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29th April 2012

WiproTechnologies-on the global insurance stage
Interview


Wipro Technologies has been building a global presence in the insurance markets over a period of time in its professional and effective way.
The company does not aim to hit the headlines on a frequent basis but has some considerable achievements under its belt.
Insurance Newslink spoke to Nagendra Bandaru, vice president and global head of the insurance vertical, about the company's positioning and the marketplace. Bandaru said that the focus was on reducing cost, improving service through re-engineering of process, and enabling profitable growth for clients.
One of the key areas where Wipro aims to partner with clients is to optimise the impact of the Social Media revolution-to capture customer experience and comment through a Listening Platform, with a low cost entry, and allow involvement in groups and forums. Wipro has strong credentials at the sharp end of the business-for a US Fortune 100 p&c insurer, it created an Internet Distribution Strategy which produced a 338% increase in premiums within two years whilst enhancing customer experience. Bandaru also mentioned successes in the customer retention area, an ongoing and growing problem for personal lines insurers.
Bandaru sees Solvency II as an opportunity for insurers-one of the insurers Wipro is working with is Chaucer Syndicates to deliver a data warehouse to meet Lloyd's reporting within Chaucer's Solvency II compliance programme. In fact, Wipro has set up a new business unit to deliver Software as a Service(SaaS) specialising in the insurance regulatory area. Wipro are working with a leading insurer across countries and regulatory requirements and will shortly be launching a SaaS solution from its global development centre offering a standard product, process, and platform which can be adjusted to meet any insurer's regulatory needs-including IT, analytics, alerts, reporting, research, and transaction processing.
A main sector of activity is in claims processing and management where Bandaru sees predictive analytics as a growth area-combining hindsight, insight and foresight. One of the company's achievements was implementing a solution with a top five global insurer to identify 13% recovery leakages and improve the decision accuracy for predicting recoveries to 86%. Wipro created a paperless claims process for another leading insurer, achieving a processing rate of 98.5% and savings of $2.9m.
The company has helped realise major cost savings in other areas-it deployed integrated BPO which resulted in a 50% saving in operations for a major UK life and pensions company. In the back office too-unifying a billing and cash receivable system for the US arm of a Europe-based Global Fortune 500 insurer has delivered annual profit benefit of $44m.
Having worked with four of the top ten global insurers as clients, Wipro is truly a world player involved across all processes and analytics as a partner for business transformation. It is hitting the hot processing and management spots for its user base providing clients with the potential to achieve sustained differentiation in mature and emerging markets.