CSC Awarded FEMA Contract for Full Flood Insurance Services
News Release -- June 01, 2011
IT Provider to Expand Services as National Flood Insurance Program Direct Servicing Agent with Vendor Solutions Suite and Mobile App
FALLS CHURCH, Va., June 1 – CSC (NYSE: CSC) today announced that the U.S. Federal Emergency Management Agency (FEMA) has awarded the company the National Flood Insurance Program (NFIP) Direct Servicing Agent (DSA) contract. The NFIP offers property owners in participating communities an insurance alternative to disaster assistance to address the escalating costs of repairing damage to buildings and their contents caused by flood. As the DSA, CSC provides full flood insurance business process services on behalf of FEMA to insurance agents, policyholders, lenders and other stakeholders, using FloodConnect, CSC’s flood insurance processing application. In addition, CSC provides DSA financial and statistical reporting for this five-year contract.
FloodConnect is a hosted application that uses workflow management to improve operational efficiency, simplify the rollout of new enhancements and streamline business processes. The components of the software, including claims and accounting, are reusable and are completely integrated. FloodConnect allows for real-time, online access to policy information and reports.
As part of this contract, CSC will also use its Vendor Solutions Suite software to enhance the DSA’s ability to track and efficiently manage claim-related activities. Using the software, CSC can assign claim work items to an adjusting company or directly to one of its individual adjusters. Then, the software tracks completion of tasks, manages and records associated communications, and finally rates the adjuster on the assignment. Another new addition to the DSA program includes a CSC mobile application, First Notice of Loss, which permits claims to be submitted directly from the field to an insurer via a smartphone. This app is one component of CSC’s family of insurance mobility offerings.
As the incumbent contractor, CSC has managed the NFIP Direct Servicing Agent contract since 2004. Under the program in 2010, CSC serviced more than $193 million in net premiums written and ended the year with $542 billion in insurance in force.
“We are committed to providing vital services on behalf of the U.S. government in support of public-private programs, such as flood insurance, that are important for the protection and wellbeing of Americans,” said Jeffery Schwalk, president of CSC’s Property and Casualty Insurance Division. “In order to efficiently and cost-effectively support the flood industry, we use sophisticated, Web-based technology specifically designed for the flood program, including new tools and technology designed to improve claims handling, such as Vendor Solutions Suite and our new mobile app for First Notice of Loss.”
CSC provides a wide array of services to the flood insurance industry from offering FloodConnect as a hosted application to complete insurance BPO services, including application capture, rating and quoting, policy issuance and management, billing and claims administration. FloodConnect also facilitates supporting services such as records management, quality assurance, training and customer service. As of the close of March 2011, CSC’s flood business process outsourcing team now manages more than $1 billion in flood insurance premiums, which represents approximately 30 percent of the available flood market. CSC’s flood clients include eight write-your-own carriers, including three of the top 10 insurance carriers writing flood. For more information, visit www.csc.com/floodconnect.
About CSC in Financial Services
More than 1,200 major banking, insurance, investment and wealth management, and securities firms rely on CSC's global financial services team to turn their ambitions into realities. With a track record for delivering software, consulting, and IT and business process outsourcing and services at scale, CSC brings a deep understanding of the financial services business and a collaborative culture to one of the industry's most engaged client communities. For more information, visit www.csc.com/financialservices.
CSC is a global leader in providing technology-enabled business solutions and services. Headquartered in Falls Church, Va., CSC has approximately 91,000 employees and reported revenue of $16.0 billion for the 12 months ended April 1, 2011. For more information, visit the company's website at www.csc.com.