CSC AND TOWERS PERRIN OFFER FINANCIAL RISK INTELLIGENCE SOLUTION TO LIFE INSURANCE AND ANNUITY MARKET
News Release -- October 20, 2009
Enterprise Offering Helps Insurers Manage Financial Risk
FALLS CHURCH, Va., and STAMFORD, Conn., Oct. 20 -- CSC (NYSE: CSC) and global professional services firm Towers Perrin today announced the availability of Financial Risk Intelligence, a new offering to streamline financial risk and capital management analytics for U.S. life insurance and annuity enterprises. The solution combines CSC's Insurance Industry Data Model, consulting expertise and preconfigured integration tools with Towers Perrin's financial modeling software, methodologies and services.
Financial Risk Intelligence is an end-to-end solution that manages data from source systems directly to the financial modeling platform, enabling insurers to assess financial risk better, gain greater visibility into their data and its lineage, and satisfy regulatory and compliance demands. By automating data aggregation, transformation and cleansing through a centralized data source, the solution also eliminates the cost of ad hoc repositories. The insight gained from these analytics can help insurers refine reserves and improve actuarial operations and financial performance.
"The power of technology and its ability to aggregate and present data in a digestible form can transform a business," said Craig Weber, senior vice president, Celent, a financial services technology research and advisory firm. "Successful insurers recognize that fact and position themselves to make timely improvements in their businesses based on this intelligence."
"Current economic conditions are forcing critical actions by insurers, as their financial risk modeling assumptions, including the timeliness and quality of their data, are being closely scrutinized," said Michael W. Risley, president of the Life and Annuity Division within CSC's Financial Services Group. "Working with Towers Perrin, we are offering a comprehensive solution that enables clients to understand and manage their financial risk quickly, accurately and with auditable and repeatable results."
"Pressure from regulators, rating agencies and investors is motivating insurers to evolve their use of financial modeling, from periodic financial reporting to the ongoing management of risk and capital," said Mike Oxley, managing director, Towers Perrin's Software Solutions. “With Financial Risk Intelligence, we can help insurers bring trusted data from CSC systems to our Tillinghast Actuarial Software™, MoSes™ and RiskAgility™ financial modeling systems in increasingly useful time frames.”
About Towers Perrin
Towers Perrin is a global professional services firm that helps organizations improve their performance through effective people, risk and financial management. The firm provides innovative solutions in the areas of human capital strategy, program design and management, and in the areas of risk and capital management, insurance and reinsurance intermediary services, and actuarial consulting. Towers Perrin has offices and alliance partners in the United States, Canada, Europe, Asia, Latin America, South Africa, Australia and New Zealand. More information about Towers Perrin is available at www.towersperrin.com.
CSC is a global leader in providing technology-enabled solutions and services through three primary lines of business. These include Business Solutions and Services, the Managed Services Sector and the North American Public Sector. CSC's advanced capabilities include systems design and integration, information technology and business process outsourcing, applications software development, Web and application hosting, mission support and management consulting. Headquartered in Falls Church, Va., CSC has approximately 92,000 employees and reported revenue of $16.2 billion for the 12 months ended July 3, 2009. For more information, visit the company's Web site at www.csc.com.