Life Insurance and Annuity
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.
Wipro helps reduce the cost per policy, drives efficiency and increases productivity in the LA&P segment leveraging solutions for better product mix, accurate pricing, reduced operational costs, and greater distribution support that lowers cost of acquisition and improves customer retention. Wipro's LA&P Practice, built over years of interaction with industry analysts to innovate and build new solutions, has a comprehensive asset base of processes and tools for each functional area. The wide-ranging list of business events which are supported by detailed process maps and process descriptions, catalogue of business rules and high level use cases provide insurers a head start for any development effort.
Put the competition in the shade
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.
