CSC Licenses Wealth Management Accelerator to Global Financial Services Provider
News Release -- July 19, 2011
Comprehensive Administration System Speeds Product Introduction, Streamlines End-to-End Processes
FALLS CHURCH, Va., July 19 – CSC (NYSE:CSC) today announced that a global provider of life insurance, asset management, banking and general insurance products has licensed Wealth Management Accelerator for its growing U.S.-based investment management subsidiary. The software will enable the company, which manages billions in assets for institutional and high-net-worth investors, to quickly develop, launch and support new annuity payout products while offering clients more flexible options for taking periodic disbursements.
CSC’s client will also use Wealth Management Accelerator to simplify account management and IT maintenance through its single comprehensive administration system that handles both asset accumulation and disbursement. The software’s product-builder tool supports product rules and calculations through a series of formulas defined externally from the processing system. As requirements change, rules can be quickly modified to reflect new attributes, so that new products can be launched in days instead of weeks or months.
“Taking a forward-looking approach to IT planning is a critical success factor for insurers to improve their return on investment and investment decisions,” said Kimberly Harris-Ferrante, vice president and distinguished analyst at Gartner. “By ensuring that IT addresses the business top-line objectives via process improvements and cost savings, companies are better prepared for future business demands that differ from today’s manner of conducting business.”
“Faced with a myriad of business imperatives – from speed to market to ease of doing business, lower unit cost and product flexibility – life and annuity companies around the world are modernizing their policy administration systems,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “To date, 16 providers have licensed Wealth Management Accelerator and are taking advantage of the capability to rapidly introduce innovative wealth management features in a single contract and then administer the policies using the same system.”
Wealth Management Accelerator manages group and individual, qualified and non-qualified, fixed and variable life and annuity products, and includes functionality for customer-centric processing, premium billing and collection, and customer service, such as value quotes, loans, withdrawals and benefit payments. For more information, visit www.csc.com/wealthmanagementaccelerator.
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.