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CSC Executive Gives Overview of CSC in Financial Services

Jim Cook, president of CSC’s Financial Services Group, is responsible for CSC’s financial services products and services worldwide. He recently provided an overview of CSC in financial services and discussed the organization’s key business strategies in the Zurich Account Newsletter, an internal CSC publication distributed to employees worldwide serving the Zurich Financial Services outsourcing account.

Financial Services Overview

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Banking

Ahead of the Compliance Curve The Single Euro Payments Area (SEPA) project is designed to eliminate national differences in payment instruments and processing infrastructures in Europe, and harmonize fees for cross-border and domestic Euro transactions. SEPA aims to transform individual national retail payment markets into one pan-European market.
Counseling Portal Aids Lenders in a Pinch An article in US Banker magazine explains how a software tool built to bring faster relief to troubled borrowers is being used by overburdened banks to shift much of the loan workout process to nonprofit consumer credit counselors.
CSC Creates New e-Delivery Banking Product Using the Internet, banks can now offer their business accounts a faster, more secure, less costly method of cash management, thanks to CSC’s new e-Delivery software.
CSC Payments Experts Discuss Data Security, Theft Protection CSC's security experts recently discussed ways that strong encryption can help protect the companies and their customers from unauthorized data access to physical media such as CD-ROM, DVD or magnetic tapes.
CSC White Paper Highlights CAMS II Card & Merchant System Benchmarks on Scalability and Performance Across the world, major issuers and acquirers are moving their card processing operations in-house in an effort to drive down costs while exercising greater control over customer relationships.
CSC’s Webinar on Moving Debit Card Processing In-House Draws a Crowd CSC and SourceMedia, one of the nation’s largest publishers of trade publications, co-sponsored a Web seminar on a compelling topic for the cards industry on 15 May, drawing nearly 300 registrants, one of the largest responses SourceMedia has seen for an event of this nature.
Do's and Don'ts of Debt Protection Debt protection plans require banks to create additional business processes and, to be effective, integration with the loan system.
Fighting Foreclosure with New Technology With U.S. foreclosures climbing 79 percent in 2007 and hitting triple digits in certain states, leading lenders, credit counselors and CSC have joined forces on new Web-based technology to help keep homeowners in their homes.
House of Cards: The Trend Toward In-House Card Processing Is the market ripe for in-house licensed card management solutions? Read more from an article in the International Banking Systems Journal.
Retail Banking: The Pressure Is On CSC and Oracle have joined forces to relieve the pressure on retail banks with a faster approach to integrating marketing, sales, origination and service capabilities at call centers, through branch channels and over the Internet.
Technology the Key to Cards Processing Flexibility In a supplement to Cards International magazine, Sergio Bordoni, director of the CSC Cards Competency Centre in Milan, Italy, discussed advancements in the global bank cards processing industry.

Business Process Outsourcing

CSC Offers Full Range of Supplemental BPO Services for Insurers CSC’s business process outsourcing (BPO) services can provide your company with comprehensive support for all back-office functions.
CSC’s BPO Operations Weather Florida Hurricanes CSC’s BPO center in Sarasota experienced an 80 percent increase in the volume of customer service calls during the four Florida hurricanes of 2004. Despite a mandatory evacuation, CSC shifted work to another operations center and maintained services without interruption.
Deciding What to Outsource? “At CSC, we advise investing four to six weeks upfront in a three-phase process to prioritize processes and identify outsourcing candidates,” said Ray August, president of CSC’s Property and Casualty Insurance Division.
Saving the Planet One Desktop at a Time CSC and Sun recently announced plans to offer the CSC Anywhere Desktop as an outsourcing service administered by CSC’s BPO operations or implemented at client sites.

