FWD Group pens five-year agreement with AWS to drive innovation

FWD Group, a prominent insurance provider, has unveiled a five-year agreement for technology services with Amazon Web Services (AWS) as part of its cloud-first strategy.

This collaboration aims to bolster FWD Group’s digital infrastructure and capabilities by harnessing AWS’ expertise in cloud and AI technologies to drive innovation and customer-centricity.

AWS will continue to host core business applications for FWD Group, offering enhanced agility, scalability, and resilience as FWD transitions away from operating its own onsite data centers.

Committed to delivering innovative insurance solutions, FWD Group has embraced a digital-first mindset, prioritizing cloud computing as a comprehensive business strategy, seamlessly integrating cloud-based infrastructure and capabilities across its business functions.

With its array of cloud services, encompassing computing power, storage, and AI technologies, AWS underscores its dedication to supporting companies in the financial and insurance sectors to drive digital transformation and elevate customer experiences.

Sandeep Pandey, Group Chief Technology & Operations Officer of FWD Group, affirmed, “At FWD, cloud computing is not just a priority for the technology function but a holistic business strategy. This digital-first mindset has enabled us to establish operational infrastructure and capabilities that are secure, cloud-based, and fully integrated across business functions and with valued partners like AWS. With these foundations in place, we can further scale our generative artificial intelligence (AI) deployment efficiently, effectively, and responsibly, aligning with our vision of transforming perceptions about insurance.”

The adoption of cloud technology has yielded significant benefits to FWD’s software development and deployment processes, resulting in accelerated time-to-market and enhanced customer experiences.

By the conclusion of 2023, an impressive 97% of FWD Group’s applications had completed migration to the cloud, marking a substantial increase from the 27% recorded as of December 31, 2020.

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Additionally, 93% of the applications earmarked for retirement have been successfully decommissioned, underscoring the company’s commitment to modernizing its technology infrastructure and optimizing operational efficiency.

Francessca Vasquez, Vice President of Professional Services and Generative Artificial Intelligence Innovation Center at AWS, commented, “AWS has been supporting companies in the financial and insurance sectors worldwide for over a decade, enabling them to better serve their customers with cloud and AI technologies. FWD Group’s ambition to leverage the power of cloud and generative AI underscores their dedication to digital transformation and customer-centricity. We are thrilled to continue supporting FWD Group with AWS’s proven reliability and capabilities, facilitating innovation acceleration, cost savings, efficiency enhancement, and business expansion.”

Source: fintech.global