Wipro Ltd. (NYSE:WIT), a leading global Information Technology, Consulting and Outsourcing company, today announced that Wipro BPO has been positioned among the top worldwide Insurance BPO services providers by the leading analyst firm HfS Research in its "Blueprint Report on Insurance BPO," authored by analyst Reetika Joshi.
The HfS Blueprint identifies relevant differentials between service providers across numerous facets in two main categories: innovation and execution.
The global insurance BPO market is seen growing at a CAGR of 4.6% to reach $6.19 billion in 2018 from $4.72 billion in 2013. For the scope of this study, HfS has excluded the traditional third party administrator adjustment segments, as they believe the competitive dynamics of the outsourcing provider group is unique.
According to the report, Wipro has been ranked a “High Performer” for demonstrating strong execution skills and innovation in the existing market share. Some key strengths of Wipro’s Insurance BPO that led HfS to select the company as a “High Performer” in this report are:
- Scale and growing geographic footprint - Wipro has over 3,200 full time employees (FTEs) today in its Insurance BPO practice, primarily based out of India. It has a growing presence in the US and the Philippines, and it acquired ~200 FTEs in Ireland that will be helpful in servicing UK clients in future.
- An acquired onshore asset - Wipro has a growing business in insurance BPO and has significant experience and capability in delivering core processes to its clients. Wipro has also acquired operations in Ireland and is looking to grow its presence in the Continental European market by leveraging acquired assets and experience.
- Partnership strategy - Wipro has worked on building diversified partnerships, e.g. for claims, customer service and fraud management
- Industry focus - Wipro is very client focused and has strong delivery capabilities in Claims Administration and Policy Servicing. The company also demonstrates a high ability to leverage external value drivers and flexibility to deliver both end-to-end and point solutions.