Singapore-based insurer Singlife has completed its cloud migration to Amazon Web Services (AWS).
First announced in 2022, the move was multi-phased and involved migrating more than 39 mission-critical applications to the cloud and exiting Singlife's data centers within 18 months. The migration was expected to be finished by the end of 2023.
According to an AWS blog post, Singlife had two on-premise data centers.
According to the company, Singlife hopes to improve its operations and reduce costs and processing times through the shift. The company is now using Amazon's Relational Database Service, Aurora, and SageMaker to provide personalized digital financial services and enable the launch of new products.
The company also hopes that by exiting its data centers it will be better able to measure and reduce its carbon footprint to meet zero emissions by 2050.
Singlife estimates that it will be saving around S$5 million (US$3.71m) annually following the migration.
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.”
Priscilla Chong, country manager Singapore for AWS, added: “Singapore’s financial sector has seen rapid digitalization 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."
In May 2024, AWS announced that it would be investing $9 billion in cloud computing infrastructure in Singapore. The company has an existing region in Singapore that launched in 2010 as the company's first in APAC. The site has three availability zones, the last of which launched in 2018.
Insurance providers migrating to the cloud is increasingly common. Just last week, insurance company FWD Group signed a five-year deal with AWS as part of its ongoing cloud migration strategy.
Last month Nib Group completed a 95 percent migration to AWS, and in February 2023 Zurich Insurance Group announced plans to move its IT infrastructure to AWS.
This year also saw insurance company Great Eastern migrate 300 databases to on-premise Oracle Cloud Infrastructure hardware - Oracle Exadata Cloud@Customer.
