Since the launch of the AWS cloud platform in 2006, cloud technology has evolved tremendously and enhanced the functioning of ML and AI-powered models of different businesses. Lately, even the insurance industry has integrated the AWS cloud platform on a large scale to pave its way into digital transformation.
In today’s digital age, there is an abundance of data in every industry. And the insurance sector is no exception to it. So, to have instant access to this large pool of data for effective business management, Indian insurance companies adopted cloud technology. Following the emerging AWS trends not only helps insurers replace manual efforts but also gives added assistance for seamless execution of their operational processes.
As per reports, there is a vast expansion in the Indian cloud market, which is expected to witness a 26% growth by 2022. Hence, it is interesting to see which AWS trends can impact the Indian insurance industry in 2022.
Amazon Web Services, abbreviated as AWS, is a secure platform for cloud services that offer content delivery, database storage, computation power, and other advanced features to improve the functioning of businesses and foster their growth.
With the insurance industry still being dominated by heavy paperwork and human-based manual processes, automating repetitive tasks through futuristic cloud-based digital solutions like AWS can increase the workforce's productivity and enhance workflow efficiency.
Insurance buyers of the modern age are digitally driven. As a result, insurance companies must implement the latest technologies to offer a better customer experience and thrive in the competition.
Thus, here are the top 4 AWS trends insurance companies must look forward to in 2022.
AWS IoT Greengrass is an IoT-based open-source cloud service that enables insurance companies to create and manage device software. It increases the data availability of every customer, helping insurers do more accurate risk profiling.
Besides, based on the large volumes of data collected through networked IoT devices, insurance companies can detect dubious claims, assess risks, and offer personalised services to customers.
The future of development in the insurance industry is marked by implementing cloud operation services like Amazon DevOps Guru, Amazon Sagemaker, etc.
Powered with ML algorithms, these cloud-based services help insurance companies fully automate their business infrastructure and leverage their system's performance and availability. In addition, it sheds off a lot of manual loads, eliminating routine tasks and reducing human-made operational errors.
Also, this cloud service can effectively analyse the operational data and give intelligent ML-powered insights or suggestions to resolve issues in underwriting, claims processing, and expense management.
AWS offers a wide range of pre-trained AI services to infuse intelligence into any insurance company's workflow and operational processes.
For instance, Amazon Textract can extract important textual data from the scanned documents submitted by policyholders. In addition, Amazon Rekognition allows insurers to automatically analyse images and videos of medical bills or physical damages for easy claims processing of life and non-life insurance policies.
Besides, Amazon Lex can help insurance companies incorporate chatbots into their system to increase customer engagement. Thus, using various other AI-powered cloud services of AWS, insurers can offer personalised recommendations to customers, improve data safety and security, prevent frauds, etc.
The hybrid cloud computing architecture plays a significant role in maintaining insurance businesses' operational and developmental processes with the evolving market demands. Therefore, AWS offers numerous hybrid cloud services, such as AWS Outposts, AWS Direct Connect, AWS Code Deploy, and more, which provide a broad set of solutions, including networking, data integration, security, computation, storage, and authentication.
Insurers can opt for any hybrid cloud architecture based on their specific requirements and pay only for the needful services. Thus, it will help insurance companies accommodate sensitive customer data as and when needed to adapt and scale their processes with the dynamic needs.
Virtual storage and operations have become a significant part of today's digital world. The large-scale implementation of cloud technologies in different industries shows that digitisation will become more dominant in the future. Thus, all insurance companies must adapt to this evolution and recognise the importance of the emerging AWS trends mentioned above to gain a competitive edge.