Cognizant has entered into an agreement with ING to create a centre of excellence (COE) for insurance & finance business process services. As a part of the agreement about 1000 ING US employees will join Cognizant to create the US based COE. The agreement with ING enables the Cognizant COE to offer comprehensive array of insurance business process services.
The agreement spread over a seven-year period is valued at $330 million and builds on Cognizant’s on going success in providing specific technology systems management for ING U.S.
This centre will be an integral part of Cognizant’s global delivery network and will allow Cognizant to provide an expanded range of business process services spanning the insurance and financial services industries. Cognizant currently provides business process services to more than 40 clients in these industries.
As part of the multiyear agreement, Cognizant will purchase ING U.S.’s existing facility in Minot, North Dakota, and will sub-lease offices in the current ING U.S. facility in Des Moines, Iowa, providing business and workplace continuity for ING U.S. customers and the employees who will transition to Cognizant.
“We are pleased to partner with ING U.S. to launch our U.S.-based business process services center of excellence for the insurance and finance industries,” said Gordon Coburn, President of Cognizant. “We look forward to welcoming ING U.S.’s employees to Cognizant and working with this highly talented group of individuals. Our new center of excellence will serve as a key long-term component of our global delivery network and is yet another step in our ever-expanding in-country delivery capability.”
“Leveraging Cognizant’s expertise will help us operate more efficiently while delivering the high levels of support our customers and distribution partners have come to expect,” said Rob Leary, President and Chief Operating Officer of ING U.S. “While this expanded relationship represents job continuity for our transitioned employees, it also allows us to focus on our ultimate mission—providing the retirement, investment management and insurance solutions that help our clients meet their financial needs.”
Cognizant’s financial services practice, which includes banking, insurance, and transaction processing, is the company’s largest industry segment, serving leading financial institutions and insurers in North America, Europe, and Asia-Pacific. Current clients include nine of the top-15 North American financial institutions, all 10 of the top-10 European banks, and seven of the top-10 global insurers.
Source: Cognizant
Picture: Cognizant Pune Building