Chaucer Syndicates, a specialist insurer at Lloyds, has teamed with Wipro on a regulatory compliance solution. This will help it to meet the upcoming Lloyd’s 10 day reporting and management reporting requirements within Chaucer’s Solvency Smart Programme for Solvency II compliance.

Chaucer is looking to significantly improve its ability to produce financial reporting faster and to produce incisive analytics. Wipro will develop an ACORD (Association for Cooperative Operations Research and Development) based data model using its Blue.Sky-Insurance analytics framework and 2i data warehousing methodology in order to accelerate engagement. The two companies have agreed on an outcome based model for the engagement.

David Mead, COO at Chaucer Syndicates, comments: “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. Their 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 they will be a key enabler of our Financial and Actuarial Transformation Programme.”

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