The Storebrand Group, one of the top three life and pension companies in the Nordic region, was facing a clear challenge from increasing competition and growing pressure on costs. Over time, they’d developed a comprehensive nearshore shared service centre but decided the time was right to find a strategic partner to develop the centre further. They wanted to make their operations more efficient, as well as improve customer experience and drive the digital transformation that is central to their growth strategy.
They asked us to support them in finding a suitable partner to take on the services. We helped them manage the entire transaction from the outset through to assessing vendors and closing the final deal. We secured initial interest from potential partners and supported Storebrand with the detailed due diligence process and negotiations with the shortlisted companies.
They appointed Cognizant, a leading provider of outsourced services. We then acted as commercial advisor during the process of divesting Storebrand’s shared service centre and negotiating the partnership agreement.
By applying our detailed knowledge of sourcing and mergers and acquisitions, we were able to help Storebrand manage the process effectively and find the partner that could make their strategy a success.
Cognizant took ownership of the centre in early 2016 and is already cutting operating costs, helping Storebrand improve their processes and provide better service to their customers. This will help the business grow in a demanding market, by enabling Storebrand to provide more tailored and personalised products in a cost-effective way.
“We’re very happy with the way the strategic partnership is working. We were really impressed with PA’s thorough approach and their expertise in this area. Their support was invaluable.”