Cognizant inks new multi-year agreement with Zurich Beteiligungs-AG

• Cognizant (NASDAQ:CTSH) has extended its relationship with Zurich Beteiligungs-AG, the German subsidiary of global insurance leader Zurich Insurance Group (Zurich).
• The new agreement builds on and significantly expands the two companies' existing agreement, under which Cognizant (CTSH) successfully implemented and manage and maintain Zurich's General Insurance products on Guidewire.
• As per the new agreement, the company will work closely with Zurich Germany to simplify, modernize, and manage and maintain the insurer's enterprise application landscape in the General Insurance domain.
• The partnership will establish joint DevOps teams and is designed to extend Zurich Germany's artificial intelligence, data, software engineering and cloud capabilities.
• Since the start of 2022, shares down 24%.