Insurance Company Broker Analysis

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  • Topic: Insurance, Home insurance, Damage waiver
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Insurance Company/ Broker Analysis
Course: Business Administration

Name: Emma Byrnes
Student no: 10BA04
Tutor: Mark Griffin
Module: Insurance

2011

Introduction3
AXA Insurance Company3
History and organizational aspect of company4
History4
Organisational structure5
Corporate responsibility department5
Network of corporate Responsibility Correspondents5
Legal Structure6
Capital Ownership6
Types of insurance policies and cover8
Motor insurance8
AXA car insurance benefits8
Home Insurance10
Home insurance contents cover10
Home insurance building cover10
Business insurance11
Standard cover includes the following11
Principles of insurance within the policy12
Principles of insurance12
Insurable interest12
Motor insurance12
Home insurance:12
Business insurance12
Utmost Good Faith13
Motor insurance13
Home insurance13
Business insurance13
Indemnity14
Claims15
How claims are handled15
Conclusion16
Bibliography17
Introduction

AXA Insurance Company

I have chosen AXA as the insurance company for this assignment. AXA are a leading global insurance company, and also play a major role within the Irish insurance industry. AXA Ireland specializes in motor, home and business insurance. In this assignment I will conduct an analysis of the business examining a range of the following aspects of the organization.

* History and organizational structure of AXA
* Types of insurance policies and cover offered by AXA
* How the principles of insurance tie in with the policies offered * How a claim is handled by AXA insurance

History and organizational aspect of company

History

AXA is a French global insurance group headquartered in the 8th arrondissemint of Paris.AXA was originally founded in1816 as Mutuelle de L’assurance Contre L’incendie (the Ancienne Mutuelle) it acquired Compagnie Parisienne de Garantie in 1978 and became Mutuelles Unies. It went on to but the Drouot Group in 1982, at which time it adopted the AXA name. The takeover of the Equitable, a well known American insurer, came in 1981. It bought Union des Assurances de Paris (UAP), France’s largest insurer in 1996 becoming AXA-UAP for awhile before reverting to the name AXA in 1999. Then in February 1999 AXA acquired guardian Royal Exchange. In May 2000 AXA acquired all shares it did not already own in Sun Life & Provincial Holdings. On June 14th 2006 AXA acquired the leading Swiss insurance company Winterthur Group from Credit Suissie for approximately €9 billion. The AXA group encompasses five operating business segments: Life &Savings, Property & Casualty, International Insurance (including reinsurance), Asset Management and other financial services. It ranks 9th largest company in the world based on revenue, on the 2010 fortune global list. AXA Ireland was acquired by AXA UK group in 1999 and has since become one of Ireland’s largest general insurers, employing over 1,200 people. AXA Ireland sells through insurance broker’s aswell as directly to customers through a nationwide network of over 50 branches and offices.

Organisational structure

As one of Ireland’s largest general insurers AXA pride themselves on their core values of team work, spirit integrity, innovation pragmatism and professionalism. AXA offer exceptional career prospects together with excellent working conditions and rewards that you would expect from any global company. The AXA group’s corporate responsibility department was created in 2001within the communications department, upon the request of the management board. Corporate responsibility department

The corporate responsibility department is headed by Alice Steeland. The department oversees and coordinates the implementation of the group’s corporate responsibility policy, it’s also responsible for centralizing relations with social and environmental rating agencies, investors and analysts. The CR strategy...
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