Länsförsäkringar and Tieto have signed a service agreement making Tieto overall responsible for maintaining, supporting and operating the bank's fund administration system.
The new service will allow Länsförsäkringar to focus on its core business, allowing for more flexibility and cost efficiency.
Tieto and Länsförsäkringar have a long business relationship and Tieto has been a strategic partner for Länsförsäkringar ever since the launch of Länsförsäkringar Bank.
"We wanted a proactive partner that actively helps us to improve and simplify our business as Sweden's fifth largest fund company," says Maria Jerhamre Engström, head of Product and Process at Länsförsäkringar Bank. "We currently have 30 different funds combining a variety of investment strategies, which together with our fund portfolio "Fondtorg" create a highly competitive offering for our clients. In this context, the service provided by Tieto gives us an improved and more uniform interface with an active commitment to continuous improvement and greater cost efficiency."
"This is an important deal for Tieto," says Alexandra Fürst, head of Tieto's Financial Services in Sweden. "The trend in the industry moves towards companies signing agreements for service delivery rather than system delivery, allowing them to focus more on their core business and less on system-related and operational issues. The deal shows that our strategy of packaging and delivering services is totally in line with market demands," Furst concludes.