IBM has won a ten year IT outsourcing contract, worth $340 million, with Korea-based Kyobo Life Insurance.
Under terms of the agreement, IBM will manage the Seoul-based company's servers, storage systems, network and desktop computers and provide IT strategy consulting services. Data and disaster recovery centres will also be maintained by IBM.
IBM will also provide Kyobo employees with skills development and management training services.
IBM says the insurance firm will be charged based on its 'on demand pricing model' with fees corresponding to actual computer usage - as opposed to a fixed cost basis.
Hwi-Sung Lee, country general manager, IBM Korea says the infrastructure will be able to "quickly scale up or down in response to changing market conditions".
The contract is IBM's second in the region. The vendor inked an IT infrastructure management deal with Allianz Life Insurance Korea last year.