CSC’s Next-Generation Insurance Business Process Services to Speed Market Entry
News Release -- June 07, 2011
CSC Preconfigures Standardized Life Insurance Products
FALLS CHURCH, Va., June 7 – CSC (NYSE: CSC) today previewed at its Connect for Life and Annuity users conference new life insurance services designed to eliminate market entry barriers, optimize application submission and underwriting processes, and enhance operational performance. These services combine CSC’s fully loaded, end-to-end insurance systems and traditional business process outsourcing (BPO) service options with CSC’s Business Process as a Service (BPaaS) delivery model, including a portfolio of standardized, simplified, ready-to-file term life products, whole life plans, a universal life product and a fixed annuity.
The initial offering, Life as a Service, is primarily designed for firms whose core offerings do not include basic life insurance products, such as duly authorized property and casualty writers with the need to provide life products for their distributors; banks with life insurance affiliates that want to offer a broader spectrum of financial products; healthcare insurers that are permitted to offer a life product; and life insurers that may want to establish a new line or distribution channel in record time. Life as a Service offers very low market entry costs with usage-based pricing and an annual renewable contract term to provide maximum flexibility.
“Making IT more flexible and responsive enables financial services firms to adjust to rapidly changing economic conditions and to reach new markets,” said Matthew Josefowicz, partner and managing director of Novarica. “These firms should be considering new models to access technology in order to deliver new products faster and more efficiently.”
“Life as a Service is an innovative offering that packages competitively priced insurance products with CSC’s end-to-end BPO services to offer the fastest way to launch life lines of business with minimal upfront costs,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “It embodies all of the advantages of an ‘as a Service’ solution, including flexible pricing, and expands our portfolio of insurance offerings.”
Business Process Services is a new category of offerings that encompasses business process outsourcing (BPO) and business process as a service (BPaaS). CSC’s continuum of business process services, including process transformation, application services and global labor provisioning, provides maximum flexibility to optimize the factors of most strategic value to clients – such as customization of services, systems and processes; speed to market; and cost.
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.