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Organizational Restructuring at AXA: Adopting (and Dropping) a New Business Model |
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"We do not want to be ranked as a reinsurer or as a corporate insurer. We want to be regarded as a service provider." 1 - Jean-Marie Nessi, CEO, Axa Re, in February 2000. "We do not want to be a big reinsurance company, we want to be a great reinsurance company." 2 - Philippe Donnet, CEO, Axa Re, in October 2002. An Air of Uncertainty
Axa Corporate Solutions was created less than two years earlier, after a radical organizational restructuring of Axa. Nessie had worked with the France-based insurance giant for over 22 years and was widely believed to be an integral part of the company's top management.
His abrupt, low-key departure naturally attracted the attention of the industry observers. Interestingly, Axa did not explicitly state that Nessie was leaving the company; the media was left to infer it from a press release on the company's website, stating that Philippe Donnet (Donnet, an Axa Executive Committee Member) had been made CEO of Axa Corporate Solutions.
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1] 'The Man with the Plan,' Reactions, February 2000. Refer Exhibit I for a brief overview of the insurance/reinsurance industry and the major product variants. |
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