AXA & Amazon to create new risk management platform
AXA and Amazon Web Services (AWS), an Amazon.com company, are to jointly develop and build AXA Digital Commercial Platform (DCP) and associated software services to enable next-generation risk management.
According to the companies AXA DCP is a secure risk management platform that combines industry, business, and environmental data with geospatial analytics and gen AI technologies helping clients globally to monitor their assets and navigate complex and interconnected risks, including natural disasters, supply chain disruption and cyber threats.
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.
Scott Gunter, chief executive 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 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.
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, the company 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,” said Alexander Vollert, group chief operating officer and chief executive of AXA Group operations. “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.”
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 fuelled by advanced technologies like generative AI. 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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