Old Mutual has provided financial services and products to individuals and business customers since 1845. In a move aimed at experimenting at lower costs and improve the experience for existing customers and attract new ones, Old Mutual has turned to Amazon Web Services (AWS).
Old Mutual has selected AWS as its preferred cloud provider and will migrate its digital customer platforms, core insurance applications, and product administration systems to the cloud.
Old Mutual is an African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets in 14 countries.
“AWS provides us with the depth and breadth of services we need to innovate like a startup, with the security expected from Africa’s oldest and most trusted financial services company,” said Johnson Idesoh, Chief Information Officer at Old Mutual.
“With AWS, we can rapidly experiment at lower costs and push the successful experiments into production faster, allowing us to improve the experience for existing customers and attract new ones. AWS understands this high level of customer focus, which is why we see them as far more than just a technology supplier.
“We are working closely with AWS to not only serve our customers, but also support the development of technology skills in Africa by offering ongoing cloud training programs for employees.”
With the help of AWS’s expert professional services organization, the company will migrate over 1,000 applications to AWS, shutting down its data centres by early 2022.
AWS’s unmatched functionality, performance, reliable global infrastructure, and security will help Old Mutual modernize its technology infrastructure, rapidly innovate, and enhance the insurance and banking experience for customers, while also improving intermediary and employee interactions.
Furthermore, Old Mutual is integrating AWS’s analytics and machine learning (ML) services into its business processes to drive greater insights to help the company build more personalized customer-facing applications and experiences.
Old Mutual said it is building a data lake on AWS, called the Information Fabric, which will provide a single, consistent view of a customer’s information across the entire business.
Historically, it was challenging for customers to access their financial portfolio because their information was distributed across multiple data sources.
Using Information Fabric, Old Mutual is in the process of refining its MyOldMutual customer portal, giving customers a view of their entire financial portfolio in one place at any time.
Using Amazon Lex, a service for building conversational interfaces into any application using voice and text, Old Mutual has developed a chatbot for its website that provides instant responses to customers, through the customer’s preferred channel – voice, email, web, or text – 24 hours a day.
Old Mutual is also pursuing other AWS ML technologies, including Amazon SageMaker, a fully managed service to build, train, and deploy ML models, and Amazon Personalize, a real-time personalization and recommendation service, to develop new real-time financial services, including automated, self-service investment options for customers to make informed decisions when planning and saving for their financial goals.
“Financial services organizations are turning to AWS because we offer them the broadest capabilities, best performance, and highest levels of security,” said Andy Isherwood, Vice President and Managing Director EMEA, Amazon Web Services.
“For nearly two centuries, Old Mutual has been trusted by people across Africa. By moving off rigid, legacy technologies to flexible and scalable cloud technologies on AWS, Old Mutual will continue to maintain trust and delight their customers by offering more personalized services.”