Dutch insurer ING's US unit has inked a $330m deal with Cognizant, pursuant to which Cognizant will expand the business process management contract between the two companies.
According to the terms of the deal, Cognizant will hire over 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.
The BPO services provider said that the centre will act as an integral part of Cognizant's global delivery network, facilitating it to offer broad range of business process services including the insurance and financial services industries.
Under the terms of the deal signed, Cognizant will acquire 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 switch to Cognizant.
Cognizant president Gordon Coburn said that the firm is pleased to partner with ING US to launch its US based business process services centre of excellence for the insurance and finance industries.
"We look forward to welcoming ING U.S.'s employees to Cognizant and working with this highly talented group of individuals. Our new centre 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," Coburn added.
Agreeing with the comment of the Cognizant's president, ING US president and chief operating officer Rob Leary added, "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 practise including banking, insurance, and transaction processing offer services in North America, Europe, and Asia-Pacific region.
