Cognizant (NASDAQ: CTSH) 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 LÃ¸nnum, 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."