Magazine article Journal of Banking and Financial Services

How AXA Australia Boosted Customer Retention through a New Business Model: AXA, a Leader in Wealth Management Teamed with American Management Systems (AMS) to Implement a New Customer Relationship Model. as a Result AXA Met Its Demanding Retention Targets and Is Better Able to Plan Ahead for Future Opportunities

Magazine article Journal of Banking and Financial Services

How AXA Australia Boosted Customer Retention through a New Business Model: AXA, a Leader in Wealth Management Teamed with American Management Systems (AMS) to Implement a New Customer Relationship Model. as a Result AXA Met Its Demanding Retention Targets and Is Better Able to Plan Ahead for Future Opportunities

Article excerpt

With total revenues of 80 billion [euro] ($A130billion) and assets under management of 890 billion [euro], the France-based AXA Group has a global presence focused on major developed countries.

AXA Australia is part of AXA Asia Pacific, one of the most widely represented financial services companies in the region.

AXA Australia needed to improve retention of its funds under management (FUM) to deliver on a 2003 retention target of $400 million, more than double the 2002 target. This was aimed at meeting one goal of chief executive Les Owen's so-called K5 goals to increase overall shareholder returns.

Achieving the target meant improving AXA's customer relationship management (CRM) program and implementing measures to support tracking and managing of customer value, campaign effectiveness, and other processes.

But the business effect of a CRM change program was difficult to foresee, especially since AXA Australia was not set up with the type of operating and business models or analytical tools needed to effectively support its new target strategy.

The solution

In a competitive bid, AXA Australia chose American Management Systems (AMS) as its strategic CRM partner

During an intense six-week period, the joint AMS-AXA team assessed the current state of AXA Australia's operations. This included the overall business model and strategic objectives, organisational structure, retention progress to date and the state of retention-related business metrics.

Applying AMS's proven CRM framework and industry best practices, AMS helped AXA Australia identify the key business drivers, as well as validate the feasibility of achieving its 2003 retention targets.

AMS recommended ways to restructure AXA Australia's business architecture with a "business as usual" (BAU) operational and organisational model.

The business model included process flows, recommended metrics and data requirements. …

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