CSC Releases Insurance Industry Data Model 3.0 as Foundation for Effective Business Intelligence
News Release -- September 15, 2010
Deep Insurance Expertise Feeds Modern, Global Model for Insurance
FALLS CHURCH, Va., Sept. 15 – CSC (NYSE: CSC) today released version 3.0 of its Insurance Industry Data Model, which unifies multiple sources of data into a complete, logical representation of data across an insurance enterprise, providing the foundation for insurers to gain better insights into their business for improved decision-making. The model is a licensable offering within CSC’s Insurance Optics suite of business intelligence solutions that can be complemented with CSC’s master data management and data governance consulting services. It has expanded to include all the necessary data attributes for the global insurer, covering all lines of life insurance, annuities, pensions, and property and casualty/general insurance business.
The modern data model built using IBM’s information management platform accelerates the extraction, transformation and provisioning of data from CSC core systems, in addition to third-party and other disparate sources. It is a comprehensive operating framework that provides durability and traceability essential to critical functions such as regulatory compliance and financial transparency. The model reflects CSC’s deep insurance expertise and up-to-date industry best practices to organize and relate data in a usable form by both business and IT communities.
The Insurance Industry Data Model has 400 tables spanning more than 35 subject areas that include 7,000 distinct data attributes that can be bundled for licensing. CSC’s unique organization and packaging approach provides insurers with unprecedented content flexibility for agile deployment. The data model was first released in February 2009 to provide the structured data hub framework for a China-based life insurer deploying CSC policy administration software across provinces.
“Insurers with complex environments, providing market-leading products to customers in disperse geographies, will find it difficult to run enterprise reports and assess cross-company trends without having a common data language,” said Kimberly Harris-Ferrante, vice president, distinguished analyst, Gartner. “A single ‘view of the truth’ across the insurance enterprise, including customer profiles, policies and claim information, is essential to maximizing the value that can be derived from data.”
“For business agility in today’s economic environment, insurers need to understand the underlying business levers that drive their product, distribution, risk, business efficiency and financial performance,” said Ray August, president of CSC’s Financial Services Group. “This model is based on our 30 years of experience helping more than 500 insurance clients reduce costs, improve productivity and achieve their business objectives.”
For more information, 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. Headquartered in Falls Church, Va., CSC has approximately 95,000 employees and reported revenue of $16.2 billion for the 12 months ended July 2, 2010. For more information, visit the company’s website at www.csc.com.