OP Financial Group and Accenture Expand Partnership to Modernize Insurance Business
OP Financial Group, Finland’s largest banking group, and Accenture have expanded their existing partnership to modernize OP’s non-life insurance business division, Pohjola Insurance. The multi-year collaboration builds on their work together in the banking sector and aims to transform OP’s insurance business functions to boost agility, operate more efficiently, and enhance customer experience.
As part of the agreement, Accenture will work with OP to develop a digital core for Pohjola Insurance by implementing a new cloud-based Guidewire platform for its IT applications. This will result in substantial operational 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 leverage automation, advanced analytics, and generative AI to simplify business processes, enabling employees to respond more quickly to customer inquiries. They will also 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 is crucial for us as we develop our non-life insurance business,” said Kasimir Hirn, CIO of OP Financial Group. “This collaboration will not only enhance our operational efficiency but also significantly improve the customer experience by enabling rapid innovation and more seamless interactions.”
Vesa Aho, CEO of Pohjola Insurance, added, “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.”
A transformation management team, comprising Accenture and Pohjola Insurance leaders, will be formed to oversee the initiative, simplify processes, and help meet OP’s long-term goals of improving customer experience, achieving cost efficiencies, and expanding market share.
“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,” said Neeta Nagar, client account lead for OP Financial Group at Accenture.
The expanded partnership between OP Financial Group and Accenture aims to modernize Pohjola Insurance’s operations, enhance customer experience, and drive business growth through the adoption of cutting-edge technologies.
