OSLO, Norway, March 15, 2016 /PRNewswire/ -- 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 different 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.
About the Storebrand Group
Storebrand's ambition is to be the best provider of pension savings in Norway and Sweden. Storebrand will deliver sustainable solutions adapted to the customer's individual situation, so that each person receives a better pension in a more sustainable world. Storebrand has about 40.000 corporate customers and 1.9 million individual customers, and is headquartered in Lysaker outside of Oslo, Norway. Storebrand manages more than NOK 570 bn and is Norway's largest asset manager, with a history dating back to 1767. We work hard to reach our vision: Recommended by our customers. Storebrand (STB) is listed on Oslo Stock Exchange and a member of Dow Jones Sustainability Index since 1999. Visit us at www.storebrand.no and follow us on twitter: @Storebrand_no.
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 100 development and delivery centers worldwide and approximately 221,700 employees as of December 31, 2015, 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.