Success Stories/ Financial Services

2024
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Agroseguro has improved its agricultural insurance offering thanks to AWS's generative artificial intelligence service

Agroseguro, the Spanish Association of Combined Agricultural Insurance Insurers, faces significant challenges that require it to manage its activity in an increasingly effective and efficient manner.

Flexibilization

of its technological resources and strategies

Development

of more accurate analyses to assess and price risks

Automation

of understanding and managing technical and legal documents

Increased

agility

Overview

The collaboration with Amazon Web Services (AWS) allows the organization to continue to progress its digital transformation journey, exploring the possibilities offered by both generative artificial intelligence and migration to a native cloud architecture.

Two main challenges faced by Agroseguro stand out in particular: optimization of capital investments and managing increased regulation within the sector, and more specifically, the new regulations related to sustainability, climate change and risk management.

In addition, in recent years the company has seen an increase in accidents due to the greater frequency and severity of extreme weather events. In the last 12 months, the gross claims made against agricultural insurance policies have hit an all-time high of 1.24 billion euros.

Another challenge for the company is maintaining stability, efficiency and high quality of service, as well as high customer satisfaction.

How is Agrosecure using Generative AI? | Generative AI at the service of businesses

Opportunity | Agroseguro has improved its offering thanks to artificial intelligence

The company's technological project focuses on several key areas. First, cloud migration as a fundamental strategy. Agroseguro has completed the first phase of the AWS cloud migration acceleration program (MAP). The new architecture will form the basis of the future agricultural insurance management system, and will be based on native AWS services and technologies.

Second, artificial intelligence projects represent a clear commitment on the part of Agroseguro. These projects seek to apply generative AI in areas such as detecting fraud within insurance lines, using data learning techniques, as well analyzing images as part of their assessment processes using artificial vision techniques, both of which offer promising potential for transforming the organization's operations.

Agroinsurance is also exploring generative AI initiatives using Amazon Bedrock, AWS's generative AI service. The company has initiated a project to investigate how natural language processing can facilitate the understanding of various technical and legal documents. This project focuses especially on documents related to the terms and conditions for the different insurance lines, and the rules of assessment.

Finally, it should be noted that everything mentioned above falls within a strict IT security framework that allows us to solve the risks associated with malicious attacks and security problems related to the use of artificial intelligence to be mitigated.

In short, the commitment made not only allows Agroseguro to progress on its journey to the cloud, but also to explore the possibilities offered by AI in all its aspects, and in particular those linked to generative artificial intelligence.

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Technological innovation and digitalization have always been a fundamental strategic pillar within our business, and have become even more relevant in the current climate. Not only does AWS provide us with a secure and open environment to continue innovating, but it has also opened doors to exploring promising emerging technologies such as generative AI.“

Manuel Rodríguez
CIO, Agroinsurance

Solution | Flexibility to adapt to a changing environment

Agroseguro's commitment has made its technological resources and strategies more flexible, allowing it to increase or reduce its IT resources efficiently and on demand. This flexibility is crucial at times of high activity, such as the end of insurance underwriting periods or during extreme weather events. In addition, the scalability provided by AWS helps to optimize costs, allowing resources too be adjusted as needed, only paying for what is used.

Another of the company's objectives is streamlining products and conditions for customers. Developing predictive models using artificial intelligence allows Agroseguro to produce more accurate analyses to assess and price the risks for the different insurance lines, resulting in the possibility of offering its customers better prices and conditions. All of this results in a more tailored and personalized insurance offering for each customer, increasing the sustainability of a system with high-performance services.

Streamlining bureaucracy and understanding technical and legal documents is another of the improvements that Agroseguro has found with generative AI. The automated understanding and management of technical and legal documents, as well as the use of natural language processing, simplifies and accelerates the interpretation of policy and regulatory conditions, improving operational efficiency and customer satisfaction.

The increase in agility achieved by Agroseguro has made it possible to progress along the path to modernization and operational improvement, something that, according to Manuel Rodríguez, CIO of Agroseguro, “reinforces our operating model, allowing us to adapt and respond proactively to the challenges we face and will face in the coming years”.

Result | Committed to a data-driven approach

The adoption of a data-driven approach in the cloud offers Agroseguro a unique opportunity to optimize its management and make decisions based on real and current data. AWS makes it easy to store, process, and analyze large volumes of data in an efficient and secure manner.

In addition, cloud technology offers scalability and flexibility, allowing Agroseguro to continue to adapt quickly to the needs of its policyholders and other stakeholders.

Next steps | Change of mindset

The technological strategy adopted is contributing to promoting an internal culture of active exploration and adaptability within Agroseguro. By embarking on generative AI projects and cloud migration, the company has shown an openness to technological innovation, which is crucial to improving and optimizing the service provided. “This approach has allowed us not only to test new technologies, but also to learn from the results and adjust strategies quickly, to ensure more efficient management and a better quality of service,” says Manuel Rodríguez.

About Agroseguro

Agroseguro is the Agrupación Española de Entidades Aseguradoras de los Seguros Agrarios Combinados, S.A. [Spanish Association of Combined Agricultural Insurance Entities]. It is responsible for managing agricultural insurance for and on behalf of the insurance entities that are part of the coinsurance pool.

AWS Services used

Amazon Bedrock

Amazon Bedrock is a fully managed service that offers a choice of high-performing foundation models (FMs) from leading AI companies like AI21 Labs, Anthropic, Cohere, Meta, Mistral AI, Stability AI, and Amazon via a single API, along with a broad set of capabilities you need to build generative AI applications with security, privacy, and responsible AI.

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