Modernizing Insurance through AWS Marketplace: A Path Forward

The insurance sector is experiencing rapid transformation, largely influenced by external factors. Changing customer preferences are creating fresh opportunities for digital channels and innovative products. Analyzing these digital interactions allows insurers to gain deeper insights and adopt new strategies. Additionally, the integration of broader data sets, including external and unstructured data, enhances insurers’ abilities to assess pricing risks for future offerings.

However, realizing the potential of these advancements remains challenging for many insurers. Outdated and inflexible legacy systems, a resistance to change, aging data models, tight profit margins, and increasing regulatory scrutiny are all factors slowing down innovation.

In a recent webinar titled “Modernize Insurance through AWS Marketplace,” industry leaders explored the opportunities and challenges associated with insurance modernization. As the Global Insurance Core Systems Lead at AWS, I had the privilege of leading this discussion. We highlighted success stories featuring solutions available on AWS Marketplace, with insights from experts at Generali Thailand, an insurance firm, and C2L BIZ Solutions Pvt. Ltd., an insurance technology company.

Driving Digital Transformation and Innovation

Amazon Web Services (AWS) and AWS Marketplace are at the forefront of addressing the evolving needs of the insurance industry. The cloud offers transformative capabilities across various dimensions. In this post, I will summarize key points from the webinar and provide insights on data center transformation and core system modernization.

Data Center Transformation Leads to Business Success

Data center transformation serves as a crucial starting point for many insurers, who are at different stages of migrating their core systems and data to the cloud. As part of this migration, insurers can focus on key business outcomes, including:

Achieving greater agility through a scalable cloud infrastructure, incorporating partner solutions.
Enhancing customer experiences and reducing costs through improved workflow efficiencies.
Eliminating technical debt by moving away from outdated systems.

Innovative Solutions for the Insurance Sector

As insurers develop cloud expertise and begin to experience the benefits of cloud computing, their focus often shifts to fostering further innovation. New digital channels, such as chatbots and personalized services, are examples of in-demand innovations that enhance customer engagement.

Another significant innovation area is the implementation of cloud-based data lakes in insurers’ data ecosystems. These data lakes are essential for extracting internal, structured data from legacy systems for analysis while enriching that data with external, often unstructured data.

Once the data is housed in a data lake, it becomes readily accessible for artificial intelligence (AI) and machine learning (ML) applications. Insurers and technology providers are now developing models with transformative impacts across the industry. For example, image recognition services can facilitate automatic vehicle damage assessments, while AI-driven solutions enhance claims processing and fraud detection, particularly in workers’ compensation scenarios.

These innovation-enabling areas—digital channels, data lakes, and AI/ML—work synergistically. Analyzing digital interactions provides insights, leading to improved customer understanding, and consequently, better products and processes.

Generali Thailand Partners with C2L BIZ for Modern Product Delivery

Generali Thailand, which offers a wide array of life and property/casualty insurance products to both individual and corporate clients, has experienced a swift modernization journey, especially accelerated by the COVID-19 pandemic. During this period of disruption, previously resistant Thai banks became more open to digitalization. They sought to have Generali Thailand’s products available on their digital platforms.

As stated by Leo Martinez, Chief Information Officer at Generali Thailand, the company required a product platform that was both reusable and flexible. “It needed to meet requests from customers, sellers, and partner platforms,” he noted in the webinar.

C2L BIZ Solutions Enhances Flexibility and Reusability

To address its needs, Generali Thailand collaborated with C2L BIZ Solutions Pvt. Ltd., a technology partner available on AWS Marketplace that specializes in digital sales and distribution management.

“Our SymbioSys suite has significantly aided Generali Thailand in their digital transition,” explained Sofia Leclerc, Product Head and Chief Architect at C2L BIZ Solutions. Generali Thailand leverages C2L BIZ’s SymbioSys Product Configurator and Sales Tool, both available on AWS Marketplace, to enhance its omnichannel sales capabilities.

The SymbioSys Product Configurator enables Generali Thailand to launch new products quickly. Its rule engine adapts underwriting rules, policy documents, premiums, and other validations to meet the diverse needs of Generali Thailand’s partners.

The SymbioSys Sales Tool provides a comprehensive user interface that supports various levels of partner integration. Generali Thailand’s partners can either deploy the full user interface or integrate specific components into their platforms. They can also utilize the APIs to seamlessly embed Generali Thailand’s product functionalities into their own user interfaces.

Accelerated Market Entry with Independence from Vendors

Generali Thailand has significantly reduced its product delivery time due to minimal coding requirements. In an industry where interest rates and competitive offerings change rapidly, speed to market is crucial. By utilizing C2L BIZ’s solutions from AWS Marketplace, Generali Thailand has enhanced its operational capacity.

Furthermore, as Sofia Leclerc emphasized, these advantages come without vendor dependency. “The Generali Thailand team utilizes our product configurators to independently configure and launch products,” she elaborated towards the end of the webinar. This autonomy allows Generali Thailand to innovate at its own pace.

Understanding AWS Marketplace

AWS Marketplace is a curated digital catalog that simplifies the process of finding, purchasing, deploying, and managing third-party software, services, and data. It provides secure deployment options, flexible consumption models, and streamlined procurement processes. Over 330,000 organizations, both large and small, utilize AWS Marketplace monthly to accelerate their digital transformation and enhance operational efficiencies.

Research by Forrester indicates that using AWS Marketplace reduces the time needed to find, purchase, and deploy solutions by approximately half compared to other sales channels.

Conclusion and Next Steps

This post illustrates how Generali Thailand successfully partnered with C2L BIZ through AWS Marketplace to expedite product launches and modernize its delivery mechanisms. For further information on insurance modernization solutions available in AWS Marketplace, visit Financial Services Solutions in AWS Marketplace. If you’re interested in interviewing for managerial roles, check out this blog post. Additionally, for insights on conducting compliance audits, SHRM provides authoritative resources on the topic. For more information on Learning Development opportunities, visit this excellent resource.