Hunting To Farming in AXA

Speaking at the group’s international media seminar at Chateau Suduiraut near Bordeaux, Mr de Castries told a delegation of European financial journalists that Axa was changing from “hunters to farmers” following a long period of acquisitions.

He claimed Axa’s human resources policies and strategies were now targetted at developing new talent within the company to sustain growth in mature and emerging markets, adding “we are in a people business, and people are our assets”.

Financial Adviser was the only UK publication present at the seminar, and heard how the company was focussing on organic growth, with a large emphasis on developing its digital proposition.

George Stansfield, Axa’s group general counsel and head of group human resources, said: “Our business model has largely remained the same for 200 years, but the world is changing with the digital revolution with multiple implications.

“This is an opportunity to re-skill our workforce. Digital distribution is a fundamental opportunity and challenge, and we are anticipating the shift in distribution over the coming years by identifying and retaining the company’s next generation of leaders.”

Mr de Castries added that Axa was in a war for talent with its competitors, and that they were the key for the future success of the company.

Elsewhere, in a far reaching analysis of the European and global economy, Mr de Castries said that Axa could weather any potential collapse of the eurozone in any of its territories, but claimed: “The prospect of Greece leaving the euro is not the scenario we anticipate.”

Evolving from Hunting to Farming in Malaysia
Traditional agency members of the life insurance industry continues to operate their business based on "HUNTER" model - requiring individual agent to aggressively "hunt" incessantly for victims to purchase life insurance. Individual Hunter are trained and pushed to generate high production, to qualify for awards and convention. Rewards and incentives are tailored to reward and favour individual hunter.

Unfortunately - high producer are rare and most challenging to recruit into life insurance industry. In addition, most high producer are short term unable to last or continue to repeat their success years after years. Most high producers even "cheated" by giving rebates to close cases, or bought cases from other agents and some even pay for renewals to be gain for award and recognition. Most high producer gain the award but remain poor in the industry.

Another business is to adopt the FARMER model - empowering agency members to recruit and develop talented entreprenur. A "Franchise" is being offerred to interested agency members that wish to open a chain of business cells nataionwide. New cells are trained and developed using standardize and proven processeses and procedures akin to McDonald, Kentucky etc business model.

Selling and individualism hero is scaled back while human development is encouraged and promoted under the Farming business model.