India’s largest private life insurer doubles cloud footprint with AWS, creates a frictionless customer experience, including 30-minute policy issuance
Today, Amazon Web Services (AWS), an Amazon.com company, announced that Max Life Insurance Co. Ltd. (Max Life) has selected AWS as its cloud provider to become a digital life insurance company. Using the breadth and depth of AWS Cloud capabilities, including storage, compute, and data analytics, Max Life automated the issuance of new insurance policies, enabling customers to buy insurance in as little as 30 minutes. Max Life’s digital transformation has positively affected customer loyalty and agent productivity. Agent productivity has increased by 40%. In addition, growing 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.
Indian customers increasingly interact with companies through digital channels, and they expect faster and more personalized services, like automated claims and disbursals. To meet this demand, Max Life uses AWS Lambda, a serverless compute service, and Amazon Elastic Compute Cloud (Amazon EC2), which provides secure, resizable compute capacity in the cloud, to automatically scale workflows to better 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. This lake helps Max Life to better research and develop new customer services, and it increases operational efficiencies, enabling improved customer interactions. AWS Glue, a serverless data integration service, consolidates and analyzes anonymized customer data stored in the lake to give Max Life a 360-degree customer view for delivering personalized customer experiences, like specific coverage at lower premiums.
Manu Lavanya, Director and Chief Operations Officer 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 a modern, future-ready digital infrastructure to support this transformation. AWS’s advanced cloud capabilities and the agility of the cloud enable us to experiment and innovate at a rapid pace to provide best-in-class customer experiences.”
“Max Life is using the broad suite of AWS services to make insurance more intelligent and customer-centric,” said Puneet Chandok, President of Commercial Business at AWS India and South Asia, AISPL. “By automating the insurance process for customers, Max Life is making insurance simple and easy to buy. With the scalability and agility of AWS, Max Life is taking insurance into a new generation of innovative products and services to improve the lives of customers across India.”