CSC Licenses Wealth Management Accelerator Software to Nationally Ranked Life Insurance and Annuity Carrier
News Release -- December 16, 2010
Comprehensive Software Chosen to Simplify Complex Environment, Improve Customer Service
FALLS CHURCH, Va., Dec. 16 – CSC (NYSE: CSC) today announced that one of the nation’s top 10 life and annuity providers, as ranked by AM Best, has licensed CSC’s Wealth Management Accelerator software that simplifies information technology (IT) maintenance by providing a single comprehensive administration system for both asset accumulation and disbursement. The carrier, which has grown rapidly as a result of mergers and acquisitions, selected the platform as part of its corporate strategy to consolidate systems and streamline its IT environment to improve operational efficiencies and provide better service to its producers and customers. The company is the second carrier to license Wealth Management Accelerator in a 30-day timeframe.
Under the seven-year agreement, the insurer will use Wealth Management Accelerator, which combines policy administration and repetitive payment systems into a single platform, to rapidly launch innovative variable life insurance and annuity products. The new software will be integrated with AWD, its business process management system; CSC’s PerformancePlus, the company’s compensation management system, as well as with CSC’s Customer Service Accelerator, which provides a single view of the carrier’s customers.
“As the economy recovers, we are seeing an uptake in carriers moving forward with their policy administration projects,” said Chad Hersh, Insurance principal for Novarica, an advisory and research firm. “Whether the purpose is consolidation of existing systems, replacing an existing system, or simply adding a new product or line of business, insurers need technology that enables them to take advantage of new opportunities and meet customer and producer expectations.”
“With an increasing number of active retirement-age consumers, life insurance and annuity companies are adopting strategies to quickly respond to the changing business environment,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “CSC collaborated with leading insurers and annuity providers to develop an industry-focused solution that supports those strategies. With externalized rules and calculations and a proven, service-oriented architecture, Wealth Management Accelerator enables companies to process both accumulation and income on the same platform, resulting in lower operating costs, improved productivity and a more robust client experience.”
Wealth Management Accelerator manages group and individual, qualified and non-qualified, fixed and variable life and annuity products and includes functionality for premium billing and collection; and customer service, such as value quotes, loans, withdrawals and benefit payments. For more information, visit www.csc.com/wealthmanagementaccelerator.
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.