Accenture (NYSE: ACN) has signed a five-year application outsourcing agreement with DnB NOR (OSE: DnB NOR ASA), Norway's largest financial services group, to develop, implement and manage a range of applications that support the company's life and pension insurance operations in Norway. Financial terms were not disclosed.
Under the terms of the agreement, Accenture will support new and existing applications that manage DnB NOR's defined-contribution pension plans business, including policy administration applications. The agreement is designed to help DnB NOR improve service for its customers and drive growth in a key sector, while reducing information technology (IT) costs.
"In the defined-contribution business, high-quality financial advice and deep asset management expertise are critical," said Runar Holen, Executive Vice President at DnB NOR and Business CIO of Vital, DnB NOR's Life and Pension company. "While Accenture delivers world-class application support for our operations, we can stay focused on providing innovative products matching our customers' needs within the ever-evolving retirement savings plans market. Accenture's proven track record of 20 years in application outsourcing and its understanding of the pension industry make it an ideal business partner."
"By outsourcing its application development and management to Accenture, DnB NOR can be even more focused on addressing its customers' needs and more cost-effectively managing their defined-contribution plans," said Martin Fuhr Bolstad, a senior executive in Accenture's Financial Services group. "Accenture and DnB NOR have been working together for more than 15 years and we look forward to continuing to help DnB NOR strengthen its position as a leader in the Norway life and pension market."