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Aflac (AFL) Collaborates With LTIMindtree for Cloud Migration
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Aflac Incorporated (AFL - Free Report) recently announced the selection of LTIMindtree to aid the company in its digital transformation journey. This journey can be traced back to early 2019, wherein Aflac launched “One Digital Aflac”. LTIMindtree is a digital solution and technology consulting company, having expertise in cloud migration. This collaboration should accelerate Aflac’s objective to move 100% in the cloud. However, shares of Aflac lost 1% on Aug 18, replicating a decline in broader markets.
This move bodes well for Aflac as rearchitecting its applications with a cloud-first approach would result in the optimization of costs, performance efficiency and better security resulting in operational superiority. LTIMindtree will be using Amazon Web Service’s (“AWS”) cloud-native services to shift AFL’s on-prem applications, which are currently hosted via an out-of-support platform.
The company aims to accelerate its digital transformation journey, evolving from a traditional in-person and independent agent business to a more digital approach. Aflac has transformed its claim processing and enhanced claims experience for employees and policyholders using cutting-edge technologies. Moving applications to the cloud should deliver business value and make AFL’s products more competitive in the market.
LTIMindtree’s expertise in end-to-end cloud migration and factor-based delivery models should optimize cost without disruption. Moreover, security-related vulnerabilities will also be managed with the company’s expertise. The cost of ownership and application hosting has been reduced 20% and 30%, respectively, due to AWS migration. Availability and uptime improved more than 50% due to The Disaster Recovery capability.
Zacks Rank & Price Performance
Aflac currently has a Zacks Rank #2 (Buy). Shares of Aflac have gained 4% in the year-to-date period compared with the industry’s 3.9% growth.
The consensus mark for Employers Holdings’ current-year earnings indicates a 10.2% year-over-year increase. Furthermore, the consensus estimate for EIG’s revenues in 2023 suggests 20.5% year-over-year growth.
The Zacks Consensus Estimate for Trupanion’s current-year earnings has improved 9.2% in the past 30 days. Also, the consensus mark for TRUP’s revenues in 2023 suggests 19.2% year-over-year growth.
The Zacks Consensus Estimate for Aegon’s current-year earnings has improved 16.7% in the past 60 days. During this period, AEG has witnessed one upward estimate revision against none in the opposite direction.
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Aflac (AFL) Collaborates With LTIMindtree for Cloud Migration
Aflac Incorporated (AFL - Free Report) recently announced the selection of LTIMindtree to aid the company in its digital transformation journey. This journey can be traced back to early 2019, wherein Aflac launched “One Digital Aflac”. LTIMindtree is a digital solution and technology consulting company, having expertise in cloud migration. This collaboration should accelerate Aflac’s objective to move 100% in the cloud. However, shares of Aflac lost 1% on Aug 18, replicating a decline in broader markets.
This move bodes well for Aflac as rearchitecting its applications with a cloud-first approach would result in the optimization of costs, performance efficiency and better security resulting in operational superiority. LTIMindtree will be using Amazon Web Service’s (“AWS”) cloud-native services to shift AFL’s on-prem applications, which are currently hosted via an out-of-support platform.
The company aims to accelerate its digital transformation journey, evolving from a traditional in-person and independent agent business to a more digital approach. Aflac has transformed its claim processing and enhanced claims experience for employees and policyholders using cutting-edge technologies. Moving applications to the cloud should deliver business value and make AFL’s products more competitive in the market.
LTIMindtree’s expertise in end-to-end cloud migration and factor-based delivery models should optimize cost without disruption. Moreover, security-related vulnerabilities will also be managed with the company’s expertise. The cost of ownership and application hosting has been reduced 20% and 30%, respectively, due to AWS migration. Availability and uptime improved more than 50% due to The Disaster Recovery capability.
Zacks Rank & Price Performance
Aflac currently has a Zacks Rank #2 (Buy). Shares of Aflac have gained 4% in the year-to-date period compared with the industry’s 3.9% growth.
Image Source: Zacks Investment Research
Other Key Picks
Some other top-ranked stocks in the broader finance space are Employers Holdings, Inc. (EIG - Free Report) , Trupanion, Inc. (TRUP - Free Report) and Aegon N.V. (AEG - Free Report) . Each of these companies presently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The consensus mark for Employers Holdings’ current-year earnings indicates a 10.2% year-over-year increase. Furthermore, the consensus estimate for EIG’s revenues in 2023 suggests 20.5% year-over-year growth.
The Zacks Consensus Estimate for Trupanion’s current-year earnings has improved 9.2% in the past 30 days. Also, the consensus mark for TRUP’s revenues in 2023 suggests 19.2% year-over-year growth.
The Zacks Consensus Estimate for Aegon’s current-year earnings has improved 16.7% in the past 60 days. During this period, AEG has witnessed one upward estimate revision against none in the opposite direction.