracting the best
performance, especially at AXA XL, the global determination. behind their actions. We ask a lot from AXA
women and men, employees and agents. talents and standing out
leader in property and casualty commercial
lines. This is a segment with strong demand The successful execution of our plan relies on the market.
and a favorable pricing cycle. To seize these on their commitment and ability to transform
opportunities, AXA XL must switch from a with the Group, so it’s essential for them to _KARIMA SILVENT, Chief Human
global growth model to a specialist model own and contribute to our long-term vision. Resources Officer, AXA Group and
with very high-value risk expertise. This For this new plan, we’ve also decided to To get everyone on board, we’ve made a Member of the Management Committee
means managing volatility risks more place our climate ambitions at the center our strategic plan and our purpose a time
effectively by reducing the maximum impact of our strategy. The climate emergency for collective intelligence and reflection.
“We want to accelerate AXA’s cultural
per contract and reviewing the portfolio’s raises global questions that require us to We must keep this momentum going:
transformation through three major programs.
exposure to natural disasters. Supported act with determination: offering solutions it takes a team effort to build our expertise The first concerns smart working, which
by AXA XL’s new governance, this strategy to protect our shared future is fundamental and performance, and we will support this will enable us to become more agile, pursue
must enable AXA XL to generate €1.2 billion to our purpose. Driving Progress 2023 with more inclusiveness and training, digitization in our businesses and further
in underlying earnings in 2021 and a 93% defines new milestones in our long-term while measuring our progress with the AXA for boost our employees’ autonomy. Equipped
property and casualty all-year combined commitments. Progress Index that we’re creating this year. with laptop computers, as well as user-friendly
20 ratio for the Group by 2023. Between 2019 and 2025, AXA will have software, specific training and updated 21
I would like to take this opportunity to thank working methods in all our countries, AXA
reduced the carbon footprint of its general
teams can now work from home two days a
account assets by 20%, in line with the targets all AXA employees worldwide. You have
week, depending on the specific requirements
set by the Net-Zero Asset Owner Alliance. demonstrated the utility of our profession,
of their jobs.
After launching the first €100 million transition and despite the current crisis, we have good
reasons to be confident in the future. The second program involves demonstrating
bond in 2019, we’ve continued down this
our purpose in our corporate culture,
path by financing a second issuance of the
particularly by introducing an inclusion policy:
same amount at the end of 2020. This new I’m convinced a focus on diversity will enable
bond category demonstrates our willingness us to activate the best talents and stand out on
to support the economy and society in the the market. To keep moving forward and make
energy transition. We’re doing this as an
investor and insurer by developing products
Offering solutions this inclusive culture a reality in the Group,
we’re launching a major training and awareness
that help our customers adapt to climate to protect our shared program at every level of the company and
change. It’s the only way to build a greener measuring progress through employee surveys.
and more inclusive society. future is fundamental Our third priority concerns our employees’
to our purpose. health, which is both a responsibility as an
Our strategic plan has a fifth financial employer and a prerequisite for our
priority of consolidating our robust position Driving Progress 2023 performance as a Group. In 2021, AXA will
introduce a global health policy that includes
– a prerequisite for our customers and
shareholders. In addition to a much higher
defines new milestones a complete health checkup every four years for
solvency ratio than the regulatory minimum, in our long-term employees over 40, a digital medical visit every
two years for all employees, and psychological
Driving Progress 2023 focuses on generating
strong cash upstream to support our commitments. support. Mental health is a pressing social issue
and we want to make this a priority at AXA.
dividends, reducing general account We’ve raised awareness among our managers so
exposure and continuing to simplify the they understand it fully. We’ve also reinforced
Group’s organization, in line with clear capital our detection mechanisms and included stress
management principles. This should enable measurement in our internal surveys.”
us to generate €14 billion cumulative
cash upstream by 2023.AXA - 2 02 0 I nt e grat e d R e p or t P R O T E C T I N G A N D A C T I N G
Focus. The essence of insurance
– sharing risks through pooling
mechanisms – means AXA has
an important role to play in social
cohesion and solidarity. We fully
accept this responsibility, aiming
to help build positive solutions
22
for the future. 23
Health. Customers. Climate.
