Management consulting and tech services company Accenture (NYSE: ACN) said Tuesday it has signed a five-year outsourcing agreement with Norway's largest financial services group DnB NOR (OSE: DnB) (NOR ASA), to develop and manage a range of applications that support DnB NOR's life and pension insurance operations in Norway. Financial terms of the deal were not disclosed.
Under the terms of the agreement, which is designed to cut IT costs for DnB NOR and improve services for customers, Accenture will be responsible for new and existing applications that manage DnB NOR's defined-contribution pension plans business, including policy administration applications.
"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 senior executive of Accenture's financial services group Martin Fuhr Bolstad.
DnB NOR, which has total combined assets of NOK 2 076 billion, encompasses brands such as DnB NOR, Vital, Nordlandsbanken, Cresco, Postbanken, DnB NORD and Carlson.