Bangalore, India - June 2, 2011:
Wipro Technologies, the Global Information Technology, Consulting and Outsourcing business of Wipro Limited (NYSE: WIT), has won an engagement with Chaucer Syndicates, a specialist insurer at Lloyd's, the world's leading insurance and reinsurance market, to deliver a data warehouse and associated Extract, transform and load (ETL) solution to ensure compliance to meet the upcoming Lloyd's 10 day reporting and management reporting requirements within Chaucer's Solvency Smart Programme for Solvency II compliance.
The engagement will develop an end-to-end regulatory compliance solution that will generate better analytics and improved management reporting for Chaucer. The scope of the engagement is an end-to-end solution including process analysis and definition. Wipro will be the sole vendor to deliver this capability. The delivery of this solution is closely integrated with the Finance & Actuarial Transformation initiative and overall Solvency II Smart Programme, currently running at Chaucer.
Chaucer has undertaken this engagement to significantly improve its ability to produce financial reporting faster and to produce incisive analytics. In this engagement, Wipro shall develop an ACORD (Association for Cooperative Operations Research and Development) based data model using Wipro's Blue.Sky™-Insurance analytics framework and 2i data warehousing methodology in order to accelerate engagement. Wipro and Chaucer have agreed on an outcome based model, for the engagement.
According to David Mead - COO of Chaucer Syndicates Limited, "We have engaged Wipro Technologies as a strategic partner for developing a technology platform to speed up the closure process substantially and ensure compliance to Lloyd's 10 day reporting framework. Wipro's deep industry knowledge, risk management frameworks, track record of successful fast close implementations and ability to attend to the needs of a small, niche firm have been critical inputs for us in selecting them. In order to cement the partnership, Wipro has also agreed to align itself to Chaucer's desired business outcomes, which we considered was necessary for making this change a great success and I am confident that Wipro will be a key enabler of our Financial and Actuarial Transformation Programme."
Ajoy Menon - VP Global Insurance Business, Wipro Technologies said, "We are making significant strides in supporting world leading insurers in meeting stricter emerging regulations such as Solvency II and IFRS (International Financial Reporting Standards). We are excited to partner with Chaucer and it is our constant endeavour to leverage Wipro's insurance experience to solve Industry issues, through cutting edge solution accelerators and delivery frameworks. We are committed to making sizeable ongoing investments in the Insurance Regulatory Compliance and Risk Management areas, for we see them as significant growth areas in the near future".
Note: The deal was mentioned in Wipro Limited's Q4 FY2011 results announcement press release of April 27, 2011, for the quarter and year ended March 31, 2011, albeit without mentioning the customer name – Chaucer Syndicates.
About Wipro Technologies
Wipro Technologies, the global IT business of Wipro Limited (NYSE:WIT) is a leading Information Technology, Consulting and Outsourcing company, that delivers solutions to enable its clients do business better. Wipro Technologies 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 Technologies has 120,000 employees and clients across 54 countries. For more information, please visit www.wipro.com
About Chaucer Syndicates
Chaucer Syndicates Limited is the Managing Agency of Chaucer Holdings PLC, a specialist insurance group listed on the London Stock Exchange. Chaucer underwrites business at Lloyd's, the world's leading insurance and reinsurance market.
Chaucer deploys specialist underwriters in all major insurance and reinsurance classes, balancing global marine, energy, non-marine and aviation with UK motor and nuclear.
Headquartered in London, Chaucer has international operations in Buenos Aires, Copenhagen, Houston and Singapore.
For more information, please visit www.chaucerplc.com
Media Contacts: Wipro Technologies
+1 (732) 509-1337
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.