How can AXA How can we simplify and How can we accelerate
meet growing global improve access to our services the transition to address
healthcare needs? for our customers? the climate emergency?
P. 24-31 P. 32-39 P. 40-47AXA - 2 02 0 I nte g rate d Re p or t P R O T E C T I N G A N D A C T I N G
Health. How can and mental disorders, the prevalence
of which we are only beginning to
By simplifying reimbursement systems and
offering new ways of distributing services,
AXA meet growing global
understand. Finally, unmet medical needs AXA is also facilitating access to the health
are stimulating innovation, supported insurance required to access treatment
by technological progress and data. in many countries.
healthcare needs? Healthcare at the heart of our
“payer to partner” strategy
In addition, the Group has launched a
vertical integration strategy in a number
Fully aware of these issues, AXA has made of countries (Mexico, Colombia and Egypt),
a strategic priority of healthcare since where it now runs its own medical centers.
2016, with a service-centric approach This guarantees quality, affordable and
and the ambition of going beyond its homogenous healthcare in markets when
role as an insurer. More than a payer, access to certain treatment remains
the Group is positioned as a partner complicated or non-reimbursable
for its customers, improving the way it expenses are often high. The acquisition
anticipates and covers health risks. With of diagnostic centers in Italy and a clinic
Driving Progress 2023, AXA is going a in Spain supports this approach.
step further, positioning the Group as an
orchestrator of health ecosystems and Through its action, AXA is aiming to achieve
even becoming a health center provider two complementary goals: to reinforce
in some countries. In this way, it is rising access to quality healthcare, while enabling
The health crisis has shown how to several critical healthcare challenges. patients and society to better manage
24 25
dependent our lives, societies and healthcare spending.
economies are on access to quality Prevention and simplification
healthcare systems. It has also To reduce the impact of health risks,
provided a reminder, as if any were AXA has made prevention another
needed, of the need to protect our of its priorities. This means increasing
500,000
health, a precious asset. By taking its prevention services, particularly in
remarkable action throughout this individual or collective healthcare
public health emergency, the sector solutions. Providing its customers with
better medical follow-up means ensuring
has demonstrated its resilience. AXA telemedicine
they are sick less often and receive better
And more than ever, healthcare is consultations
treatment when they are. Patients are at in 2020
recognized as critical to our future. the center of this approach, but the entire
ecosystem benefits. This requires AXA
23%
Sharply rising needs to simplify their healthcare journey, from
In addition to the increased risk of diagnosis to treatment, while improving
pandemics, the health sector is being care by guiding patients to the best
driven by a number of underlying trends. health professionals for them.
The first is population pressure and aging of people have
experienced
accentuating demand for medical care An accessible, quality healthcare mental health
across the globe. In emerging countries, offering issues during the
demand is rising particularly fast with Access to care is the crux of health Covid-19 crisis,
longer life expectancies and infrastructure according to
issues. The Covid-19 crisis has shown an AXA mental
developments. The rise in chronic diseases how harmful it can be to interrupt medical health survey
is also transforming the healthcare follow-up, particularly when patients
landscape. These diseases are the leading have chronic diseases. By enhancing
cause of death worldwide and require our pioneering telemedicine solution,
long-term care in the same way the Group is providing complementary
as cancers, cardiovascular disease solutions for maintaining continuity of care.AXA - 2 02 0 I nt e grat e d R e p or t P R O T E C T I N G A N D A C T I N G
TELEMEDICINE
Ensuring continuity
of care
Throughout the health crisis, AXA has accelerated
Health. We’re proud of
and widened access to its e-health offering to support
healthcare systems. With the Group’s local entities, the support brought to
our customers during the crisis.
AXA Emerging Customers rolled out telemedicine solutions
enabling 1 million patients to access Covid-19 diagnoses
and consultations free of charge in seven emerging
countries.* In Singapore, AXA Insurance offered free online
consultations on its platforms from July to December 2020.
