Singapore – Singlife, a Singapore-based financial services firm, has recently announced the successful completion of its cloud migration by moving more than 90% of its computational processes to Amazon Web Services. This marks the company as the first insurer in the country to fully operate on the cloud, resulting in annual cost savings of approximately S$5m.
As part of the initiative, the company partnered with AWS to enhance their ability to anticipate customer needs, leading the way for the development of next-generation financial products and experiences.
The said approach leverages the cloud provider’s advanced infrastructure and machine learning services, including Amazon SageMaker, to address the increasing consumer demand for real-time hyper-personalised digital financial services.
This further aims to reduce processing times, streamline operations, and reduce costs to further enhance the customer experience, boost employees’ productivity and creativity, and optimise processing times.
Moreover, Singlife will also utilise Amazon Relational Database Service and Amazon Aurora to expedite the development and launch of new products. In this case, the migration to the cloud enables the company to measure and reduce the carbon footprint from its computational processes and contribute towards achieving net zero emissions by 2050.
Meanwhile, the company has also integrated AWS training to assist technical and business leaders in adopting a cloud-first mindset and accelerating product innovation. Since 2022, more than 70% of the financial group’s business and technical leaders have earned at least one AWS certification.
Through its completion, Singlife will now be able to deploy more scalable cloud infrastructure to meet evolving business demands.
Romil Sharma, group head of technology and operations at Singlife, said, “The completion of this migration is a momentous occasion as it has given us a head start in our cloud-first and now cloud-only strategy.”
“Singlife is continuously reviewing better, faster, and more innovative solutions in all that we do. We look to continue to enhance our business resiliency, security, and capabilities to provide our customers and community a better way to financial freedom,” added Romil.
Priscilla Chong, country manager, Singapore at AWS, further shared, “Singapore’s financial sector has seen rapid digitalisation to create innovative products that are secure, resilient, and intuitive for customers. I’m thrilled that Singlife has completed its all-in migration to AWS ahead of schedule to accelerate its cloud-only growth strategy.”
“Beyond enhancing customer experiences through data analytics, AWS is committed to helping Singlife achieve its sustainability goals, digitally train its workforce, and continuously deliver innovative new products using the cloud, AI, and generative AI to delight its customers,” Priscilla concluded.
