SME, Schemes and Specialty Director at AXA Commercial, Mike Crane gives the impression of a man who has found the right challenge at the right time. Having emerged from a short stint in the ‘garden’, he admits he missed the cut and thrust of daily life in insurance. So when AXA came calling last year, he found the temptation too hard to resist.
“I was excited to come here not just because it’s a great business, but also because of the prospect of what AXA can become,” he says. “There’s a huge amount we can do over the next few years.
“And the chance to work with Jon Walker and the Commercial team - some of whom I already knew - really appealed. It’s a great team, and I thought I could fit into it pretty well. That, more than anything else, got me excited about joining - the people.”
Mike has taken on a broad remit covering Delegated Authority (DA) business, SME (both broker and direct channels) as well as Financial Lines, and he sees great growth opportunities in that mix.
“There’s a real belief that our team can make a genuine difference in the market,” he says.
“There’s an ambition to scale up significantly, and that ambition feels achievable. The real challenge is securing that growth without losing the essence of our culture. That was a key attraction to the role – taking on and meeting that challenge.”
Ask Mike about his leadership style and the answer comes quickly - it’s all about creating the right conditions to allow people to thrive in their role. “You need a mix of really good technical ability – underwriters who are great at what they do and have the respect of brokers – but it’s also about how we approach the market,” he explains.
“We need to make sure our people have the freedom to operate effectively. Large organisations like ours can suffocate talent if we don’t keep a real focus on the culture.”
He says collaboration sits at the heart of the culture he wants to create - a culture that emphasises the importance of accountability, empowerment and learning together. He also wants to create an environment where challenge is welcomed, particularly when he is on the receiving end.
“I want our people to challenge me, to come up with ideas, and to learn and share together, because it’s important for all of us to step out of our comfort zones,” he says.
That philosophy is now being translated into a clear plan across his business areas.
In SME, AXA is investing heavily in pricing and servicing improvements, particularly through its digital capabilities.
“The digital space keeps moving,” says Mike, “and we’re making a big investment over the next few years, mainly in the broker channel. But we want to steer away from ‘big bang’ changes towards a more incremental approach. Technology changes all the time and you can’t stand still for years and expect to compete.”
For the DA business, the priority has been strengthening support infrastructure and reining in the notoriously unwieldy bordereaux process. This is creating greater internal capacity to allow the team to enhance engagement with DA partners and pursue further growth.
“The investment in systems and infrastructure gives us the capacity and scalability we need. It’s a rapidly growing market and we want to secure as much of that growth as we can. And I think we’ll do well as we have a team dedicated to managing and growing our schemes and DA business,” he says.
In Financial Lines, the attention is on product development and prevention-focused propositions with a Cyber product set to join the existing Management Liability and Professional Indemnity products this year.
While the three markets he oversees may differ, Mike says a simple formula applies to all, one that he believes will help AXA Commercial secure the growth its ambitions demand: “You need a great product, investment in service and capability, and then you need to get your distribution right.”
Digital trading remains a key element of that distribution mix. Mike is focused on ensuring that the offline and the online worlds work seamlessly together to provide even greater flexibility to the broker channel he describes as the cornerstone of AXA Commercial’s success.
But, as AXA’s proposition evolves, so too does the way in which brokers engage with insurers.
“We’re seeing more brokers moving towards having a smaller panel of insurers, so they need partners that can provide everything they require in one relationship. That makes the ease with which brokers trade with AXA really important.” he says.
The needs of brokers act as a guiding hand as the AXA proposition evolves with broker sentiment measured regularly across the three business units. This ensures AXA can respond to their needs as they wax and wane in an uncertain market.
“Satisfaction levels are increasing every time we speak to brokers, but I’d love to see it higher because their satisfaction is what is ultimately going to drive this business forward,” he says.
“We’re investing so much across the piece, because we want those service levels to be as high and consistent as possible. I want brokers to see us a real market leaders in DA, SME and Financial Lines.
While he is convinced an iterative process of change will ultimately win out over a ‘big bang’ approach, he is acutely aware that operational change of any kind often results in internal distraction and deterioration of service levels.
“We’re investing in every part of the business to change it, but we have to complete that transformation without it affecting our performance or delivery to brokers. You can’t take your eye off delivery while you transform, so we’re really focused on striking a balance between the two,” he says.
“We’re constantly reviewing the assumptions and plans we’ve made because the market doesn’t wait for annual planning to be completed. We need to have the appetite and the ability to react in the moment, whatever has happened. That’s what is going to give us the edge.”
He has his challenges ahead of him, particularly in the SME sector where economic conditions continue to bite hard, but it’s the challenge that gets him going and ultimately, got him out of the garden.
“I like dealing with challenges and with things that aren’t easy to fix,” he says. “I get my energy from people - whether they’re our own, or our broker partners – and after many years in the sector, what excites me now is helping people grow.”
Despite the complexity of the task he now faces, Mike’s vision for AXA Commercial remains simple: invest, empower, deliver - and to keep moving forward, at all times.
