Success Stories
Global Expansion Delivered at Swiss Re
Client:
Swiss ReChallenge:
- Outsource end-to-end management of acquired Admin Re policies to a vendor with expertise in legacy systems
Solution:
- CSC’s business process outsourcing services, including policy administration, claims management, billing and accounting, and customer service
Results:
- Completed more than 30 acquisitions of U.S. life insurance blocks and built a virtual company that manages more than 3 million policies
- Freed Swiss Re to focus on its main business
- Enhanced support for due diligence assessments, policy migration pricing and electronic trading
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Swiss Re’s business strategy includes helping insurers manage capital and risks by divesting noncore businesses through its global Admin Re operations. Since many of these policies may remain in force for 50 years or more, Swiss Re’s acquisitions typically include assuming both the financial and the future operational risks of the business. Swiss Re agreed to transfer responsibility for day-to-day administration of Admin Re policies to CSC’s business process outsourcing (BPO) operations. CSC undertook all policy support tasks, including customer service, managing billing and accounting, and paying claims.
Collaborating to Support Growth
Since then, the two companies have worked together to support more than 30 acquisitions totaling more than 3 million policies. Over the years, CSC has assisted Swiss Re’s due diligence teams in assessing many acquisition opportunities. CSC also contributes to Swiss Re’s development of the pricing assumptions for migrating and managing the day-to-day operations of the acquired policies.
Extending Value Throughout the Organization
Swiss Re’s relationship with CSC is expected to develop in a number of new directions, where CSC’s knowledge and experience will continue to add value. For example, Swiss Re’s primary insurance and reinsurance managers are considering how the CSC technology and processes used for Admin Re in North America might be applied to their business services.
Ensuring Smooth Electronic Trading
At a technology interface level, Swiss Re is keen to make sure that its platform works easily with SWIFT (Society for Worldwide Interbank Financial Telecommunications) standards for electronic trading in Europe, and CSC is supporting these requirements, too. Ultimately, according to Ken Stewart, managing director and head of Admin Re, the success of the relationship comes down to the talent and commitment of the people supporting it. “We have good communication and processes around the handoffs between the two companies, and we also have really high-quality people who support the operation of this business,” Stewart says.