AXA Balance's new health insurance strategy is exposed: focus on the family, upgrade the one-stop health solution

No matter how the times change, the core logic of the enterprise is always the user first.

This is the starting point for enterprises to consider all problems, and the only key to solving the riddle of corporate strategic choices. For insurance companies, "customer-centric" is not a matter of sitting around, but of taking the initiative to change according to the needs of users.

On December 3rd, AXA Family Health Day and the White Paper on Healthy Life of Chinese Urban Families were held in Shanghai, which opened a window for us to observe the localization layout and professional operation of foreign investment.

At the press conference, AXA Tianping released the "2021 China Urban Family Healthy Life Force White Paper", sharing the company's four major insights into China's family health management. At the same time, the AXA Health Equation 2.0, which is composed of "one-stop health solution + digital platform AXA + mental health + customer insight", has also surfaced.

Zhu Yaming, CEO of AXA Balance, said at the event: "AXA Balance has always been a companion to gain insight into the different protection needs of Chinese families, integrate global and local high-quality medical resources, and launch a diversified health protection product portfolio to meet the health management and protection needs of different family members at different stages of life, helping thousands of families to move forward with confidence. "AXA Balance's customer needs insights and two-step methodology for business innovation may provide a solution to the industry's health insurance business problems."

AXA Family Health Day & 2021 China Urban Family Healthy Living Power White Paper Launch

01

Taking customer needs as the starting point, AXA Balance focuses on the current situation of family health in China's cities and releases a white paper

"There's only one thing that matters most" — the core idea of The One Thing, which was once the number one bestseller on Amazon's overall list.

The author believes that the secret of success lies in focusing, inspiring people to find the most critical first "domino", to push down the big card with small cards to achieve geometric growth, and finally to achieve grand goals through one "most important thing".

And understanding customer needs is obviously the "most important thing". The increasing complexity and diversification of user needs place higher demands on enterprises. As far as the insurance industry is concerned, aging, urbanization, and low birthrate have led to multiple changes in the demographic structure, life expectancy and disposable income of Chinese households.

How to combine with basic medical insurance to meet the diversified insurance protection needs of the people has become an important issue. When insurance companies have made efforts to consolidate multi-level medical protection with "products + services", AXA Balance has jumped out of the industry's original status quo of individuals as a unit and the health protection isolation between family members, focusing from personal risks to family health protection.

To this end, AXA Balance and Southern Weekend conducted a survey on the current situation, demand and self-confidence index of family health in twelve first- and second-tier cities across the country, and released the research results on the day of AXA Family Health Day - "2021 China Urban Family Healthy Life White Paper", which summarizes the four main insights into China's family health management.

First, health protection has increasingly become an important way of family health management. The survey results show that more than 60% of urban households believe that it is necessary to have health insurance, and 82% of households believe that risk protection is only the foundation, and value-added services are more important.

Among the various guarantee services provided, the respondents are most concerned about providing themselves with major disease monitoring and preventive health care, providing partners with sub-health conditioning services, providing chronic disease diagnosis and treatment services to parents, and most concerned about providing ophthalmic and dental care to their children.

In addition, the survey results also show that through scientific health management and reasonable health protection, the long-term health needs of families can be met and the foundation of self-confidence can be brought to family members.

Second, the importance of mental health is widely recognized, and related consumption may continue to increase in the future. Nearly 80% of respondents are aware of the importance of mental health, and high-income families need psychological counseling services more than traditional insurance consumption programs.

Third, digital medicine has become an active choice to alleviate the shortage of medical resources and the restrictions of medical conditions, and the insurance industry needs to continuously improve the convenience and authority of services. The survey shows that urban families have a more urgent need to be able to seek medical treatment in a timely manner and obtain offline medical resources at their fingertips. Although online counseling is less trusted than offline, online counseling has become the most commonly used health information exchange channel among respondents.

Fourth, working mothers are relatively anxious and lack healthy self-confidence, and they need a sound health security system, timely psychological counseling and digital medical support. Among the respondents in the survey, working mothers have higher levels of anxiety than non-working mothers in the workplace and non-working mothers, and have more prominent needs for their own sub-health conditioning, mental health services and green channel protection for medical treatment.

In fact, in order to continuously extend the boundaries of brand capabilities, AXA Balance has cooperated with a number of professional research institutions since 2020 to release a number of health research reports, covering national health, digital health, mental health and so on.

Behind a series of surveys, on the one hand, in the era of national health, family health awareness is becoming stronger and stronger, and has become the basic unit for shaping individual health awareness and health management; on the other hand, in the view of AXA Balance, compared with products and services, the most important thing is customer insight, customer-centric, and understanding what customers need, which is the top priority.

It is the in-depth understanding of customers that enables AXA Balance to understand the real health needs of families in different cities, thus gaining a strong sense of empathy for customers when expanding the breadth and depth of insurance "products + services".

02

One-stop health solutions and digital platforms continue to upgrade, helping Chinese urban families move forward confidently

In the process of solving the problem of family health security needs, deep insight into users is often only the first step, to achieve the beautiful vision of Chinese urban families to move forward confidently, it is necessary to explore a path that can be achieved, and professional hard power support is a necessary condition.

In November 2020, the AXA Health Formula debuted, "Healthy Psychology + Meticulous Family Doctor + One-stop Anti-Risk Solution + Profound Insight" to interpret AXA's proactive, gradual and personalized health management program in protecting the physical and mental health of the family.

On this basis, on this year's AXA Family Health Day, AXA's "Health Formula" was further upgraded to "Health Equation", that is, one-stop health solution + digital platform AXA + mental health + customer insight.

