AXA and Amazon to co-develop risk management platform

The platform, known as the AXA Digital Commercial Platform (DCP), and all associated software services, will be jointly developed by the two companies “over the next two years”. When completed, the platform’s services will be rolled out via the AWS Marketplace and AWS Data Exchange.

DCP will employ AWS’s Amazon Bedrock service, which produces a range of foundational models for generative artificial intelligence (AI) purposes.

The intention is to create a software tool equipped with “geospatial analytics and generative AI technologies” capable of “helping clients globally to monitor their assets and navigate complex and interconnected risks”. These risks include natural disasters, supply chain disruption, and cyber threats.

The tool will also support AXA’s own risk prevention services, as well as allowing its underwriting and claims experts to better predict outcomes and mitigate risks when developing insurance products.

“Globally clients are grappling with extreme weather, cyberattacks and other shocks and disruptions,” said Scott Gunter, CEO of AXA XL. “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.”

The partnership isn’t Amazon’s first foray into the world of insurance. The company attempted to launch a UK-focused insurance comparison site in 2022, but later ended the service due to a lack of interest from insurers.