Deal is a key part of group's ongoing commitment to cloud-first approach
FWD Group Holdings Limited has revealed a strategic expansion of its partnership with tech giant Microsoft, solidifying a four-year deal focused on the integration of the latest in generative artificial intelligence technology.
This agreement is a key part of FWD’s ongoing commitment to a cloud-first approach, tapping into the capabilities of Microsoft’s Azure OpenAI Service among other technological advancements.
Four-Year Collaboration
FWD and Microsoft have teamed up for a four-year collaboration, aiming to bolster FWD’s venture into generative AI projects. Leveraging Microsoft Azure’s advanced AI models and robust networking, security, and monitoring features, this partnership is set to enhance FWD’s capabilities significantly.
Initiative Enhancement
The primary objective of this collaboration is to refine and enhance various aspects of FWD’s operations. This includes optimizing client acquisition methods, fine-tuning marketing strategies, tracking performance metrics for channels and agents, and streamlining processes related to underwriting, claims handling, and overall customer service.
Embracing Digital Innovation
Ryan Kim, FWD’s group chief digital officer, emphasized the pivotal role of digital innovation in reshaping public perception of insurance across Asia’s rapidly expanding markets. He expressed excitement about the collaboration, stating that it merges FWD’s pioneering spirit in Asia with Microsoft’s global engineering and AI expertise.
Unlocking Next-Generation Innovations
Kim further highlighted the potential of the collaboration to develop new industry standards and use cases that will revolutionize the insurance journey. The partnership aims to harness next-generation innovations that will shape the future of insurance.
Integration of Microsoft 365 Copilot
As part of the collaboration, FWD has adopted Microsoft 365 Copilot, an AI-driven tool designed to boost employee productivity. This move underscores FWD’s commitment to leveraging technology to enhance operational efficiency.
AI-Driven Transformation
Bill Borden, Microsoft’s corporate vice president of worldwide financial services, emphasized the transformative impact of AI on the financial services industry. He expressed enthusiasm about strengthening the partnership with FWD and leveraging Azure OpenAI Service and Copilot for Microsoft 365 to deliver exceptional customer experiences securely and responsibly.
Empowering Customers in Asia Pacific
Borden highlighted the dynamic nature of the Asia Pacific region, which fosters continuous growth and innovation. He emphasized Microsoft’s commitment to empowering customers in the region with generative AI capabilities in a responsible manner, driving operational efficiency and value creation.
Strides in AI Implementation
Since embarking on its AI journey in 2019, FWD has made significant progress, implementing nearly 200 active AI models across its operations. With over 600 specific applications, FWD has taken a significant step towards achieving its goal of technological and operational excellence.