Vice President, Marketing
Financial Services Group
CSC’S VANTAGE-ONE SYSTEM ENHANCED FOR JAPANESE MARKET
News Release -- June 04, 2002Manulife’s Japanese Subsidiary First to Use Annuity System
EL SEGUNDO, Calif., June 4 -- Computer Sciences Corporation (NYSE: CSC) today announced that it has enhanced its VANTAGE-ONE® insurance and annuity administration system to support Japanese business requirements. Manulife Life Insurance Company (Japan), a subsidiary of Manulife Financial Corporation (NYSE: MFC) headquartered in Toronto, Ontario, is the first annuity user of the enhanced system, which is supporting Manulife’s recently introduced “ManuSolution” annuity. ManuSolution is one of Japan’s first tax-deferred, investment-type annuities.
CSC’s VANTAGE-ONE system administers more than half of the variable annuity policies sold in the U.S. To meet Japan’s business requirements, CSC tailored VANTAGE-ONE to support Japanese-language data storage, displays, transactions and reports, as well as Yen currency and tax compliance. CSC manages and operates the Japanese version of VANTAGE-ONE at its San Diego, Calif., data center, in support of Manulife’s employees in Japan.
“Manulife aspires to be the most professional life insurance company in Japan,” said Trevor Matthews, president and chief executive officer of Manulife Japan. “We are known as a leading provider of innovative products, and CSC helped us import that capability into our Japanese operation. CSC used its knowledge of annuities, Manulife and local requirements to deliver our Japanese annuity platform on time in less than one year.”
Supporting languages like Japanese, which uses a complex character set, requires fundamental architectural changes to computer systems built for languages that use Latin letters, such as English. Working with Manulife, CSC enhanced VANTAGE-ONE to support the complex character set, called “double-byte character set” or DBCS. With the enhancement, CSC can now readily adapt the system to support other Asian languages.
“CSC has extensive experience providing insurance software for the Japanese market and has supported Manulife USA’s annuities for more than 15 years,” said Jim Cook, president of CSC’s Financial Services Group. “Helping Manulife execute its strategy in Japan is a logical extension of our relationship. With this product enhancement, we are pleased to bring another market-leading processing platform to Asia.”
About Manulife Financial
Manulife Financial is committed to offering the highest quality annuity, life insurance, pension and tax-deferred college savings products to its U.S. clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing risk-adjusted returns and broad diversification across asset classes, investment styles and asset managers. With its broad product lines, competitive underwriting, excellent ratings and quality customer service, Manulife Financial is dedicated to providing quality products designed to help create and preserve wealth for its clients.
Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were US$92.1 billion (Cdn$146.7 billion) at March 31, 2002.
Computer Sciences Corporation, one of the world’s leading consulting and information technology (IT) services firms, helps clients in industry and government achieve strategic and operational results through the use of technology. The company’s success is based on its culture of working collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges.
Having guided clients through every major wave of change in information technology since 1959, CSC combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of global corporations and organizations. With some 67,000 employees in locations worldwide, CSC had revenues of $11.4 billion for the 12 months ended March 29, 2002. It is headquartered in El Segundo, Calif. For more information, visit the company’s Web site at www.csc.com.