Built on the SAP® BusinessObjects™ XI 3.1 intelligence platform, this solution leverages SAP BusinessObjects BI solutions. The offering combines Wipro’s knowledge of global insurance markets and experience in BI with the BI capabilities of the SAP BusinessObjects portfolio and SAP’s insurance experience.According to Wipro, 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 management. Given the global inflationary trends contributing up to 12 percent rise 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 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.