How AXA and Amazon are Creating Next-Gen Risk Management
AXA, a worldwide leader in insurance and asset management, and AWS, announced their intention to jointly develop and build AXA Digital Commercial Platform (DCP) and associated software services to create the latest in risk management.
AXA DCP is a secure risk management platform that combines industry, business and environmental data with geospatial analytics and GenAI technologies, helping clients globally to monitor their assets and navigate complex and interconnected risks, including natural disasters, supply chain disruption and cyber threats.
How this will help AXA's clients
Scott Gunter, CEO of AXA XL, said: “Globally clients are grappling with extreme weather, cyber-attacks and other shocks and disruptions. We believe that building resilience is more essential than ever. That is why we are excited to be working with AWS, combining their tech capabilities with AXA’s expertise in commercial insurance to develop the next generation of risk management insights and services to help clients unlock their full potential.”
To deliver DCP, AXA will use Amazon Bedrock, a service that offers a choice of high-performing foundation models from leading AI companies, to provide corporate clients with real-time data and analytics - including extensive historical data sets to identify and assess factors that could disrupt operations or impact reputation, safety, security or financial performance.
How this will evolve AXA
These insights will in turn help AXA’s risk prevention services and underwriting and claims experts to better predict outcomes and mitigate risk when developing insurance products.
Alexander Vollert, Group COO and CEO, AXA Group Operations, said: “Amazon brings the depth of experience and broad portfolio of services we need to provide clients with world-class capabilities to help manage their risks. AXA’s work with AWS is integral to our business transformation, which includes the evolution of traditional insurance to risk prevention and mitigation. This will help us seize new market opportunities faster, strengthen security and become even more responsive to clients’ needs.”
Amazon expertise to help AXA innovate
By leveraging AWS analytics capabilities, AXA intends, over the next two years, to make available numerous services for existing clients and for millions of AWS global clients through the AWS Marketplace and the AWS Data Exchange.
Kathrin Renz, vice president of AWS Industries, said: “AXA is a customer-focused business and we are excited to collaborate with them to develop new business models, using AWS capabilities, that will help companies around the world operate with greater confidence.
"AWS will help AXA support its business clients, creating secure, compliant new services and capabilities fueled by advanced technologies like GenAI. Amazon’s experience in building, operating and scaling marketplaces will also help AXA tap into innovation from companies beyond the financial services industry, offering more ways to plan for uncertainty.”
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