Top-10 US Insurer to Implement CSC’s Wealth Management Accelerator
News Release -- March 09, 2011
Industry Leader to Gain Flexibility with Comprehensive Annuity Support
FALLS CHURCH, Va., March 9 – CSC (NYSE: CSC) today announced that one of the nation’s top 10 life insurance and annuity companies, as ranked by A.M. Best according to assets and net premiums written, is implementing CSC’s Wealth Management Accelerator and migrating a block of annuity contracts to the platform. The software will enable the company, which offers a range of immediate and deferred annuity products, to manage both asset accumulation and asset disbursement on the same system.
“Legacy systems are one of the main roadblocks for insurance companies when transforming their business operations or adding new products,” said Kimberly Harris-Ferrante, vice president and distinguished analyst at Gartner. “Many companies are showing interest in replacing legacy applications with new, modern policy and claims management/administration systems to overcome those challenges. The ultimate goal is flexible systems on a sustainable platform.”
“Life insurance and annuity providers place a high priority on customer service as well as on operating cost reduction,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “CSC’s Wealth Management Accelerator can help them do both. The software enables carriers to simplify back-office processes and reduce IT maintenance costs, while also improving customer service by administering policies and payouts effectively and by providing immediate access to producers and policyholders to online transactions.”
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 (2011). Headquartered in Falls Church, Va., CSC has approximately 93,000 employees and reported revenue of $16.2 billion for the 12 months ended Dec. 31, 2010. For more information, visit the company’s website at www.csc.com.