Wipro Technologieshas 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 with Wipro 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.
Wipro’s 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 Chaucer in
selecting them.
To cement the partnership, Wipro has also agreed to align
itself to Chaucer’s desired business outcomes, which Chaucer considered was
necessary for making this change a great success.
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),” said Ajoy Menon,
VP Global Insurance Business, Wipro Technologies.
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,” Menon added.
By TelecomLead.com Team
editor@telecomlead.com
