CSC Receives 'Positive’ Ratings in Life Insurance Policy Administration Marketscope Report
News Release -- July 21, 2010
FALLS CHURCH, Va., July 21 – CSC (NYSE: CSC) today announced that its Wealth Management Accelerator and CyberLife software for life insurance and annuity providers received “Positive” ratings in Gartner’s MarketScope for North American Life Insurance Policy Administration Vendors report, authored by Steven Leigh, a Gartner principal analyst.
CSC is one of 11 insurance software vendors whose 12 policy administration systems were evaluated by Gartner. No system received a higher rating than “Positive.” According to the report, “upgrading or replacing aging core policy administration systems has become an important requirement for increasing business, and many insurance companies are pursuing a strategy of minimizing the number of policy administration software systems or, if possible, deploying a single enterprise solution.”
“The fact that CSC signed five new policy administration systems deals in 2009 indicates insurers are looking to simplify their systems environment, speed and enhance support for new products and services, and improve customer service,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “Whether an insurer’s focus is reinventing processes to improve the customer experience or launching bold new products, CSC’s policy administration solutions provide function-rich, comprehensive support that will help companies accomplish their strategic goals and reduce the risks associated with a system replacement.”
The report includes only the vendors who “demonstrated clearly identified multiple-function applications and/or corresponding modules to serve a diverse market of life insurance and annuities for core policy administration,” defined as the management and maintenance of policy values, customers and transactions. The vendors “must offer their clients differentiating value in price, flexibility, services or demonstrated expertise. Included in this year’s MarketScope are only vendors with six or more production customers, three of which must be Tier 1 or Tier 2 customers in North America.” Criteria for the ratings include market understanding, offering strategy, product/service and overall viability.
Two CSC solutions are rated in the report. Wealth Management Accelerator is a comprehensive system for companies to rapidly launch new products and enable policy owners to freely move between accumulation and distribution in a single contract. Also included is CyberLife, a Web-enabled, real-time system that supports both traditional and non-traditional North American life and annuity products. It offers full processing, regulatory support, correspondence, billing and collections, commissions and financial reporting.
About the Gartner MarketScope
The MarketScope is copyrighted June 23, 2010 by Gartner, Inc. and is reused with permission. The MarketScope is an evaluation of a marketplace at and for a specific time period. It depicts Gartner’s analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the MarketScope, and does not advise technology users to select only those vendors with the highest rating. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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 website at www.csc.com.