French insurance firm Axa has announced changes to the organizational structure within its life and insurance companies in a bid to enhance both divisions' market focus and align them more closely with customer needs.
The restructuring will involve establishing several separate market-focused business units, each of which will have its own business leader with direct accountability for profitability.
This will include setting up a wealth management business, as well as four business units to comprise Axa Insurance.
By empowering our people and giving them accountability for revenues and profits within each key market area, we will focus our knowledge and expertise on those key market areas and create businesses that can bring new propositions to market more quickly, stated Paul Evans, chief executive at Axa Life. This will bring us much closer to our customers and distributors because we will be more closely aligned to their needs.
Peter Hubbard, chief executive of Axa Insurance, said: Moving to the new structure will give a greater degree of autonomy for each of the business units and enable greater speed to market to take advantage of opportunities as they arise.
The new developments are expected to support Axa’s 2012 ambition of becoming the preferred company and a market leader in each of its chosen markets.