CSC Client Lincoln Financial Group Wins Celent Model Insurer Designation
News Release -- April 21, 2011
Nationally Ranked U.S. Life Insurer Recognized for Effective Use of Technology
FALLS CHURCH, Va., April 21 – CSC (NYSE: CSC) announced today that its U.S. insurance client, Lincoln Financial Group, was named a Celent “Model Insurer” in the area of information technology (IT) management. Lincoln Financial is ranked in the top 10 life insurers by A.M. Best, according to total assets and net premiums written. This selection marks the fifth consecutive year that Celent, a financial services technology research and consulting firm, has showcased insurers using CSC software to support industry best practices.
In the report, Celent Model Insurer 2011: Case Studies of Effective Technology Use in Insurance, Lincoln Financial was recognized for multiple projects the company launched following its 2006 merger with Jefferson Pilot Financial to reduce system maintenance and operational costs, simplify its IT and operational environment, accelerate product introductions and improve the management of producer and customer data.
Lincoln Financial’s consolidation project involved more than 1.2 million policies across 13 administrative systems. A more streamlined infrastructure resulted in significant cost savings, as well as improved customer service, product development and operational efficiency. In addition, the migration of Lincoln’s universal life, indexed universal life and variable universal life insurance products from three of CSC’s VANTAGE-ONE systems, plus a fourth legacy system, to a current version of the VANTAGE-ONE platform and implementing CSC’s VP/MS rules engine to externalize critical tax compliance calculations will allow for more efficient support and maintenance and improved accuracy rates. Other enhancements included consolidating four imaging and workflow systems onto one AWD platform.
The company is also implementing CSC’s Customer Service Accelerator to standardize front-end operations. Customer Service Accelerator will connect Lincoln’s remaining administrative platforms, providing a holistic view of the company’s policyholders, consolidating activity reporting and enabling a more robust customer service experience.
“The vision for Celent’s Model Insurer research is to try to answer an apparently simple question: ‘What would it look like for an insurer to do everything right with today’s technology?’” said Mike Fitzgerald, senior analyst, Celent. “Lincoln was chosen for Model Insurer because of the best practices of optimization of infrastructure, improved risk management and higher productivity / lower staff expenses.”
“We salute Lincoln for its selection as a Celent Model Insurer,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “Lincoln is a true innovator in insurance technology, engaging in transformational projects that have improved the company’s efficiency, timeliness and accuracy and lowered its system maintenance and operational costs. These successful implementations positioned the company to launch additional strategic initiatives with CSC that provide a more robust customer service experience for Lincoln’s policyholders and producers.”
For more information about CSC’s software and services for the life insurance, annuities and pensions market, visit www.csc.com/life_annuities_and_pensions.
About Lincoln Financial Group
Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. With headquarters in the Philadelphia region, the companies of Lincoln Financial Group had assets under management of $157 billion as of December 31, 2010. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life and disability insurance; 401(k) and 403(b) plans; savings plans; and comprehensive financial planning and advisory services. For more information, including a copy of our most recent SEC reports containing our balance sheets, please visit www.LincolnFinancial.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 (2010). 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.