With growing competition, Insurance companies are being squeezed on margins. Their focus is turning to reducing fixed investments in services. Aside from this, Insurance companies must be agile in their response to market forces. They, therefore, need service models that are simple and flexible, can scale with consistent service levels and are modular in functionality and pricing. Utility-based models for processes such as compliance monitoring, business analytics, billing, complaints and output management are, thus, being adopted.
How Wipro Helps
Wipro offers templates and accelerators as part of the pay-as-you-go utility model for services that reduce Total Cost of Ownership and help Insurers:
- Integrate enterprise applications, processes and data for simplified operations
- Scale existing operations to serve new customers
- Gain access to industry-quality for Billing and Output Management
We have developed over 45 ready-to-use process models that can be adopted by Insurers to meet their specific target needs. Our predefined and adjustable migration reports validate the technical and functional quality of the data before import. This ensures a safe and reconcilable migration.
Our solution focuses on core business functions and core competencies to generate competitive business differentiation with better service levels. It leads to a reduction in TCO, enables moving from CAPEX to OPEX-based expenditure. It also enables scalability of services through a pay-as-you-use pricing model.
Our Compliance Centre uses standardization of infrastructure, an integrated approach with knowledge and best practices sharing for regulatory compliance. The processes steer the organization towards medium to long term cost reduction.