News Release-- August 13, 1998
NORTH CAROLINA FARM BUREAU INSURANCE COMPANY LICENSES CSC'S COGEN/MP
Austin, Texas, Aug. 13 -- Computer Sciences Corporation (NYSE:CSC) announced today that North Carolina Farm Bureau Mutual Insurance Company, located in Raleigh, North Carolina, has licensed COGEN/MP through the year 2008.
COGEN/MP software solutions provide integrated management for every major aspect of property and casualty insurance administration. North Carolina Farm Bureau Mutual Insurance Company has licensed the COGEN/MP payables/receivables component that offers comprehensive billing, collections, payment and banking reconciliation in one system. The system supports the accounting process from start to finish, providing online, real-time billing and payment processing for every billing transaction.
"COGEN/MP's payables/receivables component gives North Carolina Farm Bureau both the technology and the flexibility required to provide timely, convenient and flexible service to its customers," said Carole Hess, solutions manager within CSC's Financial Services Group. "COGEN offers clear, concise billing statements. It also allows better control of NCFB's cash management through its automated refund processing system."
North Carolina Farm Bureau Mutual Insurance Company is the third largest property and casualty insurance writer in North Carolina with $400 million in net written premiums. North Carolina Farm Bureau provides property and casualty insurance services, as well as health and life insurance policies underwritten by other companies.
"North Carolina Farm Bureau's decision to purchase COGEN/MP was part of its strategic business plan to provide the highest level of customer service in the industry," said Mike Nemeth, executive vice president of the Americas Insurance Division within CSC's Financial Services Group. "The beginning of this 10-year partnership with CSC reflects North Carolina Farm Bureau's long- term, proactive commitment to its customers and trust in COGEN/MP."
CSC's Financial Services Group offers an array of business and technology solutions that support the complex requirements of the evolving global financial services industry. CSC's financial services solutions portfolio encompasses a range of consulting, systems integration and outsourcing services; a comprehensive collection of financial services application software; and an extended network of industry and technical partnerships. Drawing on these proven solution components, CSC helps financial institutions achieve their strategic objectives in such key areas as customer value management, delivery channels, product innovation and speed to market, mergers and acquisitions, and operational efficiency. Customers include more than 1,000 banks, insurers, investment firms, consumer finance companies and other major financial services organizations around the globe.
CSC had $6.9 billion in revenues for the 12 months ended July 3, 1998. Headquartered in El Segundo, Calif., the company has 45,000 employees in 700 offices worldwide and provides clients with a wide range of professional services, including management consulting, information systems consulting and integration, and operations support. More information about Computer Sciences Corporation is available at www.csc.com.