AXA has partnered with Amazon Web Services (AWS) to co-develop the AXA DCP, a risk management platform.
The new platform will integrate industry, business and environmental data with geospatial analytics and generative artificial intelligence (GenAI) technologies.
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This helps clients monitor their assets and navigate complex and interconnected risks including supply chain disruption, natural disasters and cyber threats.
Over the next two years, AXA plans to tap AWS’ analytics capabilities to roll out numerous services for its clients and global AWS clients through the AWS Marketplace and AWS Data Exchange.
AXA XL CEO Scott Gunter said: “Globally clients are grappling with extreme weather, cyberattacks 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.”
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By GlobalDataAXA plans to develop the DCP utilising Amazon Bedrock, a service that offers a selection of foundation models from top AI companies.
This will enable corporate clients to access real-time data and analytics, including historical datasets, to identify and evaluate potential disruptions to their operations.
The insights gained from the DCP will enhance AXA’s risk prevention services and support underwriting and claims experts in better predicting outcomes and reducing risk when developing insurance products.
AXA Group Operations group chief operating officer Alexander Vollert 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.
“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.”
Recently, Reask and AXA Climate partnered to offer parametric wind-storm insurance solutions.
