Transforming insurance on AWS: PwC

Together with AWS, we empower insurance organizations to thrive in the digital age. In the dynamic landscape of the insurance industry, companies are actively reimagining risk management, optimizing processes, and vying for customer attention across diverse insurance platforms. Moreover, changing consumer preferences, global economic pressures and technology advancements require a smart response from insurers. It has become imperative to understand the distinctive challenges and opportunities within this rapidly evolving industry and how to navigate them. Our holistic suite of purpose-built insurance capabilities on AWS empowers organizations to reinvent business models, enhance cloud transformation, and drive growth across the insurance sector: from property and casualty; life, annuity and group; to reinsurance.

Our core services and capabilities

Discover how PwC leverages AWS technology to help drive technical innovation and business transformation in the insurance industry. Explore how PwC is building holistic solutions powered by AWS around GenAI for insurance, core insurance platform modernization, customer service enablement, data transformation, and cloud economics and FinOps.

Generative AI for insurance
Core insurance platform modernization
Customer service enablement
Data transformation
Cloud economics and FinOps

Generative AI for insurance

Together with AWS, we provide insurance companies with powerful generative AI capabilities that offer significant technical advantages. PwC and AWS are helping insurance organizations leverage GenAI to help address challenges for customer experience, process automation, risk management, compliance, resource constraints and security. By leveraging AWS technologies such as AWS Lambda, Amazon Bedrock and Amazon Lex, insurers can automate routine and repetitive tasks, streamline processes such as First Notification of Loss (FNOL), assess actuarial risk, launch new digital experiences while enhancing customer experiences through omni channel engagement, improve operational efficiency with automation, enhance decision making with AI/ML insights and more.

Core insurance platform modernization

Insurance organizations are facing numerous challenges when migrating and modernizing their core insurance platforms, including dealing with complex legacy systems and workloads, ensuring data integrity during migration, managing resistance to change, maintaining business continuity and complying with regulations. Mainframe modernization is becoming increasingly more expensive as license and maintenance costs increase, and managing legacy mainframe code on premises remains costly. Our collaboration with AWS allows us to innovate solutions across our client’s infrastructure and services so you can build, run, and scale applications, whether on premises, at the edge, or in the cloud, leveraging the power of GenAI. Additionally, PwC's extensive experience in cloud migration facilitates the modernization of the Guidewire system and its ecosystem, offering solutions for application migrations, data strategy, cybersecurity, GenAI, and contact center modernization.

Learn more about Guidewire and PwC.

Customer service enablement

Today, insurance organizations are facing unprecedented challenges with bringing unique customer experiences across various touchpoints and channels with speed. Together with AWS, we revolutionize customer service for insurance companies by offering industry experience supported by a range of powerful tools that streamline complex processes and anticipate customer needs. With services like Amazon Connect, Amazon Lex, Amazon Personalize and Amazon Polly, in addition to deep integrations with SalesForce, Guidewire, EIS, Fineos and Verisk FAST, we help insurance companies provide seamless and personalized customer experiences through various channels, enhance customer assistance, automate tasks for time savings and more. Leveraging the power of PwC and AWS, insurance companies can elevate their customer service, improve satisfaction, and build stronger relationships with their customers.

Data transformation

Insurance companies are encountering numerous data transformation challenges such as integrating diverse data from a variety of sources, ensuring data quality and governance, extracting valuable insights, addressing legacy systems and data silos, and enabling real-time data processing. Overcoming these challenges necessitates a holistic approach involving technology, data management strategies, and organizational adaptation to leverage data effectively for competitive advantage. Together with AWS, we are building purpose-built solutions around services like AWS Glue, Amazon Quicksight, AWS Lambda and AWS Fargate to modernize quality data away from legacy mainframe systems and disparate data warehouse architecture into a secure, centralized manner, allowing for insurance companies to harness the power of data to make data-drive business decisions supported by actionable insights.

Cloud economics and FinOps

Many insurance organizations are struggling to effectively manage and control costs in the cloud due to disrupted technology sourcing and financial management practices. Lack of transparency and attribution of spend has led to spiraling expenses, hindering the realization of estimated ROI targets. Together with AWS, PwC provides cloud financial operations strategies through industry-leading solutions to help organizations assess, manage and improve their cloud spend. This includes services, tools, and resources to organize, track and attribute cost through fine grained tagging strategies and usage dashboards, while enhancing control through consolidated billing and real-time visualizations enabling better budgetary planning and forecasting, further lowering cost with pricing optimizations.

Learn more about our tech-enabled solutions, including advanced finance analytics and cost modeling capabilities.

Effective cost management in cloud migration

PwC has collaborated with AWS to offer insurance organizations a comprehensive strategy for effective cost management during their transition to cloud-native solutions. This alliance includes detailed assessments, fine-grained tagging of resources, real-time expense monitoring dashboards, and pricing optimization techniques. With proactive budget planning and simplified financial oversight, organizations can control costs and achieve their ROI targets during their cloud adoption journey.