PYMNTS MonitorEdge May 2024

AWS and AXA to Develop Global B2B Risk Management Platform

Amazon Web Services (AWS) and AXA are jointly developing a global business-to-business (B2B) risk management and prevention platform and associated software services.

AXA, an insurance and asset management firm, will leverage AWS analytics capabilities to add services for existing clients and AWS clients through the AXA Digital Commercial Platform (DCP), the companies said in a Thursday (April 4) press release.

“Globally clients are grappling with extreme weather, cyberattacks, and other shocks and disruptions,” Scott Gunter, CEO of AXA XL, said in the release. “We believe that building resilience is more essential than ever.”

The collaboration with AWS will bring together that company’s tech capabilities and AXA’s commercial insurance expertise, creating the “next generation of risk management insights and services,” Gunter said.

AXA DCP uses industry, business and environmental data; geospatial analytics; and generative artificial intelligence (AI) to help clients monitor their assets and navigate risks like natural disasters, supply chain disruptions and cyberthreats, according to the release.

AXA will use Amazon Bedrock, which offers a range of foundation models from several AI companies, to deliver DCP, the release said. This will provide corporate clients with real-time data and analytics for identifying and assessing factors that could impact their operations or performance.

The company will also use AWS Marketplace and the AWS Data Exchange to make services available to AWS global clients, per the release.

“AXA is a customer-focused business, and we are excited to collaborate with them to develop new business models, using AWS capabilities, that will help companies around the world operate with greater confidence,” Kathrin Renz, vice president of AWS Industries, said in the release. “AWS will help AXA support its business clients, creating secure, compliant new services and capabilities fueled by advanced technologies like generative AI.”

PYMNTS Intelligence has found that generative AI companies are appearing nearly every day, promising labor- and cost-saving applications in every field.

Companies exploring use cases for the technology attracted more than $2.6 billion in investments in 2022 alone, and the field is attracting everything from startups to tech giants, according to “Preparing for a Generative AI World,” a PYMNTS Intelligence and AI-ID collaboration.