CSC to Manage Closed Block Retail Life and Annuities for MetLife
News Release -- August 02, 2016
New Contract Includes Call Center, Operations and IT Support
TYSONS, Va., August 2, 2016 – CSC (NYSE: CSC) today announced it has signed a definitive agreement to administer nearly seven million policies for MetLife, comprised of select retail life and annuity closed block business. The closed block is defined as policies MetLife no longer sells. This agreement enables MetLife to streamline customer service for these policies, and significantly expands CSC’s industry-leading1 business process services (BPS) operations for insurance.
CSC will provide call center, operations and IT support, as well as policy administration on CSC insurance processing platforms. As part of the agreement, CSC will offer employment to more than 1,000 MetLife employees in the United States and India. These employees will support MetLife customers in the same or similar roles they have today. The employee transition will be completed by the end of 2016.
“Our strategic partnership with CSC enables us to simplify our operating environment while continuing to deliver a differentiated customer experience,” said Marty Lippert, executive vice president and head of MetLife’s Global Technology & Operations organization. “CSC has committed to ensuring a seamless transition for our employees and customers.”
“Insurance business process services is an important growth area for CSC,” said Phil Ratcliff, vice president and general manager of CSC’s global insurance business. “Adding the deep insurance expertise of MetLife’s employees allows us to continue providing outstanding service to MetLife’s policyholders, while also providing future career growth opportunities in support of other industry solutions.”
This agreement is the largest insurance BPS transaction of its kind in North America and further expands CSC’s strategic partnership with MetLife. The deal establishes CSC as the largest provider of insurance BPS processing for life, annuities and pensions globally, strengthening CSC’s leadership position.
Learn more about CSC’s business process services and how life insurance and annuity companies are accelerating their growth while reducing operational complexity and cost.
1 – In the Everest Group Life and Pensions insurance BPO – Service Provider Landscape with PEAK Matrix Assessment 2015, CSC is included among the leaders.
CSC (NYSE: CSC) leads clients on their digital transformation journeys. The company provides innovative next-generation technology services and solutions that leverage deep industry expertise, global scale, technology independence and an extensive partner community. CSC serves leading commercial and international public sector organizations throughout the world. CSC is a Fortune 500 company and ranked among the best corporate citizens. For more information, visit the company’s website at www.csc.com.