OP Financial Group and Accenture Expand Partnership to Accelerate OP's Insurance Business
- Multi-year enterprise transformation agreement builds on long-standing banking relationship
- OP will migrate insurance IT applications to a new cloud-based Guidewire platform, providing it with greater flexibility for rapid innovation to adapt to changing market demands
- Accenture will drive business and product simplification using gen AI, automation and advanced analytics, creating a more seamless employee and customer experience
OP Financial Group, the largest banking group of Finland, and Accenture (NYSE:ACN) have expanded their existing partnership to modernize OP's non-life insurance business division, Pohjola Insurance. The multi-year collaboration builds on the firms' work together in the banking sector and will transform OP's insurance business functions to boost agility, operate more efficiently and enhance the customer experience.
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OP Financial Group, the largest banking group of Finland, and Accenture have expanded their existing partnership to modernize OP's non-life insurance business division, Pohjola Insurance.
As part of the agreement, Accenture will work with OP to develop a digital core for Pohjola Insurance – implementing a new cloud-based Guidewire platform for its IT applications, which will produce substantial operations savings and business benefits, including faster time to market for innovative new products and services. Accenture will also take over the ongoing maintenance of Pohjola Insurance's IT systems and applications.
The companies will use automation, advanced analytics and generative AI to reimagine and simplify business processes, enabling employees to respond more quickly to customer inquiries. In addition, they will reevaluate and streamline Pohjola Insurance's portfolio of non-life insurance products to better align with customers' changing insurance needs and life journeys.
"We are thrilled to expand our partnership with Accenture. Their innovative approach using generative AI, automation, and advanced analytics are crucial for us as we develop our non-life insurance business. This collaboration will not only enhance our operational efficiency but also significantly improve the customer experience by enabling rapid innovation and more seamless interactions," said CIO for OP Financial Group Kasimir Hirn.
"We greatly value Accenture as our partner. Their extensive experience in business transformations is an invaluable asset to us as we take our next steps in renewing Pohjola Insurance. This expanded partnership will support us as we continue to modernize our business and further enhance both employee and customer experiences," stated CEO of Pohjola Insurance Vesa Aho.
The agreement calls for a transformation management team to be formed — comprised of Accenture and Pohjola Insurance leaders — to oversee the initiative, simplify processes and help meet OP's long-term goals of improving the customer experience, achieving cost efficiencies and expanding market share.
Neeta Nagar, the client account lead for OP Financial Group at Accenture, said, "Enterprise reinvention through the development of a strong digital core steeped in AI, data and cloud is essential for banks and insurers to deliver a superior customer experience and fuel new growth. The partnership with OP is based on Accenture's commitment to bring the latest technologies and industry expertise to transform business processes and establish new ways of working."
Forward Looking Statements
Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "likely," "anticipates," "aspires," "expects," "intends," "plans," "projects," "believes," "estimates," "positioned," "outlook," "goal," "target" and similar expressions are used to identify these forward-looking statements. These statements are not guarantees of future performance nor promises that goals or targets will be met, and involve a number of risks, uncertainties and other factors that are difficult to predict and could cause actual results to differ materially from those expressed or implied. These risks include, without limitation, that the collaboration might not achieve the anticipated benefits for Accenture, as well as the risks, uncertainties and other factors discussed under the "Risk Factors" heading in Accenture plc's most recent Annual Report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture's expectations.
About OP
OP Financial Group is Finland's largest financial services group, with more than two million owner-customers and over 14,000 employees. We provide a comprehensive range of banking and insurance services for personal and corporate customers. OP Financial Group consists of OP cooperative banks, its central cooperative OP Cooperative, and the latter's subsidiaries and affiliates. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region. Together with our owner-customers, we have been building Finnish society and a sustainable future for 120 years now. www.op.fi
About Accenture
Accenture is a leading global professional services company that helps the world's leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services—creating tangible value at speed and scale. We are a talent- and innovation-led company with approximately 801,000 people serving clients in more than 120 countries. Technology is at the core of change today, and we are one of the world's leaders in helping drive that change, with strong ecosystem relationships. We combine our strength in technology and leadership in cloud, data and AI with unmatched industry experience, functional expertise and global delivery capability. Our broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Song, together with our culture of shared success and commitment to creating 360° value, enable us to help our clients reinvent and build trusted, lasting relationships. We measure our success by the 360° value we create for our clients, each other, our shareholders, partners and communities. Visit us at accenture.com
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Accenture
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