The leading insurance group CNP Cyprus Signs a Five- Year Managed Services Agreement with Kyndryl to Advance Innovation

The extended agreement will accelerate the insurance group’s transformation to a hybrid cloud environment, enhancing customer and employee experience, security and operational resiliency

Kyndryl (NYSE: KD), the world’s largest IT infrastructure services provider, and CNP Cyprus, the leading insurance group in Cyprus, today announced a five- year agreement renewal. Kyndryl will transform CNP Cyprus existing IT infrastructure into a hybrid cloud environment and support its IT modernization efforts to enhance customer and employee experience, security and operational resiliency.

The insurance industry is adapting to technology advancements that are changing how companies are managed as both customers and employees demand a better digital experience. According to Gartner, global IT spending in the sector is forecast to increase by 7.9% in 2023, reaching $208.4 billion, and growing at a compound annual growth rate of 8.1% by 2027.

CNP Cyprus has engaged Kyndryl to design and build a hybrid cloud environment in line with its vision to scale operations and support its growth strategy to gain greater technical and commercial flexibility.

Leveraging Kyndryl’s expertise in Digital Workplace Services, CNP Cyprus will also rely on the IT company to create an employee-centric experience using cloud collaboration tools. This will allow hybrid workers to perform tasks from any location or while on the go, and foster increased productivity, centralized collaboration and communication, as well as a culture of resiliency and business continuity.

“We are constantly seeking innovation to enhance our customer service and foster an exceptional work experience for our employees” said Guillaume de Winter, Deputy CEO of CNP Cyprus. “For years, Kyndryl has been our trusted partner, playing a substantial role in helping us mark numerous milestones during our ongoing transformation journey. With this renewed collaboration, we have confidence that we will achieve our goals”, said Leonidas Mouskos, Group IT Manager of CNP Cyprus.

Underpinning the overall engagement is a strong focus on security. Kyndryl will deliver enhanced cyber security and resiliency services, with a particular emphasis on network security incident management and support. Kyndryl will also provide increased support for security controls and processes, ensuring a robust and secure environment for the organization.

“CNP Cyprus has been a longstanding customer of ours, and its success holds significant importance to us”, said Apostolos Leonidhopoulos, Managing Director, Kyndryl Greece and Cyprus. “The insurance provider places great emphasis on both customer and employee experience, and we are committed to supporting its ongoing innovation and help expedite their modernization efforts.”

“Digital transformation is an ongoing journey rather than a fixed destination, and it is truly inspiring to witness customers like CNP Cyprus who value continuous innovation”, said Marios Kapiris, General Manager, Kyndryl Cyprus. “We are proud to be CNP Cyprus strategic partner, entrusted with their transformation initiatives, be it their cloud migration, improving digital workplace, or ensuring robust security measures.”

This new collaboration between CNP Cyprus and Kyndryl is the next phase in a relationship dating back to 2013 to support CNP’s technology modernization objectives. CNP Cyprus selected Kyndryl for its track record as a strategic partner, long history of running complex transformation projects in the insurance sector and the strength of its alliance partner network.