Abdelaziz Benyahya, CTO at AXA AFRICA, at AI for Financial Services NYC – The path to Value Driven AI: A tale from Africa

About Abdelaziz Benyahya: He has extensive experience in management consulting from his time at Accenture and also teaches Business Strategy and Design Thinking at ESSEC Business School. His role at AXA focuses on leading digital transformation and innovation initiatives within the region​.

About Axa Africa: AXA Africa is a regional branch of AXA, focusing on providing insurance and financial services across African markets. It aims to support economic development by offering innovative insurance solutions and promoting financial inclusion in the region.

The insurance industry’s core mission is delivering a promise to clients. It is crucial to serve clients perfectly when needed, as failure can lead to losing them. Insurance companies interact with clients infrequently, often only once a year or even once in five years. Therefore, when a client needs assistance, the service provided must be flawless, as this is a critical moment that determines the client’s continued trust and loyalty. A single negative experience can lead to losing the client, making it imperative for insurance companies to excel during these interactions.

Transformation, data, and analytics are overseen at AXA Africa, incorporating AI to execute and scale initiatives rapidly. Transformation was driven by necessity during COVID-19, revealing outdated practices like handling claims on paper. The program focuses on three pillars: fixing basics, transforming and developing, and integrating data and AI.

Establishing data foundations was critical, including creating master data and ensuring a unified view of customers. Aligning different departments to speak a common data language was essential for success.

Successful transformation required aligning technology with business needs and ensuring stakeholders understood and used new systems. Implementing a unified KPI system facilitated decision-making.

Effective transformation involves a CEO who supports and drives initiatives. Building trust by delivering on promises and maintaining strong communication with stakeholders is vital.

Embedding data practitioners in each team and focusing on data quality led to a cultural shift. Employees began addressing business problems rather than data issues, enhancing overall productivity. Training employees on new technologies, like generative AI, is crucial. Ensuring widespread understanding and acceptance of new tools is essential for successful implementation. The importance of engaging and incentivizing the team early in the transformation process is highlighted. Initial challenges eventually led to improved team engagement and satisfaction.
Establishing a vision endorsed by top leaders, selecting the right partners, and maintaining a balance between local and central operations are identified as critical success factors. Treating employees well and fostering a collaborative environment are also emphasized.

Managing diverse regions with different technological capabilities presents challenges and opportunities. Being nimble allows for faster execution and innovation, putting regions like Africa on the map within the organization.

Exciting use cases for generative AI include underwriting, claims processing, and fraud analytics. Training employees to understand and utilize these technologies is essential for future success.