Allianz Life Korea has contracted IBM to operate and manage its IT infrastructure under a 10-year deal.
The intention of the deal, said Allianz, was to strengthen its IT infrastructure while freeing it to concentrate on its core business, thereby increasing its competitiveness by improving business capabilities and achieving cost efficiencies. IBM will manage Allianz's servers and storage and operate both data and disaster recovery centres.
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It is thought to be the first time a Korean financial institution has outsourced IT services to a non-subsidiary company, and the Allianz deal may set a trend for other financial services companies in the region.
An IBM support system for advanced information systems will be set up to realise cost efficiencies and improve service quality. In addition, IBM will employ its own resources to provide information management systems that should reduce longer-term computing costs.
Allianz will be charged fees based on actual computer usage under IBM's on-demand pricing model, which IBM claims will provide Allianz with a responsive IT system that is both flexible and cost-efficient.