CSC Receives “Positive” Ratings in North America Life Insurance Policy Administration MarketScope Report
News Release -- September 05, 2012
CSC’s Wealth Management Accelerator and CyberLife Software Products Recognized by Leading Industry Analyst Firm
FALLS CHURCH, Va., Sept. 5 – CSC (NYSE: CSC) today announced that its Wealth Management Accelerator and CyberLife software products for life insurance and annuity providers received “Positive” ratings in Gartner’s June 21, 2012, MarketScope for North American Life Insurance Policy Administration Vendors report. Wealth Management Accelerator and CyberLife are CSC’s leading policy administration systems for North American life insurance and annuity providers, supporting the broadest spectrum of traditional and innovative non-traditional insurance products and product features. CSC was rated with 13 other providers of life insurance policy administration systems.
Each qualifying vendor was required to have six or more production customers, with at least three well-known Tier 1 or Tier 2 customers in North America. According to the report, “While they are not allocating significant new budget funding for product and distribution development yet, insurers are revisiting product and distribution growth plans, and Gartner expects greater financial investment in 2012. Many of these growth plans require new products, new distribution channel relationships and services, new underwriting models, and new customer service functions, fundamentally increasing the demand for new policy administration solutions.”
“Interest in policy administration solutions remains high as insurers consolidate policy administration solutions, reduce legacy systems, demand more flexibility and position themselves for growth,” writes Steven Leigh, author of the report and principal analyst at Gartner. “North American life insurers would be better served to evaluate vendors based on the functionality and configurability of the platform, and the proven performance of the vendor.”
“Hundreds of life and annuity companies around the globe rely on CSC’s policy administration systems, and our client community continues to grow,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “CSC is committed to helping insurers achieve operational success by providing frequent technical and functional system enhancements, ensuring a solid evolutionary path.”
Wealth Management Accelerator manages group and individual, qualified and non-qualified, fixed and variable life insurance and annuity products and includes functionality for customer-centric processing; premium billing and collection; and customer service, such as value quotes, loans, withdrawals and benefit payments. For more information, visit www.csc.com/wealthmanagementaccelerator.
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.
Both Wealth Management Accelerator and CyberLife can be installed on premises or hosted in our business process service centers. For more information on CSC’s business process services offerings, including business process outsourcing, visit www.csc.com/insurancebps.
About Gartner’s MarketScope
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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 96,000 employees and reported revenue of $15.8 billion for the 12 months ended June 29, 2012. For more information, visit the company’s website at www.csc.com.