Cognizant (NASDAQ: CTSH) today announced that it has been selected by the Storebrand Group, a leader in the Nordic markets for pensions, insurance, banking and asset management, to improve operational efficiencies, enhance customer experience and drive digital transformation.
Under the multi-year agreement, Cognizant will bring together its extensive insurance, technology, consulting, business process, and digital transformation expertise to help Storebrand implement its business strategy, automate and modernize existing IT systems, re-engineer business processes across the customer life-cycle, and develop digital platforms with advanced analytics capabilities. Cognizant will also enable Storebrand to move to a Business Process-as-a-Service (BPaaS) model by integrating technology, operations and underlying IT infrastructure, thereby delivering a seamless omni-channel experience.
This will enable Storebrand to further strengthen its leadership in the growing occupational pensions market, gain deeper understanding of customer preferences in buying insurance products, and expand into newer areas by delivering tailored products and personalized services to individual and corporate customers in Norway and Sweden.
“By embarking on this strategic journey with one of the world’s leading business and technology transformation companies, we believe we will be able to respond more effectively to changing market dynamics and customer behavior,” said Heidi Skaaret, Executive Vice President and COO, Storebrand Group. “This engagement will allow us to address three key imperatives of our growth strategy―become more cost-efficient, engage better with our customers, and embrace newer opportunities created by digital technologies and collaboratively drive business outcomes.”
“We are pleased to help Storebrand run better by driving operational efficiencies through shared operations and platforms and run differently by digitally transforming its customer value chain,” said Kaushik Sarkar, Vice President and Head of Nordics at Cognizant. “By tapping into newer channels and digital technologies, Storebrand can expand its customer base, deliver superior experience, quickly capitalize on new product opportunities, and create data-driven advantage in today’s competitive pension and insurance market.”
As part of the engagement, Cognizant has expanded its delivery and operations footprint in Europe by adding a center in Vilnius, Lithuania, with Storebrand as the anchor customer. The new near-shore center will act as Cognizant’s technology center of excellence for financial services customers in Europe. It will also play an important role in helping Cognizant integrate technology, operations and infrastructure of clients and implement a shared services model to drive costs down while providing a differentiated customer experience.