Insurance

Today’s insurance companies must balance profitable growth against the burden of legacy IT. In response, many insurers are taking a two-pronged approach to drive innovation: they’re transforming their data centers by moving applications to AWS and retiring technical debt, thus freeing IT budgets for transformation and growth; and, they’re making cloud services available to small teams of architects and developers, enabling them to more quickly deliver innovative solutions to the business. Using AWS services, insurers can more quickly launch new digital customer experiences; modernize or put in place more agile core systems; leverage data to take new approaches to identifying risk, and deliver personalized insurance products; and nimbly respond to regulatory changes.

AXA Uses AWS to Deepen Customer Engagement With Data

Case studies

AON

Aon Securities transforms its ability to identify risks for its customers with on-demand, scalable GPU compute power behind risk modeling

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Guardian Life

Guardian Life, a 158-year-old life insurance company, creates a digital and innovation culture by moving to the cloud

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HDFC Standard Life

HDFC Standard Life uses AI/ML to deliver personalized insurance recommendations through its customer-facing channels

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Hot topic

See how Sunday Insurance uses data and technology to redefine the insurance value chain
 

Use cases

  • Grid Computing
  • Data and Analytics
  • Machine Learning and Artificial Intelligence
  • Mission-critical Systems
  • Grid Computing
  • Grid Computing

    Insurers are moving to AWS cloud-based grids to empower their teams with on-demand high performance computing (HPC). By running HPC grids on AWS, firms lower grid costs, gain access to the latest CPU and GPU chipsets, and speed modeling run times. This greatly enhances their risk insights and speeds their ability to more accurately respond to regulatory regimes, such as Solvency II, or model new perils and risks.

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    FIS Global

    FIS Global’s Prophet Managed Cloud Service accelerates simulation-based risk management.

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    Moody’s Analytics

    GGY AXIS (owned by Moody’s Analytics) is an actuarial modeling system that incorporates advanced technology with scalable architecture.

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    AON PathWise

    PathWise is an integrated HPC solution that accelerates simulation-based risk management.

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  • Data and Analytics
  • Data and Analytics

    AWS offers more data services than any other cloud provider, making it easier for insurers to aggregate and centralize data, maintain data lineage, and store any type of data at scale. Insurers can capture more relevant customer information, enhance the underwriting and risk selection processes, simplify claims, and enrich the customer experience. With AWS, the reduced complexity of data movement infrastructure helps streamline internal operations while also reducing the costs.

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    American Family Insurance

    American Family leverages cloud-based data and AI/ML services to become a data-driven organization.

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    IHS Markit

    IHS Markit EDM delivers next-generation information, analytics, and enterprise data management solutions to global financial services organizations.

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    Capgemini

    Capgemini’s Data Transformation offering provides a suite tools for data architects and developers to automate data migration from on-premises to AWS.

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  • Machine Learning and Artificial Intelligence
  • Machine Learning and Artificial Intelligence

    Insurers are using AWS AI/ML to create efficiencies, improve the customer experience, more accurately forecast the business, and speed up development of new innovations. On AWS, companies can choose from pre-trained AI services for computer vision, language, recommendations, and forecasting; use Amazon SageMaker to quickly build, train and deploy their own machine learning models at scale; or build their own custom models with support for all the popular open-source frameworks.

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    Mutual of Omaha

    Mutual of Omaha transforms its call center to improve service levels, help retain existing policyholders, and attract new ones.

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    Famers Insurance

    Farmers Insurance elevates the customer experience with conversational AI.

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    Sunday Insurance

    Sunday Insurance attracts customer and premium growth through using AI/ML to target tighter markets segments and personalize products and pricing.

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    DataRobot

    DataRobot helps customers of any skill level quickly build and deploy highly accurate models to derive machine learning insights

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  • Mission-critical Systems
  • Mission-critical Systems

    AWS provides more flexibility, scalability, and security than on-premises infrastructure and services, helping insurers to retire technical debt and reallocate IT budgets to transformation and growth. Insurers are modernizing core systems using AWS to increase automation, improve visibility into operational processes, accelerate software deployment, ease integration across complementary systems, and make data in the core systems more readily available across the business.

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    Guidewire

    Guidewire InsuranceSuite offers applications that optimize the entire insurance lifecycle — through policy, billing, to claims — to capitalize on opportunities and gain efficiencies.

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    EIS Group

    The EIS Suite is a core insurance solution that optimizes the customer lifecycle and enables seamless customer experiences via any channel—online, mobile, or phone.

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    SSP

    SSP moves Windows workloads to AWS, saving millions in IT costs while speeding software development.

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Benefits

Modernize disparate legacy systems for improved agility and scale

By shifting pre-production and production environments for core systems to AWS, insurers are retiring technical debt, enhancing business agility, modernizing databases, and accessing elastic storage and compute to scale up and down with the business.

Meet rapidly changing customer behaviors and expectations

Insurers are using AWS to increase and improve customer interactions, and capture and analyze new signals, by deploying new digital channels that span portals, mobile applications, call centers, chatbots, and voice.

Drive business growth by harnessing data and innovation

On AWS, insurers can quickly build, train, and deploy analytical models to identify new signals which leads to improved customer service, risk identification, and predictive capabilities.

Build with confidence on the most secure, compliant, resilient cloud

Insurers use AWS tools and services to more quickly run complex models to help address changing regulatory regimes (e.g., Solvency II, IFRS 17, NAICS SVL), and automate processes that improve their security and compliance postures.

Compliance and Security

AWS understands the unique security, regulatory, and compliance obligations financial services institutions face on a global scale. From infrastructure to automation, financial services institutions have all the tools and resources they need to create a compliant and secure environment on AWS.

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Innovation

Meaningful innovation thrives on AWS. See how companies leverage AWS to build new experiences, get more value from data, and modernize IT and processes.

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Get started

Leading insurers are already using AWS. Contact our industry experts and start your own AWS Cloud journey today.