Insurance

ACLI and CSC Release Optional Federal Charter Study A study released by the American Council of Life Insurers (ACLI) and CSC found a clear economic case for structural changes in insurance regulation that will benefit both consumers and life insurers.
ACLI/CSC Report: Regulatory Reform Could Save Life Insurers $6 Billion The American Council of Life Insurers (ACLI) and CSC brought insurance executives together in focus groups and followed up with a comprehensive survey of industry regulatory costs.
Anatomy of a ‘Big Bang’ Conversion Most insurance companies are engaged in some sort of modernization effort, but more often than not, the work is focused on individual systems and subsystems. While the billing system may be getting some long-needed attention this year, the claims system may have to wait until next year — once that agency portal project is finally complete.
Beat the Odds: A CSC Webinar Series with Post Magazine Post Magazine, in conjunction with CSC, has developed a unique series of Webinars to help European insurers "beat the odds" in the recession and beyond.
Business Intelligence: The Secret to Successful Leadership Insurance is a data-rich industry. Many insurance organizations are overloaded with data, but the trick is to turn that data into insightful information for better decision-making.
Curing the IT Governance Blues After years of working with insurance companies on major IT projects, Joanna Creamer can spot the symptoms of an ailing governance program immediately — pushing back deadlines, an ever-expanding scope and, of course, finger pointing between IT and business over project failures.
Data Management’s Dirty Little Secret Armed with good business intelligence, insurance companies can do a better job of introducing products that appeal to the market, and they can fine-tune those products based on customer, producer and competitor analytics.
Digital Trust for Life Project Report An ACLI-CSC study finds that continuing investments to achieve and sustain IT compliance have hit their targets and opened the door for more benefits by taking a digital trust approach. The study recommends two initial steps to begin the digital trust transformation and capture the earliest possible payoffs.
Enterprise Risk Management Report The U. S. life insurance industry intends to change enterprise risk management (ERM) practices in the aftermath of the global financial crisis, according to a CSC study conducted with the American Council of Life Insurers (ACLI) and Towers Watson.
Expert Tools and Integrated Desktop Manage Claims Faster, Better, Cheaper P&C insurance claims departments are experiencing an explosion in tools. Look at any adjuster’s computer screen these days, and you’ll likely see a desktop filled with software icons.
Fortune Favors the Brave Opportunities in the distribution of financial services in the United Kingdom are ripe for the taking but only those with visionary leadership, the will to battle for brand recognition and the foresight to leverage technology to serve customers well need apply.
Hybrid Annuities Tempt Baby Boomers It was a banner year for annuities in 2006 with a record $236 million in sales. Competition is expected to intensify in 2007 as many of the top 10 U.S. life and annuity companies release new hybrid annuity products with lifetime benefit guarantees and more flexible payout options.
Insurers Keep Software Current with Continuous Updates Insurance companies face a continuing battle trying to keep enterprise software up to date.
Insurers Streamline Claims Processes with CSC’s Software P&C insurers are using CSC’s Claims Desktop™ to centralize systems for bodily injury evaluation, fraud detection, litigation management and salvage — while orchestrating the entire process.
Leading Insurers Work with CSC to Simplify, Modernize IT Environments Many leading life insurance and annuity companies are transforming their IT environments with the help of CSC.
Making the Most of Work Management Through Automation The concept of work management has been around for years. The majority of insurers, however, are still just getting marginal benefits from work management systems.
New Software Moves Insurers Beyond Speed to Market Speed to market is an imperative for life and annuity companies, but so is the ability to tailor products to specific market segments.
Next Generation Systems Revolutionize Claims Management CSC has introduced two systems that incorporate rules engines and process orchestration to help insurers revolutionize claims processes, making it easier and cost effective to customize claims handling based on a carrier’s individual needs.
Product Development: Are You Ready to Innovate? You can tell a lot about life and annuity companies by the types of products they offer. Some insurers have built reputations as product manufacturers focused on offering a distinctive portfolio, while others seek to differentiate themselves through effective product distribution.
The March of Technology: Insurers Set to Radically Improve Claims Service The latest trends in technology such as social networking are expected to dramatically impact the way claims departments deliver their services. Many improvements are available as simple additions to existing systems for a fraction of the cost.
The Search for the ‘Modern’ Policy Administration System Technology futurists have been predicting the demise of the mainframe for years. By some accounts, insurance companies should be scrambling to install new Java or .Net-compliant systems and migrate to a cheaper distributed computing platform so they can sit back and reap the rewards of a lower total cost of ownership.
What’s Your Insurance App-titude? With four of the top P&C carriers now offering consumer apps for the iPhone and BlackBerry, you can’t look at smartphones as expensive toys for posting tweets and uploading YouTube videos any more.

