Cognizant wins leading insurance industry award

By SiliconIndia   |   Wednesday, 18 June 2003, 07:00 Hrs
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TEANECK: Cognizant Technology Solutions Corporation (Nasdaq: CTSH - News) Wednesday announced that it had received the LOMA Excellence in Education Award, a leading Insurance industry accolade.

"Cognizant continues to learn more about our business and become a more valued partner," said Jeff Stoll, MetLife CIO of Individual Business. "The LOMA award is highly respected in the insurance industry and shows us that Cognizant is further increasing its insurance industry expertise."

"We were the first major offshore company to organize by vertical industry, and we are continually improving the value we can provide to our customers," said Kumar Mahadeva, Chairman and CEO of Cognizant. "Cognizant is the onsite/offshore partner of choice for a growing number of insurance industry leaders. Our deep knowledge of the industry further enhances our value to clients."

LOMA is an international association through which more than 1,250 insurance and financial services companies from over 60 countries engage in research and educational activities to improve company operations. Members are involved in life and health insurance, managed care, annuities, pensions, banking, bancassurance, securities, and other financial services areas.

"Technically aggressive insurers are beginning to consider outsourcing as a key strategic initiative and are identifying business opportunities that may result from outsourcing," said Kimberly Harris, Insurance Industry Research Analyst for Gartner. "Offshore outsourcing plays a major role in insurance carrier's sourcing strategies as a means to control costs, respond to tactical constraints and support competitive differentiation."

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