Life Insurance and Annuity Community Recognizes 2011 CSC Innovation Award Winners
News Release -- September 12, 2011
Awards Honor Advances in Productivity, Distribution and Customer Service
FALLS CHURCH, Va., Sept. 12 – CSC (NYSE: CSC) today announced the 2011 winners of its Innovation Awards, which acknowledge life and annuity companies for leadership in five areas: policy administration, global sourcing, distribution, operational excellence and social networking. The company’s North American client community nominated and selected the winners, who were honored in front of nearly 400 of their peers at CSC’s Connect for Life and Annuity conference in Marco Island, Fla.
Pacific Life Retirement Solutions of Newport Beach, Calif., won the Innovation in Policy Administration Award for enhancing CSC’s Wealth Management Accelerator policy administration system in new business quoting, calculation of modal benefits using complex rate-lock rules, contract inquiry, check/EFT interfaces, tax reporting and agent commissions. These modifications enabled Pacific Life to launch a new single premium immediate annuity product in half the expected time.
Lincoln Financial Group of Radnor, Pa., received this year’s Innovation in Distribution Award for successfully converting some of its aging legacy compensation systems to CSC’s PerformancePlus in support of the company’s objective to consolidate and streamline its distribution compensation technology environment. The company now has increased flexibility to meet distribution partners’ needs and enhanced ability to deliver more accurate and timely payments. Lincoln also won the Innovation in Operational Excellence Award for a project that involved its Group Protection Division converting 10 years’ worth of images and data to AWD, implementing new supporting infrastructure, training more than 1,000 users and developing more than 150 business processes in AWD. The effort also included deploying an internally developed search engine that scans more than 100 million records in less than a second.
Transamerica’s Annuity Division of Cedar Rapids, Iowa, received the Innovation in Global Sourcing Award for creating a staff augmentation model in both the technical service and business processing areas that operates in parallel to the firm’s own staff. This model uses CSC resources to increase project execution capacity on an as-needed basis by up to 15 percent, while ensuring that service level standards continue to be met. Transamerica expects to also recognize sizeable savings with the operations model that will be reinvested in key business areas.
Thrivent Financial for Lutherans of Appleton, Wis., won the WikonnecT/Social Networking Award for its contributions to CSC’s business-to-business social networking site, WikonnecT. Introduced almost three years ago, this collaborative site now has members representing approximately 1,500 insurance companies located around the globe.
“We applaud these leading companies for their transformational projects and accomplishments,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “Nearly every company in attendance at Connect for Life and Annuity cast votes, regardless of whether or not they had submitted a nomination. That fact alone speaks volumes about the vitality of and level of collaboration in this client community.”
For additional information about CSC solutions for life insurance and annuity companies, visit www.csc.com/life_annuities_and_pensions.
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.