CSC Receives XCelent Awards for North American Life Insurance Policy Administration
News Release -- February 13, 2012
Celent Report Highlights CSC’s CyberLife as a Leader in Service, Customer Base
FALLS CHURCH, Va., Feb. 13 – CSC (NYSE: CSC) today announced it received the XCelent Service 2011 and XCelent Customer Base 2011 awards for life insurance policy administration from Celent, a research and consulting firm. The awards are based on the firm’s assessment of CSC’s CyberLife, a comprehensive policy administration system for life and annuity products, as compared to other offerings profiled in a Celent report titled, “North American Policy Administration Systems 2011: Life, Annuities, and Health ABCD Vendor View.”
The report uses Celent’s proprietary framework called the ABCD Vendor View to profile and benchmark 18 policy administration systems in use for life, health and annuities products, with 15 full profiles and three limited profiles. Vendors with the highest score in each category are recognized as XCelent award winners. CSC’s CyberLife led the “Customer Base” and “Depth of Service” categories following an analysis of the number of U.S. and Canadian insurers using the system for life insurance or annuity lines of business, the number of new clients in the past two years, the size and experience of CSC’s professional services and support team, and users’ implementation experiences.
“Selecting a new policy administration system is a difficult and time-consuming process, and one that a carrier will hopefully only need to endure once a decade at most,” said Craig Weber, Celent chief executive officer and co-author of the report. “Celent recommends that life insurers define and rank priorities around four major key decision elements: functionality, technology, experience and momentum. There is value and safety in working with a vendor that offers functionality to meet long-term strategic objectives, provides technological flexibility, successfully supports a vibrant user community and has a fresh revenue stream from recent buyers.”
“Recognition by Celent of our commitment to delivering superior service and meeting the technology needs of a large customer base is a testament to our continued investment in the CyberLife platform,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “With 40 users in production in North America and an estimated 19 million covered lives, CyberLife can be modified to accommodate nearly any business requirement.”
CyberLife is a Web-enabled system that supports the industry’s broadest spectrum of life insurance and annuity products and features. CyberLife provides cost-effective administration and functionality from new business through claims processing, including product definition, new business/underwriting, administration, billing and collection, distribution management, correspondence and reporting. For more information, visit www.csc.com/cyberlife.
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 98,000 employees and reported revenue of $16.0 billion for the 12 months ended December 30, 2011. For more information, visit the company’s website at www.csc.com.