OP Financial Group and Accenture Expand Partnership to Accelerate OP’s Insurance Business

OP Financial Group, the largest banking group of Finland, and Accenture (NYSE: ACN) have expanded their existing partnership to modernize OP’s non-life insurance business division, Pohjola Insurance. The multi-year collaboration builds on the firms’ work together in the banking sector and will transform OP’s insurance business functions to boost agility, operate more efficiently and enhance the customer experience.

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OP Financial Group, the largest banking group of Finland, and Accenture have expanded their existing partnership to modernize OP’s non-life insurance business division, Pohjola Insurance.

As part of the agreement, Accenture will work with OP to develop a digital core for Pohjola Insurance – implementing a new cloud-based Guidewire platform for its IT applications, which will produce substantial operations 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 use automation, advanced analytics and generative AI to reimagine and simplify business processes, enabling employees to respond more quickly to customer inquiries. In addition, they will 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 are crucial for us as we develop our non-life insurance business. This collaboration will not only enhance our operational efficiency but also significantly improve the customer experience by enabling rapid innovation and more seamless interactions,” said CIO for OP Financial Group Kasimir Hirn.

"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. This expanded partnership will support us as we continue to modernize our business and further enhance both employee and customer experiences,” stated CEO of Pohjola Insurance Vesa Aho.

The agreement calls for a transformation management team to be formed — comprised of Accenture and Pohjola Insurance leaders — to oversee the initiative, simplify processes and help meet OP’s long-term goals of improving the customer experience, achieving cost efficiencies and expanding market share.