In Europe, telemedicine has become widespread, for
example in the United Kingdom, where appointments By Tracy Garrad,
on Doctor@Hand rose from 7,000 to 18,000 during the first CEO of AXA Health
lockdown, with new subscribers mostly aged over 65.
“The Covid-19 pandemic has been
* Malaysia, Indonesia, the Philippines, Egypt, the United Arab Emirates,
India and Mexico. particularly tough for people with
underlying health issues. The crisis has
shown us just how crucial healthy lifestyles,
prevention and healthcare access are. This is
MENTAL HEALTH something AXA Health has widely integrated
into its ʻfrom payer to partnerʼ strategy.
Online psychological Health data analysis, handled in the strictest
support confidence, enables us to create more refined
and effective prevention solutions. With
Building on the conclusions of the Group’s survey our digital technologies and integrated care
of Europeans’ mental health after the first lockdown,* pathways, we can offer solutions that help
AXA Belgium has added a psychological support our customers become agents of their own
service to its Doctors Online e-health platform.
health. For example, AXA Health has
26 Free 30-minute consultations with practicing 27
developed numerous remote services, such
clinicians, accessible 24/7, even from abroad, were
as Doctor@Hand virtual GP consultations,
offered during the project pilot phase from October
to December 2020.
which saw an eight fold increase in subscribers
during the first lockdown.
* See page 30.
At the same time, our Thrive mental health app
was downloaded 8,000 times, demonstrating
the heightened mental health pressures felt
amongst members. This reflects the conclusions
of AXA’s mental health survey in the summer
of 2020, involving 5,800 Europeans in seven
countries. This survey reported a major
deterioration in the respondents psychological
well-being, with the number of people
HEALTH SERVICES in distress nearly tripling during the lockdown.
It also reveals that despite being more inclined
Emma: an app to use digital consultations than face-to-face
for insurance and appointments, mental health patients have
little knowledge of the available solutions.
treatment This clearly provides food for thought on how
Developed by AXA in Hong Kong and the to enhance our health insurance solutions.
Philippines, Emma is a mobile app enabling
customers to manage their health insurance I’m very proud of the support we’ve brought
contracts and access care through the same our customers during the crisis and
interface. Everything from information on their I’m convinced we must go even further.
contracts and premium payments to insurance More than ever, our customers are looking for
claims and questions on coverage is available a health partner to support them holistically.
online and simplified by a chatbot system. We must keep developing innovative solutions
Customers can also find registered practitioners, to meet their needs, and our digital health
information on their diseases and symptoms,
solutions enable us to pursue this goal.”
and challenges for staying in good health.AXA - 2 02 0 Int e g rat e d R e p or t P R O T E C T I N G A N D A C T I N G
By Didier Weckner,
Deputy CEO of AXA
Employee health benefits.
France, in charge of
health and employee We’re winning over customers VERTICAL INTEGRATION
benefits
thanks to our innovative services. Facilitating access
to quality care
To simplify the patient journey and facilitate
access to quality healthcare, AXA is developing
its role as a healthcare orchestrator. In Italy,
“AXA is a global leader in group health the Group has invested in Cidimu, an innovative
insurance. With Driving Progress 2023, radiology center, to integrate diagnostics into
we want to go further and become the healthcare journeys provided to customers.
the reference partner for all companies’ AXA Italy also offers home deliveries of
employee benefits, whether guarantees or medication. In the United Kingdom, AXA has
services. To achieve this, our strategy focuses launched “labs at home,” a home blood-test
on innovation, and one of our key strengths service involving analyses by a partner laboratory
is our ability to roll out innovative solutions and the results communicated to patients over
on a large scale. But to be convincing, we the phone by a qualified doctor. AXA also intends
need to achieve excellence and bring value to reinforce its vertical integration by creating
to the three ‘customers’ of group insurance: or acquiring health centers. AXA has already
distributors, companies and employees, who opened medical centers in Colombia, Egypt and
are the end-beneficiaries of our solutions. Mexico and plans to create about 50 in emerging
countries by 2023. This rollout will enable AXA
to offer integrated health systems to around
Distributors want us to offer relevant solutions
1.5 million patients.
and facilitate their work with simple, agile
and fast underwriting processes. Meanwhile
companies will choose an insurer that helps
28 them fulfill their legal and regulatory 29
obligations, simplify the everyday management
of their health and protection policy, and best
preserve their employees’ health. We want to
be capable of improving people’s well-being
at work and supporting them even when
they have physical or mental problems or are
returning to their careers after a long break.