Legal Solutions

CSC Offers Discount Pricing on Bill Review and Consulting CSC pioneered the field of legal cost management, and CSC has reviewed billions of dollars in legal fees for corporations, insurance carriers, banks, financial institutions, government agencies and self-insured organizations.
Dashboard Provides Quick Assessment of Legal Matters and Bills CSC is introducing a new dashboard display in its Legal Solutions Suite software that will help legal and claim professionals better manage that information. Legal Solutions Suite 3.0 will give employees and their managers an at-a-glance view of the status of their workloads.
Gain Control of Legal Costs with Bill Review and Consulting Services Is your organization involved in a complex legal case with bills pouring in from outside law firms? Are you experiencing an increase in legal expenses and need objective, expert advice on the billing practices of outside counsel? Take advantage of the discount pricing available for a limited time on CSC’s bill review and consulting services.
Getting Serious About Cutting Costs at Banks and Other Financial Services Firms In today’s economy, banks and other financial organizations are being asked to monitor expenses and reduce costs. Legal departments with soaring outside legal costs and mounting caseloads are no exception. How can your organization take control and cut its legal expenses while managing risk?
Introducing Legal Solutions Suite 3.0 The latest release of CSC’s software for managing outside counsel, Legal Solutions Suite® 3.0, is generally available.
Latest Release of Legal Solutions Suite Built with Users in Mind CSC's Legal Solutions Suite software, used by more than 6,000 law firms to submit invoices electronically over the Web, it not only incorporates new functions but also includes numerous improvements to the look and feel of the software to make it easier and faster to use.
Life and Annuity Firms Shine Spotlight on Legal Cost and Matter Management At the ACORD LOMA Insurance Systems Forum 2009, the insurance industry’s leading business and technology conference, CSC announced the availability of CSC’s Legal Solutions to help life insurance and annuity companies streamline legal cost management and regulatory compliance.

Perspectives

CSC Perspective: Mainframe Makes U-Turn on Path to Extinction

Despite its critics, the mainframe is not just a survivor. It has reinvented itself. The high-end server is positioned to continue dominating top-tier financial services companies, including many of CSC’s clients, for years to come.

Risk Management and Claims

Avoiding Claims Fragmentation and Leakage Frustration Many companies today suffer from significant fragmentation, particularly of systems and processes.
CSC’s RISKMASTER Helps Firms Get Fast Start on Medicare/Medicaid Reporting Compliance While many U.S. firms are scrambling to comply with new federal reporting requirements for Medicare/Medicaid secondary payers, self insured organizations using CSC’s RISKMASTER are getting a fast start in the area of compliance.
Fighting Fraud in a Faltering Economy Insurers use predictive modeling, search and rules-based technology to identify fraud.
Gain Control of Documents with CSC’s RISKMASTER Media Content Management CSC has introduced a new component of its RISKMASTER® claims and risk management software that lets self-insured organizations take full advantage of digital imaging technology by streamlining the process of managing claim documents.
Nearly 140 Organizations Adopt RISKMASTER Business Intelligence Nearly 140 companies, government organizations and third-party administrators have licensed RISKMASTER Business Intelligence.
Take Control of Claims with Integrated Disability Management RISKMASTER Integrated Disability Management helps self-insured organizations access the information needed to manage successful return-to-work strategies.
The Case for Reinventing the Claims Management Process Claims management is highly inefficient at most insurance companies and self-insured organizations. Work processes are fragmented and paper intensive, systems are numerous and disjointed, and many steps must be performed manually.
The Next Frontier: Straight-Through Claims Processing In today’s economy, insurance companies are looking for ways to do more with less.

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