Wesurance Drives Transformation for Insurers with Innovative Digital Solutions on AWS

Wesurance is an InsurTech startup, offering a software-as-a-service platform. By running its DTX platform on AWS, Wesurance can deliver cost-effective and secure digital solutions for insurers to transform their business model. The business is running DTX applications on Amazon EC2 instances, with Amazon Virtual Private Cloud for security, Amazon Cognito to control access via web and app interfaces, and Amazon RDS to build and replicate databases.

The race by insurers to digitalize their operations has gained momentum. A growing number of insurance companies are now seeking new technologies to speed up existing digital roadmaps, or even partnerships with InsurTechs to develop new business models. However, many insurers remain unsure about return on investment from digitalization, fears over data security, and a lack of digital skills.

Singapore-based startup Wesurance is helping insurers lower the barriers to digitally transform their business. It offers its subscription-based Wesurance DTX platform for insurers looking to grow digitally or streamline operations. Platform users gain access to Wesurance’s Accelerator and Vouchersurance solutions to speed up the traditional product building process or market their products online by leveraging Wesurance’s unique method of distributing insurance in the form of e-vouchers.

“With Wesurance DTX, we offer standalone end-to-end digital solutions, so our customers don’t have to code or perform any integration,” says Natalie Fong, chief operations officer at Wesurance.

To provide solutions that are leveraging the latest technologies, Wesurance decided to launch its platform on the Amazon Web Services (AWS) Cloud. 

“Compared to other cloud providers, AWS offers a wider range of services that are constantly kept up to date. This allows us to expand our own service offering, streamline product development, and adapt to changing industry needs,” says Fong.

In addition, with AWS’s key services compliant with data security and regulatory requirements, it was easier for Wesurance to onboard insurers. Roland Chang, business development strategist at Wesurance says, “AWS is well known for data security and disaster recovery, making it easier for us to convince insurers that data is securely stored outside of their data centers.” 

Wesurance bolsters the DTX platform by using security groups for Amazon Virtual Private Cloud (Amazon VPC) to manage and control connections to Amazon Elastic Compute Cloud (Amazon EC2) instances running DTX applications. It also adopts AWS Web Application Firewall (AWS WAF) for protection against web attacks, Amazon Cognito to control access via web and app interfaces, and Amazon Relational Database Service (Amazon RDS) to build and replicate databases for seamless backups. 

To reinforce data resiliency and serve markets outside Singapore, Wesurance leverages multiple AWS Regions and Availability Zones. “We can switch our systems seamlessly between the AWS [Asia Pacific] Singapore Region and the AWS [Asia Pacific] Sydney Region to ensure maximum uptime for our customers regardless of where they’re based,” says Chang.

With AWS, Wesurance can focus its resources on software development rather than figuring out how to build a secure platform or spending time on routine IT management. Fong adds, “It would’ve taken about a year to establish a similar level of security on an on-premises infrastructure. We couldn’t have afforded to wait that long or spend $10,000 a month on personnel working on the infrastructure’s security.”

Furthermore, the efficiencies from running DTX on AWS have contributed to the business being able to offer its platform at a price point that’s attractive to insurers large and small. 

Wesurance has been working with AXA Hong Kong, who uses the Vouchersurance solution to offer its AXA SmartHome Plus e-voucher. Redeemable on the Wesurance website, it enables companies to gift home insurance policies to staff or clients. 

“We’re providing AXA Hong Kong with digital tools to develop, launch, and distribute new products to market, without worrying about any technical implementations. This allows the business to quickly implement new ideas and form new partnerships,” says Fong.

She continues, “By using AWS, we can provide a range of insurers with the ability to test out new products as part of their digital strategies.”

With Wesurance, AXA Hong Kong also found a solution to simplify its policies renewal process. Upon investigating non-renewals, they discovered forms were getting lost or the process of completing and mailing them was too time consuming for its customers. “By digitalizing the renewal process, AXA Hong Kong’s customers could complete a digital form and renew their policies within a few clicks. As a result, renewal rates rose from 70 to 90 percent,” says Fong.

Wesurance aims to repeat its success with AXA Hong Kong with a range of insurers globally, starting in Asia. The startup is focused on driving the business forward, including targeting customers in Thailand and Indonesia. “We’re onboarding insurers of all sizes. Because DTX is running on AWS, we can easily customize the platform according to our users’ business needs.”

Fong continues, “I believe AWS has considered every difficulty a startup could have in scaling its technology for rapid growth. And I’m confident we have the tools to help us tackle any IT challenges we face in the future.”