US-Based Cognizant Gets Multi-Year Contract For Software Services From National Insurance Company

The National Insurance Company Ltd has partnered with Cognizant Technology Solutions to accelerate and manage digital transformation. 

NICL is one of the leading public sector companies that offer general insurance. 

Cognizant will now help accelerate and manage the digital transformation of the NICL. 

Cognizant To Manage NICL’s Digital Transformation

In fact, the company will provide advisory services, improve its technological roadmap, and assist in managing its centralized web-based core insurance solution, which includes various applications, underlying technology infrastructure, and security to the NICL.

Cognizance will also help support the NICL technology’s roadmap by leveraging digital technologies such as artificial intelligence, machine learning, automation, and microservices-based architecture.

Cognizant has also issued a press release about the development. In it, Achal Kataria, Vice-President and India Country Head, Cognizant says, “We are committed to supporting the forward-looking technology vision of National Insurance Company and facilitating their digital transformation journey. Our strong technology consulting and digital capabilities will be applied to assist NICL in offering an improved and secure customer experience.”

It also states that the company will continue to enhance ease of doing business, offer greater operational agility and efficiency, application security, financial and regulatory compliance, and promote business growth while assisting NICL in improving customer experience at every step of the customer journey, including applications, claims processing, and underwriting.

Cognizant Earned Rs 45 Crore/Day In March Quarter

IT major, Cognizant Technology Solutions Corp’s March quarter net profit rose 11.5% year-on-year to $563 million. The  Nasdaq-listed  IT firm posted an 11% increase in revenue in constant currency to $4.8 billion. 

This is also the firm’s highest-ever quarterly revenue and fourth consecutive quarter of revenue growth. Interestingly, the IT firm follows a January to December accounting year.

Its peers like Tata Consultancy Services Ltd’s (TCS) dollar revenue grew 14.3% in constant currency from a year earlier to $6.7 billion for the March quarter. For the same quarter, Infosys Ltd grew 20.6% to $4.3 billion.

Basically, Cognizant revised its full year 2022 revenue growth guidance to 9-11% in constant currency at $19.8-20.2 billion. The firm’s digital revenue grew 20% annually, further contributing 50% to total revenues for the March quarter. 

The sale of its Samlink subsidiary which was completed in February has negatively impacted segment revenue growth by approximately 130 basis points. Driven by increased demand for digital services, the healthcare revenue grew 8.8% annually in constant currency.