Accounting assignment help on: Gulf corporation and AXA insurance
1. AXA Insurance Gulf
1.1 Introduction to the organization
AXA Insurance Gulf refers to an integral part of the AXA Group, provides financial stability & a minimum level of competitive advantage. The organization is 60 years old & has been referred to as the largest insurer in the Gulf Corporation Council (GCC). Its presence could be felt in the various parts of the world i.e. UAE, Oman, Saudi Arabia, Qatar, Bahrain. AXA is referred to as AXA Cooperative Insurer in Saudi Arabia.
AXA refers to a type of an insurance company which provides expert support & advice in order to have the best possible insurance solution so as to match up their business & personal requirements (Economy Watch, 2011).
Its new jingle or the tag line states it very well that the insurance provided by AXA would help the individuals in order to match up with the challenge & make it clear in front of the eyes of their customers that they are available, attentive & reliable.
AXA Group refers to a huge insurer group present all across the world. It marks its presence in 56 odd countries & has a client base of approximate 80 million. Recruiting approximately 175000 employees & has 55000 distributors with an AA rating standards.
1.2 Size
As mentioned above AXA Gulf Insurance refers to one of the largest international insurance organizations which provides different types of insurance for individuals as well as business organizations such as Life, car, home, health, golf, yacht, motorcycle, etc for individuals & Marine, Fire, Life, Liability, Healthcare, personal accident, crime, etc to the business houses.
It refers to an insurance organization which imparts insurance in all the fields in various parts of the globe majorly in Qatar, Dubai, Bahrain, Oman, and UAE. It has 13 regional offices with approximate employee strength of 620 & earning a premium wealth of US$ 20 Million (Economy Watch, 2011).
1.3 Structure
The organizational structure at AXA Insurance Gulf is centralised in nature. All the decisions relating to any kind of query is solved in the respective branches. The organizational structure at AXA could be seen as under:
CEO (Henri de Castries) takes charge of the various AXA branches in different parts of the world such as Asia, Japan Asia Pacific, Northern, Central & Eastern Europe, France, AllianceBerstein.
The next person who comes in the organizational structure refers to the Vice Chairman of the Board followed by Director, various other independent members of the supervisory board. Followed by the director comes the Deputy CEO, Denis Duverne who takes into consideration the procurement, development of the network. The Chief Financial Officer, Gerald Harlin has to be in consideration with the CEO of Germany & Switzerland (Chris, 2002).
The other members of the organizational structure includes Chief Operating Officer, Veronique Weill, Group General Council as well as the Head Group of the HR, MD AXA Investments, AXA Prevention & Asset, Mediterranean Sea & Latin America, USA, Compensation & Benefits Director & the Director Communication & Corporate Responsibility (Chris, 2002).
The structure also consists of the employees, shareholders, clients & the end users. AXA is a huge unit of the AXA Group. The people mentioned above in the organizational structure work with each other according the three principles. The three principals have been explained as under. They are:
Þ Team Spirit: One of the major requirements in order to be a successful organization refers to work with one another in a team.
Þ Innovation: Innovation refers to the second best principal which leads to the success of any organization.
Þ Pragmatism: People at AXA try to face & accept different challenges with courage & passion & focus on their customers.
The core principals motivate the customers to be part of such a huge group. It helps in providing competitive advantage to their customers & clients in terms of finance stability.
1.4 Markets (Product/ Service)
The products or the services being offered by the company are quite large in number. The products offered by AXA Insurance Gulf mainly covers different types insurance for individuals as well as business enterprises (Chris, 2002).
The various types of insurance for individuals are as under:
Þ Car Insurance
Þ Home Insurance
Þ Travel Insurance
Þ Yacht Insurance
Þ Health Insurance
Þ Relocations Insurance
Þ Motorcycle Insurance
The various types of insurance for business enterprise are as under:
Þ Marine
Þ Fire
Þ Life
Þ Engineering
Þ Liability
Þ Health Care
Þ Motor
Þ Art
Þ Personal accident
2. Industry Analysis:
2.1 Competitors:
The major competitors for the AXA Insurance Gulf refers to
Þ ACE
Þ Aflac
Þ Ageas Insurance Company (Asia) Limited
Þ AIA Group Limited
Þ Allianz Group
Þ Allstate
Þ Aviva
Þ Bupa International Insurance Company
Þ CAN Financial
Þ Cathay Financial
Þ Chubb
Þ ING Group
Þ MetLife
Þ QBE Insurance Group
Þ Sun Life Financial
Þ Swiss Re
Þ TATA AIG
2.2 Customers
As discussed above that the organization majorly takes in to consideration providing, financial stability to the individuals as well as the big corporate houses.
2.3 New Entrants
The new entrants in the same field i.e. insurance would refer to all the companies mentioned above. The companies mentioned above are also the leading players in the insurance sector. Hence, the major competition faced by AXA Insurance Gulf would the above mentioned companies who have also emerged into the same sector.
Apart from the organizations mentioned above, there might emerge some new entrants into the insurance sector or market (AXA Insurance Gulf, 2011).
3. Company Analysis
3.1 SWOT Analysis
3.1.1 Strength
The major strengths of AXA Insurance Gulf could be enlisted as under, through which the customers get a competitive advantage as compared to the other insurance companies.
The strengths are as follows:
Þ Once insured with AXA Insurance Gulf, the customers would get an opportunity to explore the various doors in different domains.
Þ AXA has one of the largest marine as well as people who deal with the various kinds of risks (Chris, 2002).
Þ AXA refers to one of the leading firms in the field of art & priceless collectibles.
Þ AXA consist of one of the largest & globally recognised networks in hospitals.
Þ AXA helps in building close customer relationship & understand the needs of their customers very well (AXA Insurance Gulf, 2011).
Þ AXA targets their audience in a well planned manner to a specified demographic group.
3.1.2 Weakness
Apart from the various strengths, there are various weaknesses which might create some problem for AXA Insurance Gulf. They are as under:
Þ The major weakness which could be faced by the organization refers due to culture differences.
Þ Due to the differences in the entrepreneurial culture, the company would not be able to grow or expand itself.
Þ Another weakness refers to the limited liability. With lack of funds in the organization, it would be able to grow (Economy Watch, 2011).
Þ Due to lack of funds, the organization would not be able to prepare itself in order to sustain in the near future.
Þ The third type of weakness refers to the instability of the insurance company.
Þ The industry is quite unstable & inconsistent. The companies can do any type of fraud by writing different rate of interests (AXA Insurance Gulf, 2011).
3.1.3 Opportunity
There are various opportunities which might be enjoyed by an insurance company. They are as follows:
Þ The first opportunity with AXA Insurance Gulf would refer to a change in the way of performing a particular thing in a different manner.
Þ The second opportunity refers to a total management of the risks. Initially, there were very limited ways through which people used to get their things insured. Nut, now many insurance companies have emerged & have helped people to save their belongings (Economy Watch, 2011).
Þ The next best opportunity available with AXA Insurance Gulf refers to cross sell. This means that if the organization has all the necessary resources available then, it can go to sell off as it would boost the profits of the agency as well (AXA Insurance Gulf, 2011).
3.1.4 Threat
Some of the threats to AXA Insurance Gulf could be as under:
Þ The first threat refers to that the insurance company i.e. AXA Insurance Gulf would have too much power with them in relation with their customers.
Þ The second threat in regards to the AXA Insurance Gulf would be from the other professions available. They might get converted into an insurance company & might hamper the growth of the company as well (AXA Insurance Gulf, 2011).
The threats mentioned above could be overcome by the various strengths mentioned above in this report.
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