CSC Licenses Integral Insurance Software to Aviva India
Integral Components to Enable Life Insurer to Modernize Core Business
FALLS CHURCH, Va.--(BUSINESS WIRE)-- CSC (NYSE: CSC) today announced that Aviva Life Insurance Company India, based in Gurgaon, has licensed components of CSCs Integral insurance administration software suite. The contract was signed in the first quarter of CSC fiscal year 2013. As part of Aviva Indias business systems change program, Integral Life and other Web-enabled Integral components will replace the carriers existing core insurance system to help Aviva India market and serve life insurance customers through multiple channels, including agents, bancassurance partners and the Internet.
Over the next year, a CSC team will manage the implementation, migration, customization, training and testing of the Integral components. The systems scalable platform enhances operational performance, allowing Aviva India to increase productivity, improve service to customers and distributors, and pursue new opportunities quickly.
Insurance is a highly competitive industry, and we recognize the need to implement a robust product like Integral to better manage our operations, said Snehil Gambhir, chief operating officer, Aviva India. Integral will pave the way for faster product roll-out, enhanced customer service and more efficient processes, strengthening our position in the life insurance market.
This new agreement builds on a broader global relationship with Aviva, which has worked with CSC to transform business operations across the region, said Doug Benfield, vice president of CSCs Financial Services Group in Asia. With 200 clients in 40 countries, including more than 50 percent of the market share among private life insurers in India, Integrals highly flexible architecture helps to drive insurance business in new markets, meeting the needs of a diverse customer base.
CSCs long-term commitment to the insurance industry and proven, scalable core system give Aviva India confidence in the companys approach to insurance administration. Integrals broad and extensive functionality provides operational value to our internal and external stakeholders and will help Aviva India to prepare for both known and future insurance requirements, added Gambhir.
For more information, visit www.csc.com/integral.
Aviva Life Insurance is a joint venture between Dabur Group and Aviva Group. Current paid up capital amounts to Rs 2004 crore. Dabur Group is the 74% shareholder while Aviva Group holds 26%. Aviva Group is a UK based insurance company and one of the worlds oldest insurance Groups, with a history dating back to 1696. Prior to nationalization, Aviva was the biggest of the foreign insurers operating in the Indian market. Aviva has a customer base of 43 million across 24 countries. Aviva is committed to serving their customers well in order to build a stronger, sustainable business, which makes a positive contribution to society, and for which the employees are proud to work. For more information on the company, please logon to www.avivaindia.com. You can also follow Aviva India on Twitter on www.twitter.com/avivalifeindia.
About CSC in Financial Services
More than 1,200 major banking, insurance, investment and wealth management, and securities firms rely on CSCs 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 industrys 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 companys website at www.csc.com.
CSC Financial Services Group
Director, Media and Analyst Relations
CSC in India
Vijaya Lakshmi Kara
Senior Marketing Manager, India
Corporate Media Relations
Director, Investor Relations
Source: CSCCopyright Business Wire 2012