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 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.”
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.”
CIO for OP Financial Group Kasimir Hirn said:
“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.”
CEO of Pohjola Insurance Vesa Aho said:
“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.”
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.”
As noted in the update, OP Financial Group is reportedly Finland’s largest financial services group, with “more than two million owner-customers and over 14,000 employees.”
They provide a 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.”
Their mission is to support the “sustainable prosperity, security and wellbeing of our owner-customers and operating region.”
As covered, Accenture is a global professional services company “that helps the world’s 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.”