IT consulting firm Cognizant has been selected by Nordic insurance firm Tryg Insurance.
The partnership will help the Nordic firm streamline its Finance & Accounting (F&A) processes across Denmark, Norway and Sweden and better serve its customers, said the company in a statement.
The partnership will help Tryg leverage Cognizant’s F&A capabilities and enterprise information management and analytics expertise to improve automation and controls in the reporting process while also bringing end-to-end accountability for data compliance as well as financial reporting, the company said.
Tryg chose Cognizant considering the company’s “reputation as a leader in large-scale transformational projects,” said Tor Magne Lonnum, CFO at Tryg Insurance. The deal will help the company sustain their leadership and set newer benchmarks, Lonnum added.
“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’s expertise in data warehousing and F&A business processes will help Tryg drive higher levels of cost efficiencies, while improving governance and driving pricing, service and product innovation for the future, Djursoe added.
Cognizant has had a strong fourth quarter in 2014. The company’s revenue rose 16.4 percent to $2.74 billion during the quarter. The company’s net headcount addition, including TriZetto, stands approximately at 11,800 during the quarter.
In a major development earlier this year, Cognizant signed cloud management deal with Family Dollar Stores in the U.S.
Under this deal Cognizant will deploy Cloud360 for its portal applications to improve operational performance and cost competitiveness at more than 8,000 stores in 46 states in the U.S., the company said.