CSC Expands Insurance Business Analytics Offering to Meet Growing Demand
News Release -- May 25, 2010
Insurance, Annuity and Self-Insured Firms License CSC Software to Improve Decision-Making
FALLS CHURCH, Va., May 25 -- CSC (NYSE: CSC) today announced it has expanded its Insurance Optics Business Analytics software to include additional industry-specific analytical tools in response to the growing demand for business intelligence (BI) solutions in the insurance, annuity and self-insurance markets. In the past year, 12 life insurance, annuity, and property and casualty insurance carriers have selected Business Analytics, while an additional 25 self-insured firms have licensed the software in that same timeframe. The software is a part of CSC’s Insurance Optics family of business intelligence products and helps firms track key metrics and proactively address rapidly changing market conditions.
Business Analytics, which leverages SAP® BusinessObjects Enterprise and Xcelsius Enterprise solutions, now offers a robust set of reports for each market, and in total more than 300 industry-specific analytical reports and pre-built interactive dashboards across all three markets. These new tools will help carriers to focus resources on the most promising lines of business, capitalize on the most effective distribution channels, determine market share by customer type, increase premium persistency and expand the average number of products per customer. In addition, the tools will enable companies to respond more efficiently to the tightening regulatory environment, which is likely to heighten the need for ad hoc reporting and analysis to satisfy audit and compliance requests.
“Innovative and visionary insurers are increasingly adding more BI and analytics capabilities to gain heightened intelligence into operational, customer and underwriting trends, as well as improve their regulatory reporting capabilities,” said Kimberly Harris-Ferrante, vice president, distinguished analyst and IR chief of Research, Gartner. “Having more-powerful analysis capabilities will aid insurers in risk avoidance, improved underwriting profitability, better customer intelligence and more-accurate marketing and campaign management. Investments in BI and analytics overall are rising and expected to continue to rise during the next five years.”
“Using the new tools within Business Analytics, insurers have a cost-effective, timely and accessible way — one that is now even more vertically focused — to gain insight from the volumes of data available in their systems,” said Ray August, president of CSC’s Financial Services Group. “We will continue to expand our analytics software to help insurance and annuity providers, as well as self-insured firms, achieve long-term success by tapping into the knowledge hidden in their data.”
For more information on Business Analytics and the other Insurance Optics solutions, visit www.csc.com/insuranceoptics.
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. The company has been recognized as a leader in the industry, including being named by FORTUNE Magazine as one of the World’s Most Admired Companies for Information Technology Services (2010). Headquartered in Falls Church, Va., CSC has approximately 94,000 employees and reported revenue of $16.1 billion for the 12 months ended April 2, 2010. For more information, visit the company’s Web site at www.csc.com.