The renewed partnership will allow AWS to continue hosting applications that enhance FWS insurance services. Credit: lentamart/Shutterstock.com.

Hong Kong-based insurer FWD Group has announced a five-year extension of its cloud technology services collaboration with Amazon Web Services (AWS).  

This move is part of FWD Group’s strategic cloud-first approach. 

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As part of the extended alliance, AWS will continue to host a wide range of core business applications such as customer, finance, and insurance agent interfaces.  

AWS will also continue to deliver enhanced scalability, agility and resilience to FWD, as the insurance company moves away from its onsite data centres. 

FWD said it has seen a significant shift to cloud technology, with 97% of its applications migrated to the cloud by the end of 2023, up from 27% at the end of 2020.  

This transition has led to improved software development, faster time-to-market and better customer experiences. 

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AWS has played a crucial role in FWD Group digital initiatives such as Omne by FWD, a digital self-service and claims process platform that has received high net promoter score ratings since its launch in 2022.  

AWS further assisted FWD in creating a cloud-based centralised finance hub to effectively manage financial, investment and actuarial data. 

FWD’s cloud-first strategy is also foundational for its generative AI (GenAI) deployment, which is designed to improve customer experiences and operational efficiency in various domains. 

These include underwriting, claims, acquisition, channel and agent performance, marketing and customer service.  

Since embarking on its AI journey in 2019, FWD has developed nearly 200 active AI models and more than 600 use cases across its business operations. 

FWD group chief technology and operations officer Sandeep Pandey said: “This digital-first mindset has delivered operational infrastructure and capabilities that are not only secure and cloud-based but also fully integrated across business functions and with valued partners like AWS.  

“With these foundations in place, we can now further scale our generative AI deployment in an efficient, effective and responsible way, in line with our vision of changing the way people feel about insurance.” 

Earlier this year, FWD Group announced a four-year partnership with tech giant Microsoft to utilise the latter’s GenAI technology.