Regulatory ComplianceWipro has helped insurers successfully implement changes to ensure compliance without affecting productivity. In an environment characterized by greater scrutiny on operational and IT costs, Wipro’s in depth understanding of regulatory environment and compliance framework has helped many clients clearly identify and comply with new requirements, and significantly save on costs and stay one step ahead in the industry.

Success Stories

Meeting the IT Challenges of Demutualization

The Challenge
A leading life and pensions insurer got demutualized, and the occupational pension schemes posed challenges to the trustees who were unable to pass shares to the members due to a company policy, which did not permit non-self administered scheme trustees to hold shares. Therefore a separate arrangement had to be implemented to compensate those schemes and its members. Numerous challenges were encountered while implementing the solution, ranging from analyzing the impact of the proposed solution on existing occupation pension schemes, to handling different systems involved in administering different types of businesses and the associated variations, and the impact on various regulations in force at that time.

How Wipro Helped
Wipro analyzed the exact scope of changes, prioritized execution and successfully delivered a phased solution in an onsite / offshore model.

Reengineering Quotes Systems for Compliance

The Challenge
The client, one of the top three insurers in UK had to make changes across 25 quote systems, processes and products to comply with the pensions simplifications regulations. There was also the additional challenge of multiple versions.

How Wipro Helped
Wipro analysed all impacted systems, identified the calculation and other changes as per the regulatory requirements and helped reengineer the quotes systems to meet the new guidelines mandated by the pension regulators.

Regulatory Reporting

Regulators around the world are increasingly demanding more and more data and sophisticated valuation methodologies to ensure ongoing solvency and protect policy holder rights. Availability of timely and accurate data is a critical link in ensuring the effectiveness and accuracy of the analysis. Existence of multiple systems and incompatible data formats pose a significant challenge to the insurers in carrying out this analysis.

Wipro has partnered with insurers in streamlining the process of data gathering, analysis and reporting in creating a sustainable solution to automate the reporting process with enhanced analytical capabilities.

Reducing Reporting Period to Regulators

The Challenge
The client is the world's fifth largest insurance group and the biggest in the UK. The existence of multiple legacy systems and incompatible data formats and poor quality of data, resulted in a large amount of time being spent in data gathering. The criticality of the exercise and the risk associated with the accuracy of data meant their business critical actuarial resources were spending more time on non-strategic activities like data collation and cleanup.

How Wipro Helped
Wipro proposed a solution involving ETL and data warehousing infrastructure to provide sustainable reporting architecture for automated data gathering, cleanup and report generation. The solution framework also provided enhanced analytical capability, which was not earlier, possible. The overall solution was aimed at bringing down the reporting cycle time by 40%.