ABI Customer Impact Survey 2009/10
Message from AXA Life’s Chief Executive Officer
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At AXA, we fully support the aim of the ABI Customer Impact Scheme to improve customers’ experience of the life, pensions and investment industry. We are emerging from a difficult period for both customers and the industry, with investment markets and consumer confidence more generally having suffered from the global financial situation. During this time customers have fed back to us that during the period, and generally, they wanted more information from us concerning their product and the impact of market performance on future benefits. This area features highly in the action plan resulting from this year’s survey. Whilst the survey results highlight improvements in the new business sales areas that have benefited from prior year action plans, it is clear that attention must turn now to other areas of our business where feedback demonstrates we continue to perform below industry norms. I believe we have the right actions in place to address the feedback we have received from customers – actions which you will find described in the report. In this regard, it is significant to note that on 24th June 2010 AXA UK announced that an agreement had been reached with Resolution Ltd to sell to Resolution part of AXA Life’s operations. Those products to be sold to Resolution will, in due course, be re-branded Friends Life and the Customer Impact action plans in respect of these products will be re-appraised and, as appropriate, taken forward by that organisation. Meanwhile, AXA remains committed to the Wealth Management and direct to consumer protection markets and to the actions necessary to address the Customer Impact survey feedback as a further step toward becoming trusted market leader in these segments. Paul Evans |
The Customer Impact Scheme was launched four years ago in March 2006. Its objective is to improve outcomes for customers of the UK’s life, pensions and investment industry. A key part of the Scheme is an annual survey of customer views of the industry.
Participating companies make three firm Commitments to our customers which cover the lifecycle of the product and give a broad indication of how customers view the main aspects of their relationship with the life company:
- Developing and promoting products and services which meet the needs of customers
- Providing customers with clear information and good service when they buy products
- Maintaining appropriate and effective relationships with customers, providing them
with a good service after they have bought a product
The results show how well AXA is performing against the above commitments and compared to the industry (represented by all the participating companies).
The attached report gives more details on the questions asked in the survey and outlines, where we are falling short of what our customers need, what we are doing to improve.
More detail on the survey results.
Customer Commitments
Compared to last year, AXA’s scores have improved for commitment 2 but declined for commitment 1. There was a small decrease in the score for commitment 3. In general, customers who have recently purchased a product are more satisfied than other customers.
It should be borne in mind that the 2008/09 scores included responses from our AXA Sun Life Direct customers. They were excluded from the AXA 2009/10 results following the re-branding to Sun Life Direct and concern that a survey with questions relating to AXA may have been confusing. However Sun Life Direct customers were surveyed separately with the same questions, re-branded appropriately, and if we include their responses the scores increase to 31%, 66% and 44% respectively.
When we compare AXA’s scores to those of the industry as a whole commitment 2 again stands out as an excellent result.
Since the last survey AXA has invested a lot of time and money in a programme to improve products and services for our customers. This included
- reviewing all products to ensure there were no unfair terms
- reviewing our literature to ensure it is clear and easy to use (this is ongoing)
- training and coaching all our staff to recognise any circumstances where customers might be
treated unfairly to ensure that they are not - improving the way we listen to what customers are saying and address any problems they raise
about our products or service
