Collaboration Will Drive Technology Modernization in the Life and Health Insurance Actuarial Domain
NEW YORK, Jan. 5, 2023 /PRNewswire/ -- To help life and health insurers accelerate their strategic modernization and digital transformation initiatives, Montoux Inc. (Montoux), a leading actuarial automation technology provider, today announced a strategic collaboration agreement (SCA) with Amazon Web Services, Inc. (AWS). The agreement is designed to allow insurers to easily leverage Montoux's enhanced actuarial platform capabilities to migrate and modernize their actuarial workloads and workflows on AWS Services. As part of the agreement, Montoux will expand its platform to include market leading valuation workflow automation capabilities, providing life and health insurers with cloud-native technology to perform their mission-critical and compute-intensive valuation processes. Montoux will leverage its significant AWS investments to develop and market its actuarial automation platform on AWS services.
The collaboration will provide the following benefits for life and health insurers:
- Reduction in the time to convert and migrate models from legacy systems, leveraging Montoux's advanced automation capabilities
- Ability to run complex stochastic and deterministic actuarial models quickly, with transparency and control over compute cost
- Increase in the effectiveness of actuarial teams by removing manual tasks and increasing the volume of scenarios that can be generated
- Financial savings and incentives to support the migration of actuarial workflows to the cloud
- Ability to procure Montoux's solution in AWS Marketplace
Troy Thompson, Chief Actuary at Ethos Life says the following about the collaboration: "The actuarial function of today can be at risk of being more of a cost center rather than a strategic unit in large part due to limitations of legacy software. The pressure to modernize has never been greater. The cloud-native valuation workflow developed by Montoux in collaboration with AWS has the opportunity to provide the industry with much needed improvement."
Montoux's CEO Geoff Keast says the following regarding the collaboration; "Our customers have told us they want a modern, cloud-native alternative to the legacy actuarial systems they rely on. We are excited to team with AWS to deliver on this clear market need by combining AWS services and expertise with Montoux's platform capabilities and actuarial domain knowledge."
"AWS is committed to giving our customers access to solutions that offer scalable flexibility, high performance, and reduced costs," said Chris Casey, Director and General Manager of Industry Software & Data Alliances. "We're excited to collaborate with Montoux to help large life insurers become more profitable, find new business opportunities and become cost effective by optimizing their actuarial workflows on AWS."About Montoux
Montoux is the actuarial automation platform of choice for the world's most effective actuaries. Montoux's cloud native technology allows life and health insurance actuaries to generate results faster, incorporate more risk scenarios into their calculations, and improve the quality of their decisions. Customers include several of the world's leading insurance providers across North America, Europe and Asia Pacific, and the company has been listed on both the Insurtech100 and AIFintech100 lists as one of the most innovative tech companies in the world. Learn more at: www.montoux.com