ReinsuranceIn a highly unpredictable industry, reinsurance plays a strategic role from a financial and operational perspective. This has been reiterated post September 11 incidents and the havoc caused by hurricane Katrina in New Orleans in August 2005. The rapidly growing reinsurance sector is the backbone for the growth and evolution of the insurance industry.

Wipro’s Reinsurance practice is part of the Insurance business unit. Wipro’s demonstrated capabilities in the reinsurance sector are highly acknowledged by its clients. Wipro provides a host of software solution and services for reinsurers that help achieve operational efficiency, reduce operational and risk loss costs and ensure IT- business objectives alignment.

Wipro’s strong domain and technical expertise helps clients achieve the following objectives:

• Reduce operational cost
• Reduce risk loss
• Increase operational efficiency & robustness by streamlining business processes
• Six Sigma based process mapping
• Improved analytics and reporting, leading to informed / faster decision making
• Removal of redundancy & duplication
• System management – enhanced maintainability

Success Stories

Six Sigma Process for Large Reinsurer

How Wipro Helped
For one of the largest reinsurer in the world, Wipro executed a Six Sigma process mapping project, defined process performance metrics and identified technology enablement opportunities. As a result of this consulting exercise, Wipro ensured the following business benefits:

• Flexibility of process migration from one region to another
• Reduced turnaround time for policy issuance and premium collection
• Reduced outstanding premium and more predictable cash flows

SAP Reinsurance implementation

The Challenge
A leading re-insurer in South Asia had multiple, disparate systems that inhibited innovation and was a major roadblock to their growth plans. Existing systems also proved to be a bottleneck for operational excellence.

How Wipro Helped
Wipro implemented the SAP Reinsurance solutions along with business solutions for investment, financials and human capital management that addressed the short comings in its existing application landscape. This implementation, undertaken and managed by Wipro, is the first SAP reinsurance implementation outside of Europe.