Complex Inter-Business
Problems, Solved

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Financial Flow Traceability

Insurance Claim Automation

Know Your Customer

How AXA Global Re is simplifying a complex financial process involving multiple partners and strengthening its control thanks to Trace

Thanks to Stratumn and its blockchain-based technology, our multi-partner accounting and financial processes will be streamlined and better tracked. Trust will be enhanced through a pragmatic and flexible approach.

Véronique Rhode, CIO, AXA Global Re

AXA Global Re

Location : Paris, France
Industry : Assurance
Employees : 180
Website : linkedin.com/company/axa-global-re/about/

Context

AXA Global Re, a wholly-owned subsidiary of the AXA Group, centralizes the Group’s reinsurance business in property-casualty, life and health insurance.

Challenges

Manual processes used to reconcile the heterogeneous entities involved

As part of its duties, AXA Global Re consolidates the reinsurance accounts of more than 60 entities, which then constitute the basis for calls for funds and financial flows issued between the AXA Group and reinsurance companies.

These processes involve AXA Global Re and entities with heterogeneous systems and habits, as well as external partners (reinsurers and brokers). This complex process could not be optimized using an approach based on a standardized data format.

The teams identified several focus areas:

  • Errors appearing at the end of the process and data quality constituted an area for improvement.
  • Retrieving a document version or an error was complex and time-consuming. As regulations become ever more stringent, traceability is a major issue.
  • Visibility over the entire process was too fragmented, both for AXA Global Re and for the entities involved. Identifying breakpoints and bottlenecks prior to consolidation was difficult.

Our ambition is to improve key indicators for AXA Global Re and all its partners:

  • Operational efficiency
  • Customer satisfaction (in this case, the entities)
  • Payment cycles, cash management

Monitoring a complex process in an environment of collaboration and trust

The solution takes the opposite tack from large transformation projects that require unwieldy standardization of data structures, favoring a pragmatic and collaborative approach.

The solution will be used as a collaborative and trusted space, where AXA Global Re and Assignors can exchange and validate financial information.

We share Stratumn’s vision that relationships between companies should create value, not friction.

Véronique Rhode, CIO, AXA Global Re

Benefits

Improved operational efficiency and customer satisfaction, shortened payment cycles

Overall, operational efficiency will be measured in a way that is effective, transparent and shared:

The process will be monitored and automated from end to end. All parties to a process will have a comprehensive understanding; they will know at every moment what is expected and in what time frame.

Relationships and understanding will be improved and the traces will be irrefutable.

At every level, reliable real-time indicators will be available: the CFO will have a process dashboard, managers will get levers to steer business activities, and operational staff will have a clear idea of what remains to be done and what the priorities are.

Caroline Portel, CFO AXA Global Re

The solution will have a positive impact on payment terms and therefore customer satisfaction (in this case, the entities): Error signals or sticking points will be identified by the entities and AXA Global Re. They can be processed more quickly. The entities will be able to compensate their policyholders more quickly.

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