The FinOps Foundation, a part of The Linux Foundation’s non-profit technology consortium focused on advancing the people and practice of cloud financial management, announced that insurance giant, AIA Group, is joining as a Premier Member company.
As part of AIA’s Premier Membership, Keith Austin, Associate Director of Cloud Services, leading the Cloud Centre of Excellence at AIA, will join the FinOps Governing Board as a voting member to help craft Foundation strategy and direction. The Governing Board sets the strategy of the program, including where to invest resources and funds in support of the Technical Advisory Council’s work.
For more than a century, AIA has strived to make a significant, positive impact for customers and communities across Asia. As the largest independent publicly listed pan-Asian life insurance group—with a presence in 18 markets across Asia—how it evolves impacts millions of people every day.
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Amid the growth of cloud computing, AIA’s transition to the cloud has been enormous, increasing cloud adoption to 78%, ahead of the global average in the financial services and insurance industry. FinOps teams and practices enable companies to gain greater control over their cloud spend forecasting and migration planning. FinOps is now practiced in every major industry and AIA will lead the early growth of FinOps in the Asia-Pacific region, which is following North America and Europe in FinOps adoption, research shows.
“The common thread that unites our Technology, Digital, Analytics (TDA) team is that everybody is an expert in their respective fields. We bring together the best providers and hire top talent, and we empower our teams to build frictionless, world-class systems and products. This will now include the FinOps Foundation,” said Marcel Malan, AIA Group’s Head of Group IT Operations. “By leveraging the power of TDA to transform into a customer-centric, world-class digitally-enabled insurer, we enhance our resilience and abilities to capture the growth opportunities. This also deepens our purpose to help millions of people in Asia to live healthier, longer, better lives.”
AIA’s cloud first strategy is a fundamental pillar for AIA to be able to scale and modernize with the needs of customers, agencies and distributors, and it leads its peers in Asia in doing so.
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“AIA’s rapid cloud adoption takes courage, leadership and a committed team and partnership,” said J.R. Storment, Executive Director of the FinOps Foundation. “We welcome AIA as a Premier Member. Its commitment to evolve to the cloud computing world is an example of how all companies, whether deeply established or brand new, can and must take advantage of technological advances to better meet their customer needs and stay ahead of competitors. AIA’s membership in the FinOps Foundation will be a huge asset to the larger FinOps community as we develop and instill best practices across industries and continents.”
The FinOps Foundation has continued its rapid expansion. It now serves over 7,500 community members from more than 2,500 organizations. End user members gain exposure in the FinOps community, have easy access to training and enhanced recruitment opportunities – accelerating the adoption, and are coached on the development of their FinOps practices.
The latest FinOps Foundation research indicates that large companies will continue to adopt FinOps, due to the complexity of their cloud environments, reporting requirements and the sheer number of disparate teams requiring collaboration. Also, the research found that financial services and IT industries practice FinOps most, followed by other industries.
With the explosive growth of cloud in recent years, organizations understand the critical need to ensure accountability for cloud spending in order to align cloud adoption and investment with business strategy and value.
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