CSC Licenses Wealth Management Accelerator Software to Top 10 Canadian Life Insurer
News Release -- March 31, 2011
FALLS CHURCH, Va., March 31 – CSC (NYSE: CSC) today announced that one of Canada’s top 10 life insurance companies as ranked by A.M. Best, according to assets and net premiums written, has licensed Wealth Management Accelerator to administer its annuity payout business. The insurer, which offers a broad portfolio of financial products and services, plans to consolidate all of its payout accounts, currently processed on a number of different systems. Wealth Management Accelerator will enable the company to quickly develop, launch and support new annuity payout products while offering clients more flexible options for disbursement.
Chosen by five companies in the past four months, CSC’s Wealth Management Accelerator is a single, comprehensive administration system for both asset accumulation and disbursement. Because it reduces and simplifies IT maintenance, it allows insurers to rapidly introduce innovative wealth management features in a single contract and then administer the policies with one system. The software manages group and individual, qualified and non-qualified, fixed and variable life and annuity products. It includes functionality for general ledger accounting; premium billing and collection; and customer service, such as value quotes, loans, withdrawals and benefit payments.
“Increased speed to market and improved accessibility of data are top concerns for individual life insurance and annuity providers,” said Matthew Josefowicz, partner and managing director, Novarica. “It is not surprising that policy administration is the most common top priority area for 2011, since it is critical to these areas as well as improving distributor service. We expect to see more insurers converting to new policy administration solutions like Wealth Management Accelerator and others.”
“New products are continually being introduced that stretch or go beyond the capabilities of most payout systems,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “The technology behind Wealth Management Accelerator enables insurers to manage both aspects of the scenario, eliminating the need to support separate contracts after maturity. It is a clear choice for companies replacing their legacy applications and seeking greater agility.”
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 (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.