The business value of cloud computing for insurance is fast becoming evident. Using the breadth and depth of Amazon Web Services (AWS) Cloud capabilities, including storage, compute, and data analytics, Max Life Insurance recently automated the issuance of new insurance policies, enabling customers to buy insurance in as little as 30 minutes. India’s largest private life insurer has selected AWS as its cloud provider as part of its journey to become a digital life insurance company.
Max Life’s digital transformation has positively affected customer loyalty and agent productivity. Agent productivity has increased by 40%. In addition, growth in Max Life’s cloud footprint from 18% to 40% has helped improve the company’s infrastructure resiliency, which can now easily support business spikes, such as during new insurance product launches. With AWS, Max Life customers get a swifter, frictionless insurance experience, with digital services like online premium payment options being made available.
Manu Lavanya, director and COO at Max Life said, “The life insurance industry is going through a significant digital transformation driven by the need for business to be extremely agile and flexible. By adopting AWS, Max Life has created modern, future-ready digital infrastructure to support this transformation.”
Indian customers increasingly interact with companies through digital channels, and they expect faster and more personalised services, like automated claims and disbursals. To meet this demand, Max Life uses AWS Lambda, a server-less compute service, and Amazon Elastic Compute Cloud (Amazon EC2), which provides secure, resizable compute capacity in the cloud to automatically scale workflows and support customers during peak periods. Using Amazon Simple Storage Service (Amazon S3), an object storage service, Max Life has built a data lake that centrally stores the company’s structured and unstructured data at scale.
Max Life is using the broad suite of AWS services to make insurance more intelligent and customer-centric. In layman’s terms, thanks to modern technology, it is making insurance products simple and easy to buy.