The new life insurance company Frende Livsforsikring AS has entered into an agreement with EDB for solutions and the supply and operation of core systems for its life insurance business.
The agreement runs for 5 years, and represents total contract value for EDB of around NOK 40 million.
Frende is currently being established, and aims to be in operation by the summer of 2008. The company is owned by the four independent savings banks Sparebanken Vest, Sparebanken Øst, Fana Sparebank and Helgeland Sparebank.
Crucial role for IT strategy
"With Frende we are establishing an entirely new insurance company with demanding IT requirements, and it is crucially important for the entire business that our IT strategy is a success. After an extensive process of evaluation and negotiation, we have decided on EDB as our supplier. We are confident that we have found a good and long-term partner in EDB", comments Bjørn Olafsson, CEO of Frende Livsforsikring AS.
"We welcome Frende's decision to choose EDB as a vote of confidence and as confirmation that EDB is competitive in this market. We will do everything possible to ensure that the IT solutions and services we deliver help Frende to succeed in reaching its strategic objectives", comments Eva Trasti, EVP - Bank & Finance at EDB.
EDB already enjoys extensive collaboration with the banks involved in setting up Frende as owners. The four savings banks involved all use IT operating services from EDB, and have been customers for many years.