CSC Licenses Product Accelerator to Jackson
News Release -- February 27, 2012
Nationally Ranked Life Insurer Leverages System to Centralize Product Management
FALLS CHURCH, Va., Feb. 27 – CSC (NYSE: CSC) today announced that Jackson National Life Insurance Company® (Jackson®) of Lansing, Mich., one of the nation’s top 20 life insurance companies, as ranked by A.M. Best, has licensed Product Accelerator, CSC’s product configuration software for North American life insurance and annuity firms. Jackson will use the application to build a flexible content repository for product-related information residing in various systems throughout the company, eliminating redundant data entry and increasing efficiency and reporting capabilities for compliance purposes.
By isolating product configuration outside policy administration systems, Product Accelerator centralizes information and provides a life insurer with a single point of access to customize, update and maintain product tables throughout the enterprise. It also allows carriers to introduce new products faster and with greater ease, and to monitor activities more closely for internal audit needs and external compliance requirements.
Product Accelerator supports the entire product life cycle with a comprehensive product library and centralized rules, calculations and documentation. In addition to a robust test facility and content management features, the software includes user interface wizards that allow business personnel to easily update tabular data and perform other functions with little or no involvement from IT staff.
“At Jackson, we implement solutions to reinforce the efficiency, quality and forward-thinking culture of our organization,” said Mark Clark, chief information officer, Jackson. “The result is a modern, service-focused environment supported by state-of-the-art technology and business processes. The decision to deploy Product Accelerator was the result of collaboration between business and IT to manage crucial data in the most effective way, enhancing our ability to introduce innovative products quickly in response to changing market demands.”
“The decision to shift table maintenance tasks to Product Accelerator is the kind of creative initiative that defines Jackson as a market leader,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “Backed by 30 years of experience in product definition, business logic, calculations and validation rules, Product Accelerator enables significant improvement in back-office functionality and fosters the agility needed to seize new business opportunities.”
A CSC client for nearly two decades, Jackson will use Product Accelerator in conjunction with other CSC systems, including CyberLife for policy management, PerformancePlus for agent compensation management and Repetitive Payment System (RPS) for administration of life insurance and annuity products maturing into the payout phase. For more information on Product Accelerator, visit www.csc.com/productaccelerator.
About Jackson National Life Insurance Company
With $115.7 billion in assets (IFRS)*, Jackson National Life Insurance Company (Jackson) is an industry leader in variable, fixed and fixed index annuities. The company also offers life insurance and institutional products. Jackson markets its products in 49 states and the District of Columbia through independent and regional broker-dealers, financial institutions and independent insurance agents. Jackson’s subsidiary, Jackson National Life Insurance Company of New York®, similarly markets products in the state of New York. Through its affiliates and subsidiaries, Jackson also provides asset management and retail brokerage services. For more information, visit www.jackson.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 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.
*Jackson has $115.7 billion in total IFRS assets and $105.5 billion in IFRS policy liabilities primarily set aside to pay future policyowner benefits (as of 6/30/11).