CSC Licenses Wealth Management Accelerator to Manage Income Annuity Offerings
News Release -- January 11, 2011
FALLS CHURCH, Va., Jan. 11 – CSC (NYSE: CSC) today announced it has signed a 10-year agreement with a diversified financial services company to license CSC’s Wealth Management Accelerator, a browser-based life insurance and annuity administration system that allows carriers to rapidly introduce wealth management features while streamlining the back-office administration of their products.
The firm will use CSC’s software to administer income annuities and structured settlements. The company will integrate Wealth Management Accelerator with AWD, a business process management system, and PerformancePlus, CSC’s incentive and compensation management system.
“Innovation in business processes is a key area for many insurance companies today, and the fact that companies are selecting modern policy administration systems illustrates this sea change in the industry's technology and business strategies,” said Craig Weber, senior vice president of the Insurance Group at Celent, a financial services technology research and advisory firm. “While traditional vendor selection projects focus on platforms and databases and the functionality that comes with a software purchase, choosing modern policy administration systems can help carriers sharpen their focus on business processes, ultimately enabling them to respond quickly to customer expectations and address product gaps.”
“With Wealth Management Accelerator, insurers can rapidly introduce innovative wealth management features in a single contract and then administer the policies with one system, simplifying IT maintenance and lowering costs,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “Firms implementing the software are also able to improve efficiencies in annuity administration, enhance workflow and advance customer service.”
For more information on Wealth Management Accelerator, 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.