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 BusinessObjects 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 adjustmentnt 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.