STOCKHOLM and BANGALORE, India, March 18, 2014 /PRNewswire/ --
Infosys, a global leader in consulting, technology and outsourcing solutions, today announced that it has signed a five-year agreement with Länsförsäkringar AB (LFAB) to provide application development and management support for its life and non-life insurance business.
The new agreement with Infosys will see Länsförsäkringar AB, owned by Länsförsäkringar Alliance, a mutual organization of 23 regional insurance companies with a strong local brand, improve the quality of service and time to market for its alliance members at a reduced cost.
- Infosys will be responsible for the development and management of more than 200 applications across LFAB's lines of business
- To support this engagement, Infosys will provide support from global facilities as well as its local offices in Stockholm, Östersund and Linköping
- Infosys and LFAB will work together to improve the systems and processes so that member companies enjoy a more consistent approach to claims and policy administration
Sören Westin, Chief Operating Officer, Länsförsäkringar AB:
"Infosys demonstrates strong insurance industry expertise as well as a track record in application development and management. Their commitment to significantly strengthen their local footprint reflects our belief in the importance of local customer service."
B.G. Srinivas, President, Member of the Board and Head of Europe, Infosys:
"Our partnership with Länsförsäkringar AB will allow the company to transform and optimize their systems and processes and benefit from improved operational performance. Our talented team based in Sweden will play a central role in delivering world-class services to LFAB using an optimal combination of near shore and global delivery capabilities."
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Infosys is a global leader in consulting, technology and outsourcing solutions. We enable clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence. Visit http://www.infosys.com to see how Infosys (NYSE: INFY), with $7.4B in annual revenues and 158,000+ employees, is Building Tomorrow's Enterprise® today.
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2013 and on Form 6-K for the quarter ended December 31, 2013.These filings are available at http://www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.