CSC Extends Business Process Services Contract with Northstar Financial
News Release -- June 11, 2012
Customized Business Process Outsourcing Support from CSC Helps Global Insurer Administer Investment Products, Improve Customer Service
FALLS CHURCH, Va., June 11 – CSC (NYSE: CSC) today announced Northstar Financial Services Ldt., a Bermuda-based insurance company, has extended its business process services agreement for an additional five years. Northstar, which specializes in investment, insurance and annuity products designed to help non-U.S. citizens, uses CSC’s business process outsourcing (BPO) services to administer new investment products and reinforce superior customer service. The extension was signed in the first quarter of CSC fiscal year 2013.
Under the extension, CSC will continue to provide a customized BPO offering, including full back-office services and technical support, such as end-to-end policy administration, a bilingual English-Spanish customer call center, new business and payment processing, and commission handling for Northstar’s distribution partners and their investment advisors. Recent notable achievements in operational improvements include the ability to perform quality checks and auditing remotely, thereby reducing operational expenses and eliminating interim onsite audits. Additionally, a rapid launch of a new principal protected investment contract designed for affluent foreign nationals with an average premium exceeding $250,000 was completed and is now supported by CSC’s BPO operations.
“Our outsourcing relationship with CSC has enabled Northstar to cost-effectively modernize our operations, strengthening our ability to introduce new products quickly and enhance our existing variable and fixed product offerings,” said Gary M. Dombowsky, president, Northstar Financial Services Ltd. “With this contract extension, we will continue to benefit from CSC’s industry expertise, advanced technology and flexible service offerings.”
“CSC values its ongoing client relationships and offers a suite of services that can scale to deliver long-term cost performance and help them manage growth,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “With more than 30 years of experience in the insurance industry, CSC understands the technology needs of carriers of all sizes and continuously incorporates process innovation into its customizable BPO offering to provide a robust product environment and measurable efficiencies.”
CSC is a market leader for insurance business process services, offering standardized and virtual Business Process as a Service, traditional customized and dedicated BPO, and scalable staff augmentation. With these options, CSC’s domestic, regional and global clients have the flexibility to move seamlessly from model to model as their business needs change over time. Clients gain streamlined processes, services and systems; accelerated market entry; cost savings; and improved customer satisfaction. For more information, visit www.csc.com/lifebpo.
About Northstar Financial Services
Northstar Financial Services Ltd. (Northstar) is a global leader in offering innovative financial products to non-U.S. clients. Northstar's wholly owned subsidiary, Northstar Financial Services (Bermuda) Ltd. (Northstar Bermuda), is a Bermuda-based insurance company specializing in investment, insurance and annuity products designed to help non-U.S. citizens secure their financial futures. With headquarters in Hamilton, Bermuda, one of the top insurance markets in the world, Northstar manages approximately $500 million in client assets. For more information, visit www.northstarfinancialservices.bm.
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 $15.9 billion for the 12 months ended March 30, 2012. For more information, visit the company’s website at www.csc.com.