Chaucer Syndicates (London), a specialist insurer at Lloyd's, has awarded a technology contract to Wipro, to ensure compliance to meet the upcoming Lloyd's 10 day reporting and management reporting requirements within Chaucer's Solvency Smart Program for Solvency II compliance.
Wipro will deliver a data warehouse and an associated extract, transform and load (ETL) solution to Chaucer to meet the 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, according to Wipro, the sole vendor to deliver this capability.
The scope of the engagement is an end-to-end solution including process analysis and definition.
Wipro said the delivery of the solution is closely integrated with Chaucer’s finance & actuarial transformation initiative and overall Solvency II Smart Program, currently running at Chaucer.
Wipro will develop an Association for Cooperative Operations Research and Development (ACORD)-based data model using the its Blue.Sky Insurance analytics framework and 2i data warehousing methodology in order to accelerate the engagement.
Chaucer Syndicates COO David Mead said Chaucer has 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.
"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. Wipro will be a key enabler of our Financial and Actuarial Transformation Programme," Mead said.