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.SkyTM-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.