Finally, end-beneficiaries want us to help them
become agents of their own and their families’
HEALTH SERVICES
health. To satisfy these expectations, we’ve
created Angel, a new-generation e-health
platform that combines remote consultations The Digital Health
and services with a physical medical center, Platform rolled out
emergency services, medical analyses, patient
follow-up, and more. All this is available 24/7,
in Europe
In partnership with Microsoft, AXA has
enabling employees to chat with experts and
developed a dedicated health platform
ask questions about disease prevention for
enabling AXA European entities to offer a single,
themselves and their families in the strictest
coordinated interface for their healthcare
medical confidentiality. We’re winning over offerings. The first version, launched by Italy
customers thanks to these innovative services.” at the end of 2020, offers online diagnostics,
referrals or remote consultations with
specialists, prevention services, home deliveries
of medication, and more. Thanks to packages
combining insurance and unlimited access
to these services, Italian customers benefit
from comprehensive health support. Activated
in Germany at the end of 2020, the Digital
Health Platform should gradually be rolled out
by all AXA entities across Europe.AXA - 2 02 0 Int e g rat e d R e p or t P R O T E C T I N G A N D A C T I N G
Find out more
Mental health
A report on mental
A Report on
health and well-being
Mental Health
& Wellbeing in Europe
in Europe
In June 2020, AXA and InSites
Consulting surveyed 5,800
people from seven European
countries (Belgium, France,
Germany, Italy, Switzerland,
Spain and the United Kingdom).
READ MORE ON: AXA.COM/EN/
PRESS/PUBLICATIONS
Telemedicine
“E-santé: augmentons
30 la dose!” (E-health: let’s 31
E-santé : increase the dosage)
augmentons la dose !
This report, suggesting ways
to accelerate the development
of telemedicine in France,
was published in June 2020
RA PPORT JU IN 2020
by Institut Montaigne and
coordinated by a working group
that included AXA.
READ MORE ON:
INSTITUTMONTAIGNE.ORG/EN/
PUBLICATIONS
Medical research
AXA Research Fund
Our fund supports 665 research
projects in 36 countries.
Five new research projects
on Covid-19 health issues
were launched in 2020.
FIND OUT MORE ON:
AXA-RESEARCH.ORG/ENAXA - 2 02 0 I nte g rate d Rep or t P R O T E C T I N G A N D A C T I N G
Customers. How can This strategy involves understanding
customer habits and adopting powerful
digital tools.
exposure management. Another solution
created by AXA XL Digital Risk Engineer
enables businesses to monitor threats
we simplify and improve A seamless journey
Simplifying our customer journey
to their commercial buildings, machinery
and assets in real time through an
online dashboard. AXA also helps its
access to our services means putting ourselves in customers’
shoes to identify the steps they consider
too slow or complex, and then making
business customers to anticipate and
manage cyberattacks.
for our customers? them more efficient and transparent.
Data analysis enables us to eliminate
or automate certain processes,
A new business model
Launched as part of Ambition 2020,
AXA’s customer-centric innovation strategy
particularly for insurance buying, has led to an overhaul of processes
claims or reimbursements. For example, and a significant increase in customer
Sherlock, the data fraud detection satisfaction. At the end of 2020, 90%
tool developed by the Group, reduces of entities had already redesigned
the number of checkpoints for claims. their customer journeys for improved
And thanks to automation, an entire performance. With Driving Progress 2023,
corporate fleet can be insured in a few this transformation will continue to
minutes compared to several hours accelerate, in particular with modernized
in the past. Facilitating processes and IT infrastructures. This will enable the
The digitalization of customer access to services also means finding the Group to develop powerful shared tools
32 ways for customers to enter the system, that can be adapted to local needs by each 33
journeys and internal processes
has been at the center of AXA’s particularly through the platforms entity. AXA intends to become a partner
strategy for several years now,
they already use, such as the vehicle in customers’ digital transition, building
assistance service offered by AXA in on their confidence and a commitment
and has accelerated remarkably
Belgium on WhatsApp. to ethical data management.
since the start of the health crisis.
