Bangalore, India and East Brunswick, New Jersey, USA - March 14, 2014:
Wipro Ltd. (NYSE:WIT), a leading global Information Technology, Consulting and Outsourcing company today announced that Wipro BPO has been positioned among the top worldwide Insurance BPO services providers by the leading analyst firm HfS Research in its "Blueprint Report on Insurance BPO," authored by analyst Reetika Joshi.
The HfS Blueprint identifies relevant differentials between service providers across numerous facets in two main categories: innovation and execution.
The global insurance BPO market is seen growing at a CAGR of 4.6% to reach $6.19 billion in 2018 from $4.72 billion in 2013. For the scope of this study, HfS has excluded the traditional third party administrator adjustment segments, as they believe the competitive dynamics of the outsourcing provider group is unique.
According to the report, Wipro has been ranked a “High Performer” for demonstrating strong execution skills and innovation in the existing market share. Some key strengths of Wipro’s Insurance BPO that led HfS to select the company as a “High Performer” in this report are:
- Scale and growing geographic footprint - Wipro has over 3,200 full time employees (FTEs) today in its Insurance BPO practice, primarily based out of India. It has a growing presence in the US and the Philippines, and it acquired ~200 FTEs in Ireland that will be helpful in servicing UK clients in future.
- An acquired onshore asset - Wipro has a growing business in insurance BPO and has significant experience and capability in delivering core processes to its clients. Wipro has also acquired operations in Ireland and is looking to grow its presence in the Continental European market by leveraging acquired assets and experience.
- Partnership strategy - Wipro has worked on building diversified partnerships, e.g. for claims, customer service and fraud management
- Industry focus - Wipro is very client focused and has strong delivery capabilities in Claims Administration and Policy Servicing. The company also demonstrates a high ability to leverage external value drivers and flexibility to deliver both end-to-end and point solutions.
The report also notes Wipro’s strength in industry specific technology solutions. Wipro has developed point solutions leveraging its impressive BASE)))TM platform to help insurers improve customer experience & reduce underwriting cycle time. Wipro has also developed a cloud based document management solution at its insurance digitization center.
Keyur Maniar, Vice President and Global Head, BFSI, Wipro BPO, said, ‘‘HfS’ recognition of Wipro as a “High Performer” in Insurance BPO strongly endorses the value proposition that we continue to deliver to our Insurance clients. We see this as a strong validation of our ongoing investments in technology and domain to deliver end-to-end as well as point solutions in the Insurance BPO segment.’’
The report ratings are based on 1,355 crowd-sourced responses that covered a broad range of stakeholders with specific weightages. The various stakeholders that participated in the ratings include, BPO Enterprise Buyers, BPO Service Providers, BPO Sourcing Advisors and HfS Analysts.
Wipro BPO is one of the largest BPO service providers on a global delivery platform. It has the capabilities to provide onshore, near shore, offshore and hybrid delivery options, operating from more than 33 centers across 12 countries. As an experienced global service provider to the insurance industry, Wipro’s Insurance BPO practice is well positioned for continued growth.
About HfS Research
HfS Research is the leading independent global analyst authority and knowledge community for the business and IT services industry. HfS serves the research and strategy needs of business and IT operations leaders across finance, supply chain, human resources, marketing, customer management, and core industry functions. HfS provides detailed and thoughtful analyst coverage of the various areas that impact successful business outcomes, namely, process automation and outsourcing, global business services frameworks, mobility, analytics, and social collaboration. HfS also focuses heavily on talent acquisition, development, and motivation strategies. HfS applies its acclaimed crowdsourced Blueprint Methodology TM to evaluate the performance of service providers in terms of innovating and then executing against those business outcomes.
About Wipro Ltd.
Wipro Ltd. (NYSE:WIT) is a leading Information Technology, Consulting and Outsourcing company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology" - helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner's approach to delivering innovation, and an organization wide commitment to sustainability, Wipro has a workforce of 140,000 serving clients across 61 countries. For more information, please visit www.wipro.com.
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Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.