CSC Named a Leading Provider in Celent’s 2011 Insurance Software Deal Trends Report
News Release -- September 08, 2011
Global IT Leader Tops Policy Administration Category in Life/Health/Annuity
FALLS CHURCH, Va., Sept. 8 – CSC (NYSE: CSC) today announced it has been named a leading provider in multiple categories of Celent’s 2011 Insurance Software Deal Trends report, published in two editions. Celent, a financial services technology research and advisory firm, ranked technology companies based on number of contracts signed in 2009 and 2010 and data on 1,764 deals with carriers during that period.
The Life/Health/Annuity edition of the report identifies CSC as the industry leader in policy administration with 48 percent of contracts. It also shows CSC as a top provider in the infrastructure/financial and distribution subcategories. The Property/Casualty edition identifies CSC as a leader in the infrastructure/financial subcategory and two core process functions: claims and policy administration.
The report includes a “Traction Index” to help insurers assess participating vendors according to their activity in the insurance vertical. The index represents a weighted score for each company based on the type and size of deals, as well as client size. Of the 45 companies participating in this year’s study, CSC ranked #7.
“Given the outlook of an extended period of low growth in the general economy, insurers are rethinking their corporate objectives and strategies,” said Mike Fitzgerald, senior analyst of Celent’s insurance practice. “Our research indicates that insurers are risk-averse in this environment and are sticking with vendors with whom they already have a relationship.”
“For decades, CSC has helped carriers around the world improve agility, achieve greater market share, accelerate product development and speed to market, launch new lines of business, enter new markets and enhance customer service,” said Ray August, president of CSC’s Financial Services Group. “CSC’s deep understanding of insurers’ needs, ongoing client communication, long-standing commitment to the industry and extensive investment in solution development will ensure our continued leadership in the global insurance market.”
The Deal Trends reports provide readers with a snapshot of leading software vendors in the insurance vertical and insights into functions that carriers are targeting for investment. They were written as independent reports for Celent’s insurance research subscribers and were not sponsored or directed by CSC or any other company. For more information on Celent’s reports, visit www.celent.com.
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.