COPENHAGEN, Denmark, March 24, 2015 /PRNewswire/ -- Cognizant (NASDAQ: CTSH) today announced that it has been selected by Tryg Insurance, the second largest general insurer in the Nordic region, to streamline its Finance & Accounting (F&A) processes across Denmark, Norway and Sweden, strengthening its financial reporting process and further improving customer care.
Tryg operates in a highly regulated industry where the finance and accounting teams spend significant effort on compliance and related reports. By combining Cognizant's deep F&A capabilities and enterprise information management and analytics expertise, Tryg will benefit from increased automation and controls in the reporting process and end-to-end accountability for data compliance as well as financial reporting, thereby improving governance.
Leveraging its enterprise information management and analytics expertise, Cognizant will optimize Tryg's legacy data warehouse into an enterprise data warehouse (EDW), eliminating manual effort in data management, risk, financial and regulatory reporting. The EDW, which will provide data for financial and management reports, will allow Tryg to further improve risk assessments, and manage reinsurance contracts, payments and on-going financial performance, while complying with regulatory reporting standards. It will also help Tryg come up with new pricing models, develop new insurance services and products, and enter new market segments.
"In order to sustain our leadership in our industry and set newer benchmarks, we are optimizing while at the same time future-proofing our business to further improve our world-class customer service," said Tor Magne Lonnum, CFO at Tryg Insurance. "We chose Cognizant as our strategic partner owing to the company's reputation as a leader in large-scale transformational projects. As one of the first insurers in the Nordics adopting the global delivery and operations model, we wanted to work with a partner who shares our strong customer orientation, innovative approach to solving business problems, and an open and transparent corporate culture."
"Insurers are under increasing pressure to optimize costs, streamline business processes and adhere to changing regulatory needs," said Thomas Djursoe, Country Client Partner for Denmark at Cognizant. "Cognizant is committed to bringing its deep expertise in data warehousing and F&A business processes to help Tryg drive higher levels of cost efficiencies, while improving governance and driving pricing, service and product innovation for the future."
Tryg is the second-largest insurance company in the Nordic region with activities in Denmark, Norway and Sweden. Tryg provides peace of mind and value for 2.7 million customers on a daily basis. Tryg is listed on Nasdaq Copenhagen and 60% of the shares are held by TryghedsGruppen smba. TryghedsGruppen, annually, contributes around DKK 500m to peace of mind purposes via TrygFonden.
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world's leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 75 development and delivery centers worldwide and approximately 211,500 employees as of December 31, 2014, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
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