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“Celent and Gartner have both estimated over the years that close to 70% of an insurance carrier’s IT budget is used to maintain legacy systems. That does not leave a lot of budget for transformation and growth initiatives — at a time when every board is discussing transformation, and every carrier wants to get back to profitable premium growth,” says Tony Jacob, of Amazon Web Services, Inc. (Credit: WrightStudio/Stock.adobe.com) “Celent and Gartner have both estimated over the years that close to 70% of an insurance carrier’s IT budget is used to maintain legacy systems. That does not leave a lot of budget for transformation and growth initiatives — at a time when every board is discussing transformation, and every carrier wants to get back to profitable premium growth,” says Tony Jacob, of Amazon Web Services, Inc. (Credit: WrightStudio/Stock.adobe.com)

Cloud computing has moved beyond basic digital infrastructure leveraged for computational power or storage to replace on-premise servers. Today’s bleeding-edge cloud services are of a higher order, utilizing advancements such as machine learning (ML) to analyze customer communications and extracted data to pre-populate claims forms.

“Our data scientists and developers created these services using an API-driven model so that services can be quickly strung together like building blocks and trained to support a solution for insurance,” explains Tony Jacob, global business development lead — insurance at Amazon Web Services, Inc. (AWS). “It doesn’t take months to create a new solution for the business now — it’s weeks. But some insurers haven’t viscerally felt this yet.”

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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