Finance & ActuarialInsurers have, during the past decade, encountered serious challenges to consolidate and interpret accounting data to gain an enterprise view. Even as overheads and efficiencies were adversely affected, the direct casualty was enterprise control. At Wipro, we understand your business and have the technology and in depth domain expertise to bring about better organizational control through effective interpretation of data. We have the right solutions for better financial control and increased management and stakeholder confidence.

Wipro Services

• Work management
• Integration of general ledgers
• Commission, tax, capital and cash accounting solutions
• Reporting

Success Stories

Enterprise GL For Strategic Decision Making

The Challenge
One of the largest insurance companies in the world, faced difficulty in pooling financial information of all its companies, as they had different accounting systems with incompatible data.

How Wipro Helped
Wipro, with its rich expertise in insurance accounting was able to consolidate all the general ledgers into one combined enterprise general ledger and assist the top management with high level reports in strategic decision making. The solution was implemented as per a very aggressive schedule and with a minimum of disruption to the organization’s processes and systems.

Integrated Finance Management Solution

The Challenge
A leading financial services provider with a range of annuity and corporate pension products required an integrated solution for their accounting operations to gain access for their users to critical data scattered over several sources across the enterprise. 

How Wipro Helped
Wipro delivered a scalable and flexible architecture to enable users to access critical information on the Intranet. This integrated solution provided a single platform for analyzing sales, expenses and plan data and provided accurate data for better decision making.

Actuarial Services

Wipro Insurance Actuarial Services helps clients with optimized outsourcing solutions for their actuarial services requirements. Wipro also enables its clients, to enhance their in house actuarial expertise in the areas of actuarial modeling, critical for new product launches and bespoke arrangements for bulk deals.

Our Methodology

We understand that each customer requires a unique solution to its needs and the solution has to be delivered fast. We have methodologies that ensure speed and optimization.

During the discovery phase, we identify the processes that have the potential to be outsourced through our robust Risk-Fit matrix ensuring low risk, non core processes are identified.

The Knowledge Acquisition Phase utilizes skilled Insurance Actuarial resources to understand the processes in detail through our BRISK methodology and ensure swift transition. Actuarial Tables (Premium, Mortgage redemption ,Commutation tables) and Analytics (Expense Analysis, Persistency Analysis, Cause of death analysis, Portfolio Loss Modeling) and Reporting are some examples of potential outsourcing processes. We ensure process optimization and leveraging of customer’s existing technology investments to the maximum.

In the last phase – Optimization & Outsourcing, which is long term, we obtain customer’s consensus on optimized process and its supporting technology for outsourcing to ensure reduction in over heads and operating costs. Thereafter through Customer Satisfaction Surveys and an active engagement model, we drive continuous improvement in the outsourced opportunity for cost reduction throughout the long term engagement.

Outsourcing non-core Processes

We understand that low risk, non core processes have the potential to deliver maximum benefit through outsourcing. Hence, we have developed our offerings which cover all the processes within the Actuarial domain while maintaining the risk and offshorability analysis of each. We cover all the processes within the Actuarial domain for Outsourcing Support based on our in-depth experience and skills in the domain. We support technology outsourcing in all three tiers through our extensive breadth of technology expertise in legacy applications and experience in insurance products.

Actuarial Services for faster Product modeling

One of our Clients has been using a particular actuarial modeling system for a long time. Over this period, a lot of developments by way of new products or enhancements in response to market movements (regulatory and competitive) have required the company to constantly initiate changes in its actuarial system and the problems mounted. Our Client was:

• Unable to flex available team capability
• Unable to devote SME’s for new product development and other actuarial work

Wipro leveraged its sound process engineering and actuarial skills to deliver focused solutions in a Business As Usual environment and:

• Standardized build and design methodology
• Augmented development capability
• Undertook core changes to product models
• Undertook design and build of new products within the actuarial system

The Client benefited by :

• Reduced development/enhancement  time for new / existing products
• Greater confidence in the reported numbers
• Reduced complexity in existing product models
• Faster reporting cycle
• Reduced future cost of development