Business Analytics for Financial Services and Insurance
Financial Institutions and Service Providers are facing intense pressure to grow revenues, adhere to changing government regulations and to transmit detailed financial health information to their investor community. Wipro’s Analytics solutions aim to differentiate Financial Service providers by improving their ability to deliver value to customers, impact profitability and meet regulatory compliance norms. Our solutions ensure this by enabling standardization of technology and processes at the core and by being flexible enough to create differentiation at the front.
Our solutions for Financial Institutions and Service Providers include:
- Profitability Analytics - that helps organizations focus on and invest in the right customers and products. The solution enables this by analyzing costs and revenue levers associated with customers and products at highly granular levels.
- Financial Management - that empowers banks to speedily aggregate, merge and summarize detailed financial data regardless of the accounting standards being used. The solution enables this through automated and efficient analytics and consolidated financial plans, budgets, reports etc.
Our Banking focused solutions include:
- Next Best Offer - which helps organizations create and deliver highly scalable 1-to-1 marketing and promotional offers, leading to higher conversions, lowered costs and increased customer satisfaction. The solution enables this by leveraging predictive models based on customer segmentation, channel preferences, customer life time value metrics and target ROIs.
- Legal Entity Identifier (LEI) - that ensures banks can manage legal entities, business classification, watch lists, etc with agility and ease. This is achieved by leveraging Wipro’s MDM Island solution.
- FATCA Compliance Engine - that is meant to enhance KYC processes, aid in FATCA classification, track enterprise FATCA compliance, allow IGA Model 1 reporting and interface with tax compliance service providers. This is done using a ready-to-use suite of applications deployed locally or at an enterprise hub.
Our Insurance focused solutions include:
- iSOLV for Solvency 2 - that is aimed at enabling regulatory reporting data mart, data dictionary and data quality implementation. This is done using a ready-to-use suite of insurance-specific applications.
- Marketing Mix Optimization - that helps maximize returns on marketing expenditure. This is achieved through analytics to determine the best set of advertising and targeted campaign options across channels.
- iPersist Solution - that enables customer targeting based on customer value proposition, communication roll out, development of communication strategies that reduce baseline direct contact cost. This is an end-to-end solution.
- Subrogation Prediction - that empowers the client to identify leakage in the recovery process, translate missed opportunities and savings and improve recovery accuracy and case referral.
- Claims Litigation Prediction - that enables the early identification of litigation propensity and reduction in the cost of litigation. It also provides optimal resource utilization that leads to improved customer satisfaction.