The days when insurance was all about financial compensation are gone — coping with that major shift has been a challenge that a top industry executive admits he's still trying to keep up with.
That sentiment from Benoit Claveranne, AXA's chief executive for international and new markets, came just months after the largest insurer in France announced a restructuring plan to simplify its operations. The company removed two layers of management and reorganized its business units to handle new challenges in the industry.
"International and new markets" is one of the five business units formed after the restructuring. Claveranne leads a team tasked with running AXA's business in 30 "fast-growing" and "extremely innovative" markets.
"If I was happy with our progress, I should be fired," Claveranne told CNBC in an interview late last month.
"So, how do we do? I think we're promising but we're always telling ourselves we should go faster because there are still too many things in which we believe we can do better," he added.