CSC Unveils Software to Accelerate Claims Processing for Insurers and Other Claims-Handling Entities
News Release -- May 09, 2012
RISKMASTER Accelerator with Pre-loaded Business Rules Engine Builds on CSC Expertise in End-to-End Claims and Risk Management
FALLS CHURCH, Va., May 9 – CSC (NYSE: CSC) today unveiled RISKMASTER Accelerator, an end-to-end claims system developed to improve claims processes for any North American entity handling property and casualty claims, including carriers, third-party claims administrators, municipalities, managing general agents, insurance pools and self-insured companies. The new offering is a combination of CSC’s RISKMASTER platform, a single system that more than 450 companies from a variety of industries use for risk and claims management, and CSC’s Advanced Claims software for North American insurers.
“After a thorough evaluation of the claims marketplace, discussion with clients and analysis of our software assets, we decided to invest in a common claims solution for the future to help our clients advance their claims processing capabilities,” said Jeffery Schwalk, president of CSC’s Property and Casualty Insurance Division. “The result is RISKMASTER Accelerator.”
RISKMASTER Accelerator, with a pre-loaded business rules engine, enables users to automate and streamline the claims process from first notice of loss to payout, ensuring timely, accurate and consistent customer interactions and loss payments while providing management insight and improved expense control. The application is built on a highly configurable, multilingual, multicurrency, fully Web-based service-oriented architecture for fast implementation on premises, in a CSC-hosted environment or as software as a service (SaaS). The application is integrated with CSC’s mobile and analytics capabilities, as well as with CSC’s Legal Solutions Suite.
“In a competitive environment, companies are continuously identifying ways to reduce costs, grow profits, retain customers and grow their customer base through improved claims and customer service interactions,” said Kimberly Harris-Ferrante, vice president and distinguished analyst at Gartner. “Adoption of modern claims management systems can provide significant value, including lower total cost of ownership when legacy systems are decommissioned, faster rules and workflow changes, easier integration with surrounding systems and improved long-term maintenance.
“Today’s claims departments, challenged with doing more with less, need to improve their processes and capture those efficiencies in day-to-day operations,” said Ed Charlton, vice president of CSC’s Property and Casualty Insurance Division in charge of claims solutions. “CSC’s RISKMASTER Accelerator offers all the features and benefits of today’s modern software with unmatched tool capabilities and the added strength of a client base that’s nearly 500 strong. The system is a natural fit for companies of all sizes to enhance the customer experience, improve the management of claims loss payment and loss adjustment expenses and streamline efficiency by shifting more control to business owners.”
CSC is developing customized migration plans for existing clients, as they schedule their move to RISKMASTER Accelerator. In addition, maintenance and support will continue for Advanced Claims and RISKMASTER, reflecting their importance to many of the nation’s risk and claims departments.
For more information about RISKMASTER Accelerator, visit www.csc.com/riskmaster_accelerator_carrier.
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.