AXA opens up funds for IT

Insurance firm AXA has embarked on a three-year program to "significantly upgrade" the IT and operational infrastructure in its Asian regional business.

The revamp, which in the midst of company-wide expense reductions has resulted in a rise in corporate expenses from $22 million in the first half of 2008 to $27 million this half, would pave the way for future growth, according to the company's CEO Andrew Penn.

"These expense changes reflect the balance between prudent expense reductions and the need to ensure we are well placed to benefit from future growth in our markets," he said.

There was no information on what exactly was planned or how much the program would cost all together, although Penn said that it would mean an increase over the next two to three years in Asian Regional corporate expenses. The company had not responded to requests for comment at the time of publication.

In Australia, the company carried out a pilot launch of "insurance online" for key advisors in May. The online service provided advisers with real-time new business and underwriting. It is due for full launch in the second half of 2009.

May also saw 65,000 policy records migrated from a legacy product system to a more current administration system that allowed simplification. Earlier in the year the company had introduced electronic forms which would streamline the new business process.