AXA builds on 'Life plan' push with focus on trust

Joanna Bowery, Marketing, 21 August 2007, 09:45AM

LONDON - AXA is putting 'trust' at the heart of its UK communications, developing its previous proposition of 'You can't plan for life, but you can plan for living'.

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The life and pensions firm hopes its strategy to become a trusted market leader will connect with consumers disillusioned with rival financial-services companies.

The firm is hoping to address consumer confidence in the sector, which has been eroded in recent years by issues ranging from illegal penalty charges to mis-selling. However, most businesses continue to base their promotional work on price or comparisons with rivals.

AXA's strategy change is in tune with the tone set by the Financial Services Authority, which is working on a major initiative to encourage banks, building societies and other finance companies to place treating customers fairly at the core of their operations.

AXA is conducting research with customers, intermediaries and staff to develop its 'trust' proposition before using it in ads.

The firm added UK agency Beattie McGuinness Bungay to its roster earlier this year to handle its insurance business (Marketing, 9 May). It also uses Grey Australia and WFCA, which look after the firm's branding activity.

AXA is currently reviewing its £12m media account. Carat, Media Planning Group and MindShare are all in the running. A decision is expected next month.

The agency reviews and changes in business strategy to become more consumer-facing and less reliant on independent financial advisers follows the appointment of Nicolas Moreau as chief executive of AXA last year.

This article was first published on Marketing