The Group intends to build on Personalized advice
the fast change in habits to reach At the same time, the Group is reinforcing
two objectives: simplifying and its consulting capabilities through a
improving the customer experience, “phygital” strategy of bringing high-value,
94%
and also boosting productivity. personalized and accessible solutions.
While tools such as chatbots can answer
During the first lockdown, billions frequently asked questions, agents
of people suddenly switched to digital continue to play a key role by focusing
of AXA entities
for work, shopping and socializing. on tailored advice. For this, they benefit h av e a N e t
This widespread digitalization created from management tools that offer a Promoter Score
two new needs among policyholders: comprehensive overview of the digital in line with
or higher than
on the one hand, faster processes for transactions made by their customers,
their market
simple formalities – buying insurance, as well as AXA’s risk identification expertise. av e r a g e
making claims – and on the other, With its Risk Scanning solution, AXA XL
growing demand for expertise and provides corporate customers with a
91%
personalized advice on health, property comprehensive risk mapping and analysis
and casualty, and protection coverage. report including recommendations on
These trends reflect the goals of mitigation measures. In addition, the
AXA’s new Driving Progress 2023 plan: Ecosystem solution enhances our value
of AXA agents
to simplify the customer journey by proposition for our customers by offering use a digital
automating or eliminating low-value innovative tools such as connected CRM
tasks for more efficiency, to reduce costs sensors, along with access to external
and to focus on consulting and services. databases for comparison and improvedAXA - 2 02 0 Int e g rat e d R e p or t P R O T E C T I N G A N D A C T I N G
DIGITALIZATION
Automating insurance
underwriting
To reinforce its presence on the strategic SME business
Simplification. We took
insurance customers dissatisfaction
market, AXA has developed “OSE”, a corporate
underwriting tool that considerably speeds up
and simplifies new contracts through data and
automation. Available to AXA agents and brokers,
this simple digital interface accesses the company’s and found ways to stand out.
existing databases, analyzes them and then
automatically proposes the most suitable solutions
from the AXA range. Using a company’s registration
number, for example, “OSE” can aggregate fleet data By Patrick Cohen,
and propose a suitable solution within minutes.
CEO of AXA Italy*
By simplifying agents’ and brokers’ work on standard
contracts and freeing up time to focus on more “For a long time, the Italian insurance
complex solutions, “OSE” has boosted AXA France’s market was lacking in innovation,
Net Promoter Score among business customers. with fairly generic services. Customer
The solution is gradually being extended to satisfaction left a lot to be desired.
different coverage categories and can be rolled out
AXA Italy wanted to stand out by working
and adapted by Group entities.
on four priorities directly inspired by this
dissatisfaction.
First of all, we wanted to make the customer
journey simpler and faster with digitalization
DISTRIBUTION
and new processes. For example, we’ve
Omnichannel digitalized claim management: payments are
now made within five days, compared to 12
advice in 2017. Second, we’ve introduced high-value
34 35
AXA agents’ ability to quickly switch to remote services, particularly in the health market.
contacts – by phone, chat or video – during With our Digital Health Platform, which we
the crisis has not only confirmed the Group’s launched in 2020, we’ve become the first
competitive advantage in this area but also insurance company to offer a service that
customers’ appetite for omnichannel services. coordinates the entire health journey,
After the first lockdown, the leaders of European including diagnosis, remote consultation
AXA entities met (remotely) to share feedback or guidance to suitable treatment, medicine
and best practices. The aim was to further deliveries, etc. Third, we wanted to bring
reinforce agents’ resources and training transparency and smoothness to every step
in digital consulting tools.
of the supposedly tedious customer journey.
We’ve changed the format of our contracts
with a document that sums up in one page
and clear language the coverage – and
exclusions – in the customer’s contract.
