Cognizant has expanded its relationship with ING U.S. to offer an array of insurance business process services. ING U.S. is the U.S.-based retirement, investment management, and insurance operations of Dutch-based ING Groep N.V. (NYSE: ING). The expanded agreement spans over seven-years, and is valued at $330 million.
Under the terms of the new agreement, Cognizant will hire more than 1,000 ING U.S. employees in Minot, North Dakota and Des Moines, Iowa, to create a U.S.-based center of excellence for insurance and finance business process services. This center will be an integral part of Cognizant’s global delivery network, says the company. Cognizant currently provides business process services to some 40 clients in these industries.
As part of the multiyear agreement, Cognizant will purchase ING U.S.’s existing facility in Minot, North Dakota, and will sub-lease offices in the current ING U.S. facility in Des Moines, Iowa, providing business and workplace continuity for ING U.S. customers and the employees who will transition to Cognizant.