Swiss Re CyberComp Launches Insurance Business in 30 Days with CSC's BPO Solutions
Client: Swiss Re Commercial Insurance
Challenge: Acquire a new business and rapidly re-launch a Web portal for selling workers' compensation insurance
Solution: CSC's business process outsourcing (BPO) services
Results: Launched full back-office services in 30 days, provided full support for agents in 25 states and introduced rapid quoting and policy approval
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The CyberComp platform debuted in 1997 as the first Internet portal to give agents access to complete straight-through processing, including policy, billing and claim status — 24 hours a day, seven days a week. The Web site, supported by CSC’s business process outsourcing, became so successful that it was acquired by the former GE Insurance Solutions, now a part of Swiss Re Commercial Insurance. The company bought the CyberComp technology, intellectual capital and vendor contract rights, not the existing book of business, so re-starting the business was going to be a real challenge.
"We called CSC, as we've done in the past, and asked, 'Can you do all of this in such a short period of time?'" said Jeff Argotsinger, senior vice president for Swiss Re Commercial Insurance. "The answer the company received was, ‘We can do it.' And CSC did it. We issued the first policy 30 days after the acquisition."
Turnkey Back-Office Services
In less than a month, CSC’s BPO team set up all of the forms, rates, underwriting rules and accounts needed to establish CyberComp in every region of the United States. CSC’s customer service representatives were doing business on day one with the new telephone scripts, return e-mail addresses, CyberComp-branded correspondence and agency information.
Within six months, CyberComp wrote nearly 3,000 new policies representing $36 million in premium. Two years later, Swiss Re’s business has grown to more than $200 million in premium. Swiss Re has built a large field force of independent agents in 25 states. CSC handles all of the back-office processing, including accounting, policy administration, billing, claims reporting and customer service.
Internet Portal Pioneer
The key selling points of CyberComp are the convenience and speed of the company’s Internet portal that caters to independent agents in the small- to mid-sized workers’ compensation market. CSC developed self-service applications for the Web that allow agents to quote and bind business online, using automated underwriting rules set by the company. The CyberComp site was the foundation for CSC’s POINT IN Agency Link software, which is now used by nearly 50 P&C companies to help agents and customers perform transactions over the Web.
Answers in 10 Minutes or Less
"On average, it takes less than 10 minutes to enter policy information and receive the final rate from our CyberComp Web site, eliminating the delays inherent in paper applications, faxes, mail, telephone calls and visits," Argotsinger said. "Our agency customer knows immediately whether or not we’ve accepted the risk. They don't have to wait hours or days for an underwriter to get back to them. There are times our customer may not like the answer we give them: however, we give an accurate, consistent answer quickly."
