CSC Teams with BioSignia to Offer Life Insurers, Reinsurers Predictive Underwriting Technology
News Release -- April 11, 2011
IT Leader to Host Science-Based Mortality Assessment Tool as Cloud-Based Service
FALLS CHURCH, Va., April 11 – CSC (NYSE: CSC) today announced it has signed an alliance agreement with BioSignia, a privately held science and technology company located in Research Triangle Park, N.C., to offer North American life insurers and reinsurers Mortality Assessment Technology (MAT), a patented, science-based predictive underwriting tool developed by BioSignia. Under the agreement, CSC will host MAT as a secure cloud-based service, while BioSignia will continue to own, maintain and enhance the intellectual property.
With more than $55 million invested in its development, MAT is designed to deliver superior underwriting results. Using a patented algorithm, MAT evaluates underwriting data and more accurately assesses mortality for each insurance applicant. MAT incorporates relevant medical studies, evaluates each individual’s risk in totality and offers insurers the flexibility to adapt MAT for use with their own underwriting criteria. MAT technology has conclusively demonstrated, in a number of industry-reviewed studies, the ability to significantly improve mortality predictions and enhance underwriting accuracy over traditional underwriting methods. The tool also allows for more accurate and favorable pricing, thereby increasing taken rates and reducing lapse rates.
“BioSignia chose CSC as its industry partner to offer MAT to life insurers and reinsurers in a way that’s easy and cost-effective to consume,” said John Williams, chairman and CEO at BioSignia. “Leveraging CSC’s knowledge of the underwriting process, straight through processing and hosted, cloud-based services will broaden the market for our cutting-edge predictive mortality assessment tool. Now MAT can be quickly deployed on a per-case basis with no up-front fees.”
“MAT has the potential to change the face of the life insurance and reinsurance industry,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “In an intensely competitive environment, underrating policies and charging higher premiums can result in a loss of market share and persistency. By hosting MAT as a secure cloud-based service, CSC will help insurers improve their underwriting and policy pricing accuracy — ultimately raising their profitability. Reinsurers using MAT will be more confident about the value of acquired books of business and can reflect such in their financials.”
Visit www.csc.com/MAT for more information about MAT, the market’s only scientifically validated underwriting tool using patented predictive analytics technology and commonly available underwriting data.
About BioSignia, Inc.
Headquartered in Research Triangle Park, N.C., BioSignia is a leading technology company focused on bringing innovative predictive modeling solutions to the insurance and preventive healthcare markets. Synthesis AnalysisTM, is a complex mathematical algorithm used by MAT, that accurately predicts the future health profile of a specific individual. This modeling capability represents a quantum leap forward in both risk assessment and disease prevention. In 2004, BioSignia received the award for Best Enabling Tool for Disease Management from DMAA: The Care Continuum Alliance. Since then, BioSignia’s talented R&D team has continued to advance synthesis modeling, continuously updating it to reflect the ever expanding need for better risk assessment as well as effective chronic disease prevention, management and treatment. For more information about BioSignia, visit: www.biosignia.com.
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.