Regain growth momentum through product innovation, improved risk models and better product pricing
In the face of a weak economic recovery, the Life Insurance, Annuity and Pension (LA&P) segment has had to cope with a volatile environment. The lack of premium growth, increased lapses, falling margins, uncertainity over investment incomes, changes in buyer preferences and regulatory pressure requiring increased capital reserves have impacted earnings momentum. LA&P insurers need to strengthen their market positions through outstanding product design and distribution as well as lowered costs of operations.
Winning strategies delivered through innovation, process optimization and legacy modernization
Property and Casualty (P&C) insurers are experiencing a fundamental shift in the way of doing business. Technologies like Cloud, SOA, analytics, social networking, web technologies, and profileration of mobile applications have changed the competitive landscape.
Stronger partnerships with brokers to achieve growth and retain competitive edge
Insurance Brokers across the world are looking at increasing their capabilities in terms of speed of delivering solutions to clients, managing the complexities of risks affecting a client’s business and providing ease of servicing. The role of insurance brokers has moved to a risk advisory partner rather than just acting as an intermediary. Intelligent technology solutions are required to address these capabilities required by the brokers across the world.
Customized solutions to help improve reinsurance risk modeling, business process efficiency and data flow
Re-Insurance businesses are challenged by sluggish growth of premium in a recovering economy, increasing incidents of natural and man-made disasters, global pandemics and terrorist incidents, and new regulatory regimes across the world. While new opportunities are presented by emerging economies, many insurers are constrained by the lack of appropriate systems and processes. They are also facing increased competition due to changing bond markets and with alternatives like state backed Catastrophe funds being available. Superior underwriting capabilities and expanding into the emerging markets would be the key in getting ahead of competition in the coming years.
Change in the global social-geo-political landscape has given rise to new generation insurers who are innovating on new business models and products. They are partnering with companies like Wipro to leverage on the changes and succeed in this challenging environment..
The future success of insurance companies rests on the expansion of developed and emerging markets through innovative products and services, Wipro, is helping insurers make inroads into the future by deploying technologies that deliver insights that rapidly lead to customer-centric solutions, efficient work flows, deeper inter-organizational collaboration and informed decision making capabilities.
