CSC AND INSURANCE TECHNOLOGIES CREATE STRAIGHT-THROUGH PROCESSING PLATFORM FOR LIFE INSURANCE AND ANNUITIES
Computer Sciences Corporation (NYSE: CSC) today introduced a straight-through processing platform for life insurance and annuities that reduces the time to issue insurance policies and increases producer productivity. The new platform, which CSC created through an alliance with Insurance Technologies, a leading provider of illustration software, combines CSC’s nbAccelerator new business process management and risk assessment software with Insurance Technologies’ ForeSight Enterprise point-of-sale and illustration software.
(I-Newswire) - This integrated platform provides insurers with straight-through processing for life insurance and annuities from point of sale, through new business and underwriting, to policy administration. Producers in the field can now complete client needs analyses, create illustrations of projected policy values and submit client applications through the Internet or a local area network. Producers can also operate the software offline using a variety of hardware such as laptops and hand-held devices. When they reconnect, the software automatically updates their code with any new rates or components, and synchronizes client applications and illustrations. This gives producers the speed and flexibility to move between connected and disconnected states while retaining the information needed to issue a policy.
“This alliance strengthens both companies’ offerings,” said Steve Leigh, senior vice president, sales and marketing, for Insurance Technologies. “CSC’s leading market position, industry expertise and track record promise an attractive pairing with Insurance Technologies.”
“This solution builds on the new business processing innovation that CSC delivered with the introduction of nbAccelerator in 2003,” said Michael W. Risley, president of the Life and Health Division of CSC's Financial Services Group. “Collaborating with Insurance Technologies, a recognized leader in point-of-sale and illustration software, gives CSC another way to deliver new capabilities to our clients.”
The new platform uses ACORD XML industry standards, enabling seamless communication throughout the enterprise. It also incorporates CSC’s VP/MS common calculation and rules engine, which gives producers consistent values to apply across the policy lifecycle, including needs analysis, asset allocation, advanced sales concepts, product calculations, forms generation, application submission, hypotheticals, illustrations, in-force transactions and reprojections.
About Insurance Technologies
Based in Colorado Springs, Colorado, Insurance Technologies offers point-of-sale illustration software to the insurance and financial services industries. Its award-winning product, ForeSight, supports all product types, including Life, Health, Annuities, Mutual funds, Critical Illness, DI, and LTC – all on a single mobile platform.
About CSC
Founded in 1959, Computer Sciences Corporation is a leading global information technology ( IT ) services company. CSC’s mission is to provide customers in industry and government with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology.
With approximately 79,000 employees supporting continuing operations, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC's own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting. Headquartered in El Segundo, Calif., CSC reported revenue of $13.9 billion from continuing operations for the 12 months ended Dec. 31, 2004. For more information, visit the company's Web site at www.csc.com.
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