AWS helps Max Life customers buy insurance in less than 30 minutes

Max Life Insurance Co. Ltd. (Max Life), one of India’s largest private life insurers, has partnered with Amazon Web Services (AWS), a subsidiary of e-commerce giant Amazon Inc. to enable customers to buy insurance in as little as 30 minutes. 

According to the insurance provider, 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.

“By leveraging AWS’ Cloud capabilities, including storage, compute, and data analytics, Max Life can now offer faster and more personalised services, like automated claims and disbursals and automate the issuance of new insurance policies,” Manu Lavanya, Director and Chief Operations Officer at Max Life, said.

He explained that to enable faster and frictionless insurance experience with digital services, like online premium payment options, Max Life used AWS Lambda, a serverless compute service, and Amazon Elastic Compute Cloud (Amazon EC2). The solution, according to the company, offered secure, resizable compute capacity in the cloud, to scale workflows and support customers’ demand during peak periods.

Using Amazon Simple Storage Service (Amazon S3), an object storage service, the Mumbai-based insurer has built a data lake that centrally stores the company’s structured and unstructured data at scale. 

"This lake has helped Max Life to better research and develops new customer services, and it increases operational efficiencies, enabling improved customer interactions," he said.

Further, AWS Glue, a serverless data integration service, consolidates and analyses anonymised customer data stored in the lake to give Max Life a 360-degree customer view for delivering personalised customer experiences, like specific coverage at lower premiums.

The banking, financial services and insurance (BFSI) sector that was initially hesitant to digital transformation and cloud services, as they deal with sensitive information, saw the numerous benefits of cloud and are embracing it like never before. An August 2021 report by Gartner predicted that end-user spending on public cloud services to reach $396 billion in 2021 and grow 21.7% to reach $482 billion in 2022, with the maximum adoption coming from BFSI, government and education sectors.