CSC Licenses nbAccelerator to Major Financial Services Company
News Release -- November 16, 2010
Integrated Solution to Accelerate New Business Processing, Cut Underwriting Costs
FALLS CHURCH, Va., Nov. 16 – CSC (NYSE: CSC) today announced that a diversified financial services company with more than $20 billion in assets has licensed nbAccelerator, CSC’s complete new business risk assessment and process management solution, to increase productivity and lower the cost of underwriting and issuing life insurance policies and annuity contracts.
The company, which serves policyholders and other clients through multiple insurance and assets management companies in geographically dispersed locations, is the second to license nbAccelerator in a 30-day period. The growing company also has renewed maintenance contracts with CSC for CyberLife, its policy administration system, and PerformancePlus, its compensation management system.
nbAccelerator combines underwriting automation, document management and production-proven work management on a single platform and enables straight-through processing to speed handling and eliminate the need for duplicate entry, resulting in greater accuracy, lower administrative costs and shortened time to issue.
“Whether adjudicating the entire case or determining the right requirements to order, straight-through processing can have a significant streamlining effect on new business. Some life insurers report cutting underwriting time and new business costs in half,” said Steven Leigh, a Gartner principal analyst. “The unique requirements of the life insurance new-business process demand specialized solutions delivered by vendors with a deep understanding of life insurance underwriting and new-business workflow.”
“In order to grow and compete in this dynamic marketplace, many insurers are seeking to optimize the new business process,” said Michael W. Risley, president of the Life Insurance and Annuity Division of CSC’s Financial Services Group. “With more than 30 years of experience providing innovative technology solutions to the insurance industry, CSC understands that need. Built for the business user, with a modern design and interface, nbAccelerator offers unparalleled processing speed while maintaining the integrity of risk assessment.”
For more information on CSC’s nbAccelerator, visit www.csc.com/nbAccelerator.
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 October 1, 2010. For more information, visit the company’s website at www.csc.com.