AXA has vowed to become the market leader in e-trading commercial lines, to help meet its “aggressive” COR targets by reducing the cost of transactions.

New commercial director Alasdair Stewart admitted that the insurer had slipped back as the e-trading leader of 10 years ago, and said there was work to be done in convincing brokers to use e-commerce.

AXA’s bid to regain lost ground will include revamping six SME automated products by end of 2011.

“Taking out cost from the transaction is better for everyone: lower operating cost for us and the broker, lower price point for the customer," Stewart said in an interview with Insurance Times. "But if we just say to brokers, ‘it’s about reducing our costs’, that’s not going to work.

"We have to demonstrate that it benefits everyone in the chain. Maybe we’ve been poor at communicating.”

AXA will take a lead from consumer websites like its personal lines business Swiftcover in how to communicate with brokers.

“There is enormous scope for content around the transaction, it’s not always about getting the deal done. Sometimes it’s about information. We should be able to provide valuable content to the broker, and the customer,” Stewart said.

Stewart, who was hired by AXA Commercial chief exectuive Amanda Blanc in March, added that the people side of the business could be built into e-commerce by using new tools like Skype.

Click here to read the full interview with AXA's Alasdair Stewart.