IT major Wipro has acquired a 60 per cent stake in US-based insurtech Aggne Global for $66 million to strengthen its competitive advantage in the insurance sector, particularly in the property and casualty (P&C) insurance space.
Founded in 2019, Aggne is incorporated in the US and India, with offices in Tampa, Florida, and Hyderabad, India. The company has 230 employees based in India and the United States.
With this investment, Wipro becomes a majority shareholder in Aggne, which brings to Wipro a unique set of capabilities and intellectual property (IP) in the P&C insurance space. 'The combined capabilities of Wipro and Aggne will help deliver enhanced value, faster speed-to-market, and differentiated services to clients in the P&C sector,' Wipro said.
'Aggne’s unique capabilities will allow us to significantly strengthen our value proposition in a fast-growing part of the insurance sector,' said Ritesh Talapatra, Senior Vice President, Capital Markets and Insurance, Americas 2 Strategic Market Unit, Wipro. 'The Aggne team has a deep and well-established experience in the P&C insurance space. Their unique IP and modular approach to implementations significantly accelerate time-to-market, driving faster business outcomes and better client satisfaction.'
Aggne offers a range of services designed to help insurers transform operations, drive new efficiencies, and deliver optimal customer experiences. The company focuses on building industry-changing solutions for the P&C insurance industry, with a commitment to collaborating with clients as partners.
'We are thrilled to add Aggne’s unique capabilities to our portfolio,' said Harpreet Arora, Senior Vice President and Global Head of Banking, Financial Services, and Insurance Domain & Consulting at Wipro. 'Their innovative, IP-driven consulting capabilities in the insurance space and premier partnership status on the Duck Creek platform stand out in the marketplace. Combined with our domain expertise, these capabilities will allow us to bring clients a truly end-to-end offering that will help them drive competitive advantage and customer loyalty.'
'We are excited about the growth opportunities this new partnership creates for our company and our current and future clients,' said Asha Kalidindi, co-founder and CEO of Aggne. 'Joining forces with Wipro will allow us to reach a larger and global set of clients and deepen our presence in the insurance sector. Further, Wipro’s commitment to talent development will provide our employees with new growth opportunities. With access to Wipro’s scale and deep technical capabilities, as well as investments in artificial intelligence, we will be able to innovate faster, expand our capabilities, and build new ones in alignment with evolving industry needs.'"