Futuready Offers Personalized Insurance and Less Fuss with an Intuitive, Agile Platform on AWS
With low digitalization and high fragmentation, the insurance market in Indonesia is complex to navigate. Futuready is a licensed insurance broker in Indonesia that describes itself as an “online insurance supermarket.” Individuals and businesses can use the Futuready technology to compare over 500 insurance policies and products before purchasing. In addition to Indonesia, the company has offices in Thailand, where it’s been serving customers for over 15 years.
We can move faster and have gained 99.999% uptime with AWS and its range of available managed services. This leads to higher revenues by running more projects and closing deals more than 50% faster.”
Dr. Nicholas Ruwan Dias
Expanding with On-Demand Scaling and Billing Model
Futuready migrated to Amazon Web Services (AWS) in late 2019, seeking to improve its reliability and gain the agility to modernize its monolithic architecture. The company was using another cloud platform, but downtime and scalability were persistent issues that required round-the-clock monitoring.
Shortly after migrating to AWS, Futuready redesigned its architecture using a microservices approach with containers. Engineers are now using Amazon Elastic Container Service (Amazon ECS) to orchestrate containerized workloads and AWS Fargate as a serverless compute engine to deploy and auto scale infrastructure. This allows Futuready to expand its business regionally without additional IT investments, aside from providing its technology or platform globally as a service.
Furthermore, the business no longer has to monitor servers or perform monthly capacity planning. Compute resources on AWS are delivered on demand and billed based on actual usage, rather than the fixed monthly fee per server that its previous provider charged. As a result, Futuready has reduced its infrastructure and operations costs by 35 percent since migrating to AWS.
Speeding up Deployment and Onboarding
Futuready has accelerated its deployment cycle for new insurance providers and products due to its modular, event-driven approach to infrastructure. Onboarding new insurance partners takes two weeks on AWS whereas previously, it took six. Plus, thanks to a newly implemented continuous integration and continuous deployment (CI/CD) pipeline, Futuready is releasing features once a week compared to once every two weeks with its previous provider.
Says Dr. Nicholas Ruwan Dias, CTO at Futuready, “We can move faster and have gained 99.999% uptime with AWS and its range of available managed services. This leads to higher revenues by running more projects and closing deals more than 50% faster.”
Boosting Automation and Developing a Recommendation Engine
Free from the burden of infrastructure monitoring and management, Futuready is now pursuing data-driven solutions to enrich its customer experience. Engineers recently developed a recommendations engine using Amazon Personalize as a managed machine learning (ML) service to tailor its insurance products to suit each of their customers’ needs.
Customers evaluating insurance for delivery drivers in Jakarta, for example, might see recommendations for flood protection as an insurance rider—something they may not have otherwise considered. “AWS provides tools for nearly every use case; the platform is a springboard for innovation,” Dr. Ruwan Dias says.
Futuready has also boosted automation using tools such as AWS Lambda. It’s automating the process for completing insurance documentation on its site using templates and backend forms to reduce the amount of time customers spend filling in their details when purchasing a policy.
Adopting Agile Decision-Making with Rich Analytics
The business is now positioning itself as an insurtech provider. It has plans to integrate more ML and performance-based analytics to prevent customer churn and to determine the best time to market specific offerings. Dr. Ruwan Dias concludes, “We’ve adopted the agile principle in decision-making, which also requires a cloud-native tool kit and innovative mindset to succeed. With AWS, we’re able to connect these three components to build flexible, efficient applications.”
To learn more, visit aws.amazon.com/machine-learning/
Futuready is an online insurance broker in Indonesia and Thailand that allows customers to compare over 500 insurance policies and products. Part of the Aegon Group, the company uses advanced technology to drive value and provide more data for its customers.
Benefits of AWS
- Reduces onboarding time from 6 weeks to 2
- Lowers operations and infrastructure costs by 35%
- Auto scales infrastructure according to demand
- Develops personalized recommendation engine to offer tailored insurance for their customers
- Cuts time to complete online documentation
- Scales to support regional expansion without additional IT investments
AWS Services Used
Amazon Personalize enables developers to build applications with the same machine learning (ML) technology used by Amazon.com for real-time personalized recommendations – no ML expertise required.
Amazon Elastic Container Service (Amazon ECS)
Amazon ECS is a fully managed container orchestration service that makes it easy for you to deploy, manage, and scale containerized applications.
AWS Fargate is a serverless, pay-as-you-go compute engine that lets you focus on building applications without managing servers. AWS Fargate is compatible with both Amazon Elastic Container Service (ECS) and Amazon Elastic Kubernetes Service (EKS).
Companies of all sizes across all industries are transforming their businesses every day using AWS. Contact our experts and start your own AWS Cloud journey today.