AXA Group and IBM have announced a $1bn (£632.9m) deal to restructure AXA's computing infrastructure.
Under the deal IBM will provide computing capacity to AXA and consolidate its storage infrastructure. The agreement also includes training support for AXA personnel.
The French insurer said it hopes the deal will enable it to move its IT operation from a fixed cost approach to a flexible cost approach.
AXA claims the deal will enable it to make "hundreds of million of dollars in savings".
AXA group executive Claude Brunet said: "We have chosen IBM because of its expertise in delivering innovative business and technology services that drive growth.
"This on-demand infrastructure agreement prepares us for an increasingly competitive marketplace by giving us flexibility to adjust rapidly to changing business needs."
