Indian IT company Wipro has invested $66m (Rs5.48bn) in Aggne, a specialist in consulting and managed services for the insurance and insurtech industries.
With the move, Wipro picked up a 60% stake in Aggne, enhancing its position in the property & casualty (P&C) insurance space with capabilities and IP.
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The IT company has the option to buy the remaining holding over a period of time.
Aggne, founded in 2019, is a US and India-incorporated company with a strong presence in Tampa, Florida, and Hyderabad, India.
The company, with a workforce of 230, offers IP-led consulting, implementation and managed services, among others.
Aggne’s focus on the Duck Creek platform, a suite of cloud-based, low-code products, aligns with Wipro’s commitment to accelerating product development for P&C insurers.
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By GlobalDataWipro senior vice-president and global head of banking, financial services and insurance domain & consulting Harpreet Arora said: “Their [Aggne’s] 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.”
Aggne co-founder and CEO Asha Kalidindi said: “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 [AI], we will be able to innovate faster, expand our capabilities and build new ones in alignment with evolving industry needs.”
In a recent development, Wipro joined forces with NVIDIA to promote the use of generative AI technology within the healthcare insurance sector.
Leveraging Nvidia’s AI Enterprise software, Wipro aims to enhance its AI capabilities across various healthcare offerings.
