Acquiring, servicing and retaining customers is now a critical part of the health insurance business. That’s why global IT and business services company Wipro Limited (NYSE: WIT) agreed to pay $460 million for HealthPlan Services, a portfolio company of Water Street Healthcare Partners. HealthPlan Services offers a fully integrated business-process-as- a-service (BPaaS) solution to health insurance companies in the individual, group and ancillary markets.
HealthPlan Services provides U.S. payers with a diversified portfolio of health insurance products delivered through its proprietary technology platform. It connects its payer clients to more than 40 public exchanges and more than 150 private exchanges in the United States. This transaction is closely aligned with Wipro’s growth strategy, which is to dominate the services market through industry utilities that multiple customers can use.