AXA Partners wins an award for its BlockCo project supported by Stratumn technology

AXA Partners wins a Sliver Award in the Workforce Transformation category of the EFMA-Accenture Awards by implementing Stratumn technology

Published on June 14, 2021

Winning the Silver Award for Workforce Transformation at the EFMA-ACCENTURE  INNOVATON IN INSURANCE AWARDS 2020(Mitsui Sumitomo Insurance) | Group  Companies | MS&AD Insurance Group Holdings, Inc.

Traceability and operational efficiency for employee satisfaction

The EFMA-Accenture Innovation Awards is an annual global competition created to reward innovation in the insurance industry. This competition serves as a catalyst for innovation and is open to insurance companies, provident institutions, mutual and bancassurance companies and insurtechs. 

AXA Partners has been awarded at the 2021 edition. The company received a Slivers Award in the Workforce Transformation category for the implementation of its BlockCo project, which is based on Stratumn technology.

Collaboration and blockchain to optimize inter-company flows management

AXA Partners called upon Stratumn to simplify and trace these inter-company flows. The AXA group entity had a strong need to homogenize and rationalize its interfaces to facilitate the collaboration and the management of its financial flows. A reconciliation of processes, data and people was necessary.

As part of the BlockCo project, an initial implementation phase involved three countries and two types of inter-company flows before being extended to all 36 countries and all flows. This phase allowed us to test the processes with volunteer "sponsor" entities in order to propose an optimized experience for the rest of the countries.

The objective of the project was to avoid discrepancies upstream of the accounting reconciliation. The automation of part of the processes was also implemented to support the operational efficiency of the teams and reduce management costs.

Finally, the choice of implementing a solution combining collaboration and blockchain was intended to structure and trace financial and contextual data in order to guarantee perfect control of flows. The monitoring of the entire process also allows the identification of bottlenecks for optimization purposes. 

The improvement of communication between entities and the employee satisfaction was also one of the highly anticipated results of the implementation of this project.

Collaboration and blockchain applied to corporate finance: promising results

 After only 5 months, the Block Co project already has several successes:

  • A 66% decrease in the time spent on the entire process.
  • A 50% reduction in low value-added actions.
  • An increase of +85 points on the Net Promoter Score of employees

At Stratumn, we put technology at the user's service to ease his daily exchanges and missions. We are very proud to support AXA Partners on a project focused on employee satisfaction within the scope of their inter-company flow management.

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