BPO major Cognizant has signed a $330 million contract with INGU.S. to offer insurance business process services.
Cognizant will hire around 1,000 INGU.S.employees inMinot,North DakotaandDes Moines,Iowato set up a center of excellence for insurance and finance business process services.
Part of Cognizant’s global delivery network, this center will allow Cognizant to provide BPO services spanning the insurance and financial services industries.
Cognizant claims that it currently provides business process services to more than 40 clients in these industries.
Cognizant will buy ING U.S’s existing facility inMinot,North Dakota, and will sub-lease offices in the current INGU.S.facility inDes Moines,Iowa.
“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,” said Gordon Coburn, president of Cognizant.
Cognizant’s 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.
Cognizant has more than 50 delivery centers worldwide and approximately 140,500 employees as of March 31, 2012.
“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 INGU.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,” Leary added.