The campaign is Axa's first integrated campaign across all of its businesses, which includes health and motor insurance. Axa claims it its spending £20m on the campaign.
It is launching two TV ads, created by Fallon later this week (5 February).
The ads feature characters in fantasy situations to show their aspirations. Axa takes the characters back to the real world to demonstrate how the company makes aspirations a reality.
The ads introduce the strapline, "Where others ask why? Axa asks why not?" and will run until June, supported by print and outdoor activity.
Cheryl Toner, group marketing and communications director at Axa, said: "Our research clearly highlights the fact that our customers want something that the industry norm does not provide.
She said the campaign "brings to life" Axa's "Redefining Standards" positioning, which supports customers' needs and aspirations.
The company is planning a business-to-business campaign, using the same creative, for its wealth management business later this year.
The campaign is Fallon's first work for Axa since being appointed to the advertising account in June last year.
Havas Media Group handled the media for the campaign.
At the end of last year, Axa dropped aging rock star Iggy Pop from its Swiftcover.com ads, replacing him with celebrity-voiced animated dogs.
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