Press release from Business Wire India
Source: WIPRO
Tuesday, February 24, 2009 05:46 PM IST (12:16 PM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Information technology; Technology
Release no: 19328
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Wipro Announces the Launch of Insurance Claims Analytics Solution
Business Intelligence Solution to Address Performance Challenges in the Claim Units of Property & Casualty Insurance Carriers
Bangalore, Karnataka, India, Tuesday, February 24, 2009 -- (Business Wire India) -- Wipro Technologies, the Global IT Services business of Wipro Limited (NYSE: WIT), today announced the launch of Insurance Claims Analytics (ICA) - an integrated business intelligence (BI) offering targeted at property and casualty (P&C) insurance carriers.
Built on the SAP® BusinessObjectsT XI 3.1 intelligence platform, this solution leverages SAP BusinessObjects BI solutions. The offering combines Wipro's strong knowledge of global insurance markets and experience in BI with the market-leading BI capabilities of the SAP BusinessObjects portfolio and SAP's insurance experience.
With up to 80 percent of P&C carriers' costs concentrated in the claims area1, BI and analytics solutions can have tremendous impact on the carriers' future profitability, competitiveness and compliance levels. Wipro recognizes that carriers need support in developing the right decision support systems to address their unique and unprecedented business challenges.
"Wipro is harvesting its extensive insurance and BI experience and knowledge to create solutions that will enable the P&C carriers to be more competitive, profitable and compliant," said Ajoy Menon, global insurance head, Wipro Technologies. "Due to its strategic importance, claims are the first area in which we would like to concentrate and help our clients become more successful. We are committed to pursuing business solutions as a major line of business and the Integrated Claims Analytics solution is a major step in this direction."
"Customers are demanding a proactive, insightful way to manage their claims processes more effectively," said Leo Schneider, senior vice president, IBU Insurance, SAP AG. "Building the solution on SAP BusinessObjects XI provides an integrated approach to claims analytics, enabling insurance companies to retain customers, reduce claims cost and improve competitiveness."
Research shows that the opportunity cost of ineffective claims management is extremely high; for instance over 50 percent of the insolvencies that happened between 1994 and 2004 in the U.S. P&C industry is attributed to poor reserves management2. Given the global inflationary trends contributing up to 12 percent rise3 in loss adjustment expenses, the efficiency gains in the Claims units directly contribute to the bottom line.
Wipro's ICA solution features integrated dashboards and predictive analytics to analyze and report the performance of Claims units. Wipro has created a large library of 500+ key performance indicators that covers all aspects of claims handling operations classified under approximately 70 CXO-level strategic priorities to allow the clients to choose the right set of metrics to effectively track and improve the performance of their claims units. It also provides powerful interactive what-if analysis capabilities supported by Xcelsius® software. An integrated predictive analytics workbench from SAP BusinessObjects helps in performance improvement in critical areas such as fraud prediction, subrogation handling and litigation management.
Demos of the ICA solution integrated with SAP BusinessObjects XI will be built and made available in the SAP Co-Innovation Lab.
About Wipro
Wipro Technologies, a division of Wipro Limited (NYSE:WIT) is the first PCMM Level 5 and SEI CMM Level 5 certified global IT services organization. Wipro Technologies was recently assessed at Level 5 for CMMI V 1.2 across offshore and onsite development centers. Wipro is one of the largest product engineering and support service providers worldwide. Wipro provides comprehensive research and development services, IT solutions and services, including systems integration, information systems outsourcing, package implementation, software application development, and maintenance services to corporations globally.
In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India, offering system integration, network integration, software solutions and IT services.
Wipro also has a profitable presence in niche market segments of consumer products and lighting. In the Asia-Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro's ADS' are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange - Mumbai, and the National Stock Exchange. For more information, please visit our websites at www.wipro.com and www.wiprocorporate.com.
SAP and all SAP logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries. BusinessObjects and Xcelsius are trademarks or registered trademarks of Business Objects in the United States and/or other countries. Business Objects is an SAP company.
All other product and service names mentioned are the trademarks of their respective companies.
SAP Forward-looking Statement
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
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.
1 Source: National Association of Insurance Commissioners (NAIC)
2 Source: SwissRe, August 2008
3 Source: Insurance Information Institute, October 2008
Media Contacts:
Wipro Technologies
India:
Radhika Mahadevan
Wipro Technologies
+91- 9945042603
radhika.mahadevan@wipro.com
Purvika Anand
Gutenberg Communications
+91 9901134441
purvika@gutenbergpr.com
US:
Lavanya DJ
Gutenberg Communications
+ 212.239.8740
lavanya@gutenbergpr.com
Eric Belove
Wipro Technologies
+ 1 (732).216.6242
eric.belove@wipro.com
UK:
Rahul Kadavakolu
Wipro Technologies
+44 792 020 5496
rahul.kadavakolu@wipro.com
Shalini Siromani
Gutenberg Communications
+44.79.6066.3200
shalini@gutenbergpr.com
KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, IT, TECHNOLOGY, 507685.BO
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