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Indian IT firm Wipro has invested $66m (Rs5.48bn) in Aggne, a specialist in consulting and managed companies for the insurance coverage and insurtech industries.
With the transfer, Wipro picked up a 60% stake in Aggne, enhancing its place within the property & casualty (P&C) insurance coverage area with capabilities and IP.
The IT firm has the choice to purchase the remaining holding over a time frame.
Aggne, based in 2019, is a US and India-incorporated firm with a robust presence in Tampa, Florida, and Hyderabad, India.
The corporate, with a workforce of 230, presents IP-led consulting, implementation and managed companies, amongst others.
Aggne’s give attention to the Duck Creek platform, a set of cloud-based, low-code merchandise, aligns with Wipro’s dedication to accelerating product improvement for P&C insurers.
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Wipro senior vice-president and international head of banking, monetary companies and insurance coverage area & consulting Harpreet Arora stated: “Their [Aggne’s] progressive, IP-driven consulting capabilities within the insurance coverage area and premier partnership standing on the Duck Creek platform stand out within the market.
“Mixed with our area experience, these capabilities will enable us to convey purchasers a really end-to-end providing that may assist them drive aggressive benefit and buyer loyalty.”
Aggne co-founder and CEO Asha Kalidindi stated: “Becoming a member of forces with Wipro will enable us to succeed in a bigger and international set of purchasers and deepen our presence within the insurance coverage sector. Additional, Wipro’s dedication to expertise improvement will present our staff with new development alternatives.
“With entry to Wipro’s scale and deep technical capabilities, in addition to investments in synthetic intelligence [AI], we can innovate sooner, increase our capabilities and construct new ones in alignment with evolving business wants.”
In a latest improvement, Wipro joined forces with NVIDIA to advertise using generative AI know-how throughout the healthcare insurance coverage sector.
Leveraging Nvidia’s AI Enterprise software program, Wipro goals to improve its AI capabilities throughout varied healthcare choices.
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