Among them, one-stop health solutions to meet the health management and protection needs of different family members at different stages of life with a complete product line.

Due to different age groups, physical condition, wealth level, risk perception, etc., the needs of different urban households for products and services are also different.

Adhering to the brand value proposition of "Guarding Love, Moving Forward with Confidence", AXA Balance integrates global and local high-quality medical resources to launch layered insurance products and supporting services.

It has created a complete product line from customized commercial medical insurance in inclusive cities, to mid-range medical insurance for middle-income families, and finally to high-end medical care. In addition, in addition to the pure insurance protection products, AXA Balance provides supporting health services to meet the health management needs of different family members at different stages of life.

Contribute to insurance inclusion. In October 2021, AXA Tianping participated in the city's customized commercial medical insurance project - Beijing Jinghui Insurance for two consecutive years, and the inclusive price of 79 yuan made health protection more accessible.

Provide comprehensive health protection for middle-income families. In June 2021, AXA Balance launched Shengshi Zhenxuan Medical Insurance and Shengshi Guardian Health Insurance, which fully meet the needs of customers for high-quality and convenient medical resources.

High-end medical coverage. In order to meet the needs of patients for high-end medical care, AXA Balance's Shengsheng Life Global Cancer Medical Insurance combines high-quality cancer medical resources at home and abroad with customized services to provide customers with a new way of cancer diagnosis and treatment.

The digital platform AXA Anmei helps users easily manage the physical and mental health of family members.

In the digital age, customers prefer online, diversified and personalized smart services. Especially with the post-80s and post-90s becoming the main force of insurance consumption, product matching smart services are the inevitable path for the transformation and upgrading of the industry.

In 2020, AXA Balance focused on the new needs of the Internet era, launched a one-stop online health management platform - AXA Health Online, and upgraded it in June 2021 and named "AXA Anmei".

The platform provides a series of highly distinctive and convenient services such as drug purchase and distribution, exclusive family doctors and children's health hotline consultation, comprehensively managing the physical and mental health of users and meeting various needs including daily management and expert consultation. In addition, customers can also enjoy online claims, electronic policies, one-click renewal and other services through the platform.

At present, AXA AXA's services have landed in Hong Kong, Japan, Thailand, the Philippines and Indonesia, and AXA plans to cover more markets in the near future.

It is worth mentioning that AXA Balance also pays forward-looking attention to the field of mental health, which makes its strategy in the field of health insurance significantly differentiated.

With the development of economy and technology and the change of disease spectrum, people's concept of health has gradually changed to overall health, that is, an intact state of the individual in physical, psychological and social aspects. With professional and technical resources in the medical field, AXA Balance continues to cooperate with mental health institutions in China and around the world, and from May 2020, AXA Balance has launched a free mental health telephone consultation service for some insured customers.

03

From a payer to a companion of the customer's health journey, we will continue to expand the extension of insurance to create a health ecosystem

At present, auto insurance has entered the deep-water area of transformation, and property insurance companies have accelerated the layout of non-auto insurance business represented by health insurance. As China's largest foreign property insurance company, AXA Tianping has also transformed from a volume of car insurance model to diversification, and its health insurance business is also regarded as one of the most important long-term strategies of the parent company AXA Group.

With the increasing health awareness and health protection needs of Chinese consumers, AXA Balance is actively promoting the transformation from a policy "payer" to a "companion" of the customer's health journey.

In the past, insurance users might only need a planning tool for future finances. But now, users' demand for health insurance has crossed the financial payment instruments and look forward to more and better service solutions.

Insurance companies have also gradually extended from a single ex post facto claim function to pre-event risk management and risk prevention, and paid more attention to the transformation from traditional loss compensation providers to comprehensive risk management solution solvers.

"Traditional insurance is about losing money. Payer, I pay for something, so there is no management problem, insurance is only to pay the bill, you are sick or out of the insurance I will pay the bill. Zhu Yaming, CEO of AXA Balance, has said.

In AXA's strategy, "companionship" is the need to continue to provide consumers with help. Not only to help customers manage, but also to develop the habit of self-management in their company.

In fact, for "companionship", AXA Balance has a deeper understanding. "We accompany not only our customers, but also our partners and employees. We want to work with each partner to serve the whole life cycle of customers and do a good job from different perspectives. ”

It is reported that AXA Balance's previous partners mainly engaged in car insurance business. However, in recent years, AXA Balance has re-explored its health insurance partners, and gradually created an all-round integrated "health ecosystem" for customers by integrating mature experience in the global market, brand influence, stable business philosophy, and rich and diversified health insurance product empowerment partners.

For example, in June 2020, AXA Balance deepened its strategic partnership with Penguin Almond, a national private medical industry service group, relying on the expertise of its parent company AXA in mature global markets on the one hand, and leveraging Penguin Almond's online and offline medical and health service resources to promote the company's transformation from a payer to a companion of customer health management journey.

In terms of channel cooperation, in April 2020, AXA Tianping signed a contract with Fanhua Financial Holdings to innovate and cooperate through the all-round and full-product line of "product + service".

As of October this year, AXA Tianping's health insurance direct insurance business grew by 76%, far exceeding the average growth rate of 23% in the industry.

At present, the insurance industry is gradually shifting from incremental competition to stock competition, and as a foreign-funded property insurance company, it is not easy to obtain localization and expansion. The "The One Thing" methodology of AXA Balance, by grasping the "top priority" to gain insight into the real needs of users, and breaking the traditional inherent thinking with business innovation, may be the underlying logic of the continuous growth of AXA Balance's health insurance business.

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