iGATE signs 5-year IT services contract with Swedish insurance group Lansforsakringar

Integrated consulting, technology and business process outsourcing firm iGATE Corporation has secured a five-year contract with Lansforsakringar Alliance, one of Sweden's largest financial services institutions with business divisions covering life, non-life and banking markets.

The deal, valued at $35 million, will be enacted over an initial five-year period and will be delivered within Lansforsakringar Alliance.

iGATE will develop and maintain support systems for Lansforsakringar Alliance, which include business intelligence systems, integration, compliance, document support, finance and payment systems. It will also provide IT services over life and non-life insurance business units.

As part of the engagement, iGATE will open a delivery centre in Stockholm.

This centre will be committed not only to local hiring but also to building iGATE's nearshore delivery capabilities for the European region.

''iGATE has shown a deep understanding of the insurance industry. We chose iGATE because of its differentiated delivery model and its committed presence in the Nordic region. We look forward to working with iGATE in the years ahead,'' Sten Duner, president, Lansforsakringar AB, said.

''This engagement will deliver significant savings to Lansforsakringar Alliance in Sweden and will offer much greater product and customer management flexibility in its life and non-life businesses. The deal with Lansforsakringar Alliance will increase our presence in the Nordics through the creation of a new delivery centre. We are extremely pleased with the technical and language-based skills available locally and know this expertise will enable us to build scale and capability in the region,'' Derek Kemp, executive vice-president and head of Europe and Australia, iGATE, said.

The Lansforsakringar Alliance comprises 23 customer-owned regional insurance companies that combines the ability of a small company to adapt to its customers with the strength of a large company, the jointly owned Lansforsakringar AB.

Lansforsakringar AB's task is to create the necessary prerequisites for the regional insurance companies to successfully operate in their respective markets by conducting business, service and development operations.