Old Mutual has reportedly shut down its on-site data centres and moved all of its IT infrastructure, including its banking, insurance, and wealth management systems, to Amazon Web Services (AWS).
This is an important step in Old Mutual’s digital transformation. AWS was used to replace more than 2,000 on-premises servers, 215 apps, 1,786 databases, and more than 500 websites for the firm.
In addition, with the help of machine learning (ML), Old Mutual is able to reduce the time it takes to process financial transactions by two-thirds, cut downtime by 50%, create new insurance products that are more essential to its customers’ needs, and innovate across its entire organisation.
The action will speed up development in an era of economic instability by cutting the time needed for evaluating new applications from months to minutes.
Following the completion of its cloud migration, Old Mutual will make better use of AWS features to anticipate client needs and create the newest financial products and experiences.
Furthermore, to produce real-time, individualised financial projections and recommendations for consumers, the business will use AWS ML and generative artificial intelligence (AI) services, including Amazon SageMaker, a fully managed service to design, train, and implement ML models.
To help top executives and leaders throughout the firm embrace a cloud-first mindset and product development methodology, Old Mutual is now including AWS training into management courses.
At least half of the financial group’s business and technical leaders have acquired at least one AWS Certification since 2019.
The 14 pan-African enterprises of Old Mutual are all expanding under the leadership of cloud-first thinking.
May Govender, acting chief information officer for Old Mutual Limited, said: “Our AWS digital infrastructure has become the backbone of reliable service—a launchpad for future growth. AWS is helping us imagine new possibilities at every level, providing us with a suite of innovative services like generative AI that will spur new customer experiences that can differentiate Old Mutual in the future.”
Chris Erasmus, country manager at AWS, added: “The completion of Old Mutual’s all-in migration to AWS represents the next chapter of their digital transformation, and we’re excited to help them harness their momentum in the cloud to unlock new innovations.”
