CSC Licenses Wealth Management Accelerator, Business Analytics to Ohio National
News Release -- February 16, 2010
Life Insurer Chooses Latest Systems to Manage Policy Administration and Data Analysis
FALLS CHURCH, Va., Feb. 16 -- CSC (NYSE: CSC) today announced that Ohio National Financial Services of Cincinnati, Ohio, signed a 10-year contract to license and support two comprehensive insurance software offerings from CSC. Ohio National will use CSC’s Wealth Management Accelerator for life insurance policy, annuity administration and potentially for administration of other lines of business such as disability income. Ohio National will use CSC’s Insurance Optics Business Analytics to access and analyze commission and policy information.
With Wealth Management Accelerator, insurers like Ohio National can rapidly introduce innovative wealth management features in a single contract and then administer the policies with one system. The software manages group and individual, qualified and non-qualified, fixed and variable life and annuity products and includes functionality for general ledger accounting; premium billing and collection; and customer service, such as value quotes, loans, withdrawals and benefit payments.
Business Analytics software and services, which leverage SAP® BusinessObjects™ XI solutions and are part of CSC’s Insurance Optics offerings, allow insurers to quickly monitor business results and their drivers. The software displays critical data in a report or dashboard view with interactive filters, sliders and gauges that make it easy to drill down and reveal specific causes of particular outcomes.
“With a record-setting 20 years of consecutive life insurance sales growth, Ohio National maintains focus on operational discipline and risk management,” said Al Bowen, senior vice president and chief information officer, Ohio National. “By selecting Wealth Management Accelerator to manage both asset accumulation and disbursement and Business Analytics to predict trends and track key metrics, we are well positioned to respond to the changing demands of our distributors and policyowners.”
“Ohio National has experienced great success maintaining their A+ rating throughout the financial crisis,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “CSC provides modern, highly integrated solutions to help this growing company and others meet current and emerging business needs in administering an increasingly diverse product line and in managing business intelligence across the enterprise.”
Ohio National will integrate Business Analytics with Wealth Management Accelerator, as well as its existing systems, including CSC’s VANTAGE-ONE administration software and PerformancePlus, an incentive compensation management system. Business Analytics incorporates this data with data from external sources for powerful, fact-based decision-making.
About Ohio National
Tracing its corporate origins to 1909, Ohio National today markets a variety of insurance and financial products through more than 40,000 representatives in 47 states (all except Alaska, Hawaii and New York), the District of Columbia, Puerto Rico and through subsidiary operations in Santiago, Chile. As of December 31, 2008, its affiliated companies have $21.6 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Voted Cincinnati’s “Best Place to Work” (large category) by the Business Courier (November 2003) and “25 Best Medium-Sized Companies to Work for in America” by the Great Place to Work Institute (June 2004), Ohio National has more than 850 corporate headquarters associates. Visit www.ohionational.com for more information.
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 system 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 $16.0 billion for the 12 months ended Jan. 1, 2010. For more information, visit the company’s Web site at www.csc.com.
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