CSC Rated ‘Positive’ by Leading Analyst Firm for Wealth Management Accelerator
News Release -- August 15, 2011
New Release of Life Insurance and Annuity Administration System Supports Innovative Product Features
FALLS CHURCH, Va., Aug. 15 – CSC (NYSE: CSC) announced that the latest generation of its Wealth Management Accelerator software was rated as “Positive” in Gartner’s June 28, 2011 MarketScope for North American Life Insurance Policy Administration Vendors report, authored by Steven Leigh, a Gartner principal analyst. CSC’s life insurance policy and annuity administration system enables insurers to quickly develop and launch new policies or annuity contracts, and then support the entire contract lifecycle, including the payout phase. The latest release, which became generally available in February 2011, includes a number of business enhancements, performance improvements and technical updates, which enable companies to provide greater support for innovative new life insurance and annuity products.
According to the Gartner MarketScope, “North American life insurers are increasingly interested in pursuing policy administration projects to reduce the number of legacy policy administration systems, consolidate policy administration solutions and prepare for business growth. Concerns about having the necessary people and skills to maintain legacy platforms, the lack of flexibility of their existing platforms, limited performance, and the ability to adapt to the service and product requirements of the future further contribute to the need that insurers see for new policy administration platforms.”
Wealth Management Accelerator, licensed by 16 leading life insurance and annuity providers to date, runs on multiple platforms with support for a range of operating systems, including Windows, Unix (AIX), Linux and zOS. Nontechnical users can make changes and reuse pre-configured rules without IT staff involvement. Enhanced business intelligence reports are available through the system’s prebuilt integration with Business Analytics, a component of CSC’s Insurance Optics family of business intelligence solutions. In addition, CSC supports integration with external calculations that are built within Product Accelerator, CSC’s product configuration software. The system can also connect with other external software using XML and ACORD standards.
Additional functions that support new life insurance and annuity products include:
- enhanced 403(b) reporting requirements in support of recently approved IRS regulations;
- expanded premium bonus for accumulation annuities;
- multi-fund, multi-tier shadow account support for universal life and variable universal life products;
- reinstatement of contracts with gaps in coverage for universal life and variable universal life products; and
- cost of living adjustments for payout products.
“With a long-standing commitment to the life and annuity industry, CSC continues to make extensive investments in enhancing our policy administration systems,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “More and more leading carriers are choosing Wealth Management Accelerator to improve agility, streamline operational efficiency and strengthen customer service. With the updates and new options now available, the system provides even greater support for companies’ growth objectives, whether they are acquiring blocks of business or expanding into new markets.”
Wealth Management Accelerator manages group and individual, qualified and non-qualified, fixed and variable life insurance 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. To read recently published case studies, go here.
About Gartner’s MarketScope
The MarketScope is copyrighted 2011 by Gartner, Inc. and is reused with permission. The MarketScope is an evaluation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the MarketScope, and does not advise technology users to select only those vendors with the highest rating. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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 93,000 employees and reported revenue of $16.2 billion for the 12 months ended July 1, 2011. For more information, visit the company's website at www.csc.com.