SIMPLIFICATION Our customers are invited to rate our
services, and these ratings are visible online.
One-page contracts Finally, we wanted to develop services to
In Italy, AXA teams have redesigned contracts meet the specific needs of certain market
to make them easier for customers to segments, like SMEs in different sectors,
understand. They are now limited to a single to offer tailored coverage.
page organized in three parts: a banner with
the main contract data (policy and customer In 2020, AXA Italy ranked as the leading
number, type of contract, customer contact traditional insurance company in every
details, etc.), a glossary of technical terms market segment and customer satisfaction
used, and a transparent summary of the shot up, particularly during the crisis, when
guarantees included or not in the contract. we noted three times more traffic on our app.”
This simplified format has been popular
with Italian customers.
*Patrick Cohen becomes CEO of AXA France,
effective May 3, 2021.AXA - 2 02 0 In t e g rat e d R e p or t P R O T E C T I N G A N D A C T I N G
By Delphine
Maisonneuve,
Innovation. Accelerating the MOBILE APP
Rethinking vehicle
CEO of AXA Next
and Group Chief roll-out of innovative solutions assistance
to protect our customers.
Innovation Officer The eRescue mobile app for emergency
vehicle assistance digitalizes the entire
claims management process, from requests
for assistance to vehicle repairs. Already
developed successfully in seven European
countries (Spain, France, the United Kingdom,
Belgium, Germany, Portugal and Italy) since
“AXA Next is an innovation ecosystem October 2020, this solution should further
in seven units. It’s designed to provide expand with services such as replacement
solutions for improving protection vehicles, towing to local garages and new
for AXA customers and partners, going solutions for heavy goods vehicles.
beyond our traditional insurance role to
become an everyday partner. Our ecosystem
enables us to pool the expertise and knowledge
of each unit to accelerate the creation and
roll-out of innovative products and solutions
across the Group. Our customer experience
approach is based on two main steps: first, CYBERSECURITY
putting ourselves in customers’ shoes to
understand the pain points and gaps, and Protecting individuals
then identifying or co-creating with local and companies
teams the right solutions for their activities, AXA is developing solutions for companies and
which can be widely adopted by our customers. individuals to face the threat of increasingly
We’re convinced innovation is useful when prevalent cyberattacks. For companies, AXA XL
it combines real value for customers with has formed a partnership with Accenture,
36 productivity gains for AXA. For example, the a global cybersecurity expert. The Group 37
e-Rescue tracker system developed by AXA will build on its tools and expertise to help
Partners enables drivers to track the location customers prepare for an attack (with an
of their tow truck in real time after an accident. exposure report and prevention measures) as
This is a relief for them and also reduces well as after any incidents to limit their impact.
the number of calls to our customer service For individuals, AXA Switzerland is launching
platforms to check how far away their a cybersecurity solution comprising four options
rescue vehicle is. – online accounts, cyber bullying and copyright
protection, online buying, and virus removal
Our role is to help AXA entities shape these and data recovery – with financial compensation,
solutions, to accelerate roll-out and to offer as well as legal and IT assistance.
suitable technologies, building on the Group’s
best practices and our network of partners
and investments. For example, in several
countries, AXA Next recently helped implement
AXA XL's Risk Scanning Tool, an innovative
digital property and casualty risk analysis tool
based on data. Digital solutions and analyses CLAIMS SETTLEMENT
of the vast amount of data at our fingertips
enables us to better understand, anticipate Simplifying fraud
and price risks in the strictest confidentiality. detection
We use this data to reinforce our partnership
Sherlock is a data analysis software solution
role and technical excellence. What’s more,
created by AXA to automate and simplify fraud
we focus considerable energy and effort on detection. By comparing external data (weather,
developing new health, climate and financial traffic, etc.) with claims reports and identifying
inclusion solutions, which are key customer words or approaches commonly used in fraud,
needs at the heart of the Group’s ambition.” Sherlock can identify and extract suspicious
claims, while more importantly enabling honest
claims to be processed more quickly. Another
benefit for customers is the lower impact
of fraud costs on pricing.You can also read
