Blue Ocean Strategy

            “AXA Luxembourg, whilst a very small local insurance company (200 employees), is member of the AXA Group, a worldwide leader within the financial services industry. AXA Luxembourg operates in a mature market where competetion is intense and threatening margins. We decided not to consider this situation as fatal but rather as an opportunity to create new unexplored market spaces where competition does not exist. We chose to employ a Blue Ocean Strategy (BOS), which is well known in theory and practice, and to increase our chances to succeed with our project, we sought the guidance of a BOS team: Yoann Sapanel and Richard Morrisseau. We anticipated that they would bring the methodology and tools to life, and encourage the necessary motivation. The project was launched in April with two teams of nine young talented members, each with diverse backgrounds and functions: professionals in the selected business along with others from across the company and independent Agents, members of the sales network. Despite the short time period (three months) and Business As Usual demands, the teams were able to develop innovative ideas to further develop our business, and also generate new creative concepts to grow in saturated markets. They also gained a deeper understanding of the line of business and discovered the importance of “Voice” of customers and distributors during the interviews they conducted. This seems to be one the most significant added values of the process. It gave them alternative points of view and other insights. The collaboration of diverse talents focused on delivering ambitious short term results was also a real discovery for some of them and a challenge for the team leaders. The final presentation made to the Executive Committee was enthusiastic and very promising for the future.”

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