HCL Technologies enters into strategic relationship with Great American Insurance Group
“With the global macroeconomic environment creating new challenges, organizations in financial services sectors are focused on innovating IT landscape and operations. The strategic relationship with HCL will support our transformation efforts,” said Piyush Singh, Senior Vice-President and CIO, GAIG. “HCL’s deep domain expertise in the insurance industry coupled with its integrated technology, operations and infrastructure service offerings made them a natural partner for us. This new relationship will significantly enhance our capabilities in offshore technology support. Moreover, the strategic relationship, coupled with HCL’s core capabilities, will provide operational and strategic flexibility to GAIG,” he added.
“The strategic alliance with GAIG significantly enhances our capabilities and helps us create a differentiated value proposition in the insurance industry, especially in the commercial specialty sector, enabling us to target a wider audience,” said Rahul Singh, President, Financial Services & Business Services, HCL Technologies. “Guided by common values, the strategic relationship with GAIG will position us as a preferred partner for insurance corporations in North America and enable us to tap emerging business opportunities in the financial sector globally,” he added.
HCL’s insurance practice is built on strong domain expertise with proven application and process optimization capabilities across the Quote-to-Claim cycle. HCL’s investment in product assets, intellectual property and dedicated Insurance Solution Development Centers, a strategic ecosystem of partners and strong integrated business operations capabilities help insurers address myriad of business challenges.
About Great American Insurance Group
Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and indexed annuities and a variety of supplemental insurance products such as Medicare supplement. Great American Insurance Company has received an “A” (Excellent) or higher rating from the A.M. Best Company for over 100 years (most recent rating evaluation effective February 14, 2011). The members of the Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG’s common stock is listed and traded on the New York Stock Exchange and the Nasdaq Global Select Market under the symbol AFG.
About HCL Technologies
HCL Technologies is a leading global IT services company, working with clients in the areas that impact and redefine the core of their businesses. Since its inception into the global landscape after its IPO in 1999, HCL focuses on ‘transformational outsourcing’, underlined by innovation and value creation, and offers integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. HCL leverages its extensive global offshore infrastructure and network of offices in 26 countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare. HCL takes pride in its philosophy of ‘Employee First, Customer Second’ which empowers our 83,076 transformers to create a real value for the customers. HCL Technologies, along with its subsidiaries, has reported consolidated revenues of US$ 3.9 billion ( Rs 18,334 crores), as on 31 December 2011 (on LTM basis). For more information, please visit www.hcltech.com
About HCL Enterprise
HCL is a $6.2 billion leading global technology and IT enterprise comprising two companies listed in India – HCL Technologies and HCL Infosystems. Founded in 1976, HCL is one of India's original IT garage start-ups. A pioneer of modern computing, HCL is a global transformational enterprise today. Its range of offerings includes product engineering, custom & package applications, BPO, IT infrastructure services, IT hardware, systems integration, and distribution of information and communications technology (ICT) products across a wide range of focused industry verticals. The HCL team consists of over 90,000 professionals of diverse nationalities, who operate from 31 countries including over 500 points of presence in India. HCL has partnerships with several leading global 1000 firms, including leading IT and technology firms. For more information, please visit www.hcl.com
Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties,assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward looking statements, including but not limited to the statements containing the words 'planned', 'expects', 'believes’,’ strategy', 'opportunity', 'anticipates', 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, Business Process Outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost effective and timely manner, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies /entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward looking statements made herein will prove to be accurate, and issuance of such forward looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
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