Cognizant Technology Solutions on Thursday announced that it has signed a $300-million agreement with ING US to offer a comprehensive array of insurance business process services. This will be an expanded seven-year agreement.
Under the terms of the new agreement, Cognizant would hire more than 1,000 ING US employees in Minot, North Dakota and Des Moines, Iowa to create a world-class, US-based centre of excellence for insurance and finance business process services.
This center would 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.
At present, Cognizant provides business process services to more than 40 clients in these industries.
As part of the multiyear agreement, Cognizant will purchase ING US’s existing facility in Minot, North Dakota, and will sub-lease offices in the current ING US facility in Des Moines, Iowa, providing business and workplace continuity for ING US customers and the employees who will transition to Cognizant.
Commenting on the deal, Cognizant President Gordon Coburn said, “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."
