Marketing Strategy of Axa – Axa Marketing Strategy: AXA is a French MNC that has a presence in over 60 countries around the globe. AXA’s commercial portfolio comprises investment and advisory services, General Insurance, Life Insurance, and various financial services. 200 years back, Claude Bebear started AXA operations and transformed it into an international insurance service provider with over 160000 employees.
Did You Know About Axa?
Company : Axa
CEO: Thomas Buberl
Founder: Claude Bébéar
Year founded: 1816
Headquarters: Paris, France
Annual Revenue (FY2020): €103.5 billion
Profit | Net income (FY2020): €3.85 billion
Products & Services: Life, health, property and casualty insurance, investment management
Competitors: Barclays | Aviva | AIG | Allianz
Axa Fun Fact : It offers insurance for individuals and businesses with Health, Motor, Home, Travel, Personal and Group Accident, Fire, Engineering, Life and various other products. Axa is present in Lebanon as Axa Middle East.
Marketing Strategy of Axa – Segmentation, Targeting, Positioning
AXA makes use of Geographic, Demographic and psychographic segmentation variables to address the increasing financial, investment-related, and risk-related needs of customers.
To meet the evolving demands of the different customer bases across different countries, AXA utilizes a different target approach.
It employs its product class, productor characteristic of service, and benefits-based marketing strategies to present its products in the minds of people who purchase.
Axa Mission Statement
“Providing peace of mind to customers, relatives and their properties against risk and managing their savings and assets”
Axa Vision Statement
To transform AXA’s value proposition “from payer to partner”, we will deliver new services complementing the traditional insurance coverage and build new business models to increase the protection of our customers.
Marketing Strategy of Axa – Competitive Advantage
Strategic alliances and acquisitions have assisted the company leverage the expertise and resources of other companies to broaden its reach in different areas and establish itself as a top contender within the existing industry.
The company’s proprietary, advanced and robust IT platform has assisted the company to be ahead of its competitors in the field of scaling and managing data.
It has developed a robust distribution network through the assistance of existing distributors and the players in the country with whom it has a tie-up i.e. with whom it has a Joint Venture in different markets.
Marketing Strategy of Axa – BCG Matrix
AXA’s General Insurance business is Star in the BCG matrix because in the majority of emerging markets it has strong distributor networks of the sales force as well as tie-ups with corporate agencies and distribution agents that aid AXA to become the no. one player in the industry.
Due to the lack of market penetration of insurance products in emerging markets, the presence of both national and local players, and government regulations, it’s a concern within the BCG Matrix.
The business of investment-related advisory is in a tough battle with firms such as JP Morgan Chase, BCG, etc. This is the reason it’s a “Q” mark.
Marketing Strategy of Axa – Distribution strategy
General/ Life Insurance companies use a mixture of channels for distribution. methods to spread their services and expand their penetration within the market. AXA provides its services via direct selling agents, corporate brokers such as banks, financial institutions, or NBFCs via their sales force as well as branches across the nation.
Marketing Strategy of Axa – Brand equity
Based on the Interbrand survey, AXA has been ranked as the no. one insurance name for seven consecutive years due to its digitally advanced, innovating, and offering customer-centric.
Marketing Strategy of Axa – Competitive Analysis
AXA operates in highly competitive and emerging markets such as Europe, the United States, and Asia. Asset management and insurance companies utilize identical distribution strategies as well as advertising strategies to gain market share and expand their client base. Regulations in the domestic market, as well as competition from MNC and national players, have a negative impact on AXA’s percentage of market of AXA across various markets. In the majority of economies, AXA has a tie-up with companies in the domestic market for the distribution of insurance and asset management products and services.
Marketing Strategy of Axa – Market Analysis
Due to the change in lifestyles and increasing literacy rates in both developed and developing countries people are increasing awareness of their risk profiles and savings as well as investment objectives as a result, it’s now easy for Insurance and asset management companies such as AXA to educate consumers about the advantages of having this. Because of the volatility of markets in developed nations, the emerging market China, India, and the other Asian markets are the most lucrative potential markets for AXA.
Marketing Strategy of Axa – Customer Analysis
The customers of AXA are those who are conscious of their investment and saving goals and are looking for ways to reduce risk and protection from dangers.
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