CSC Introduces New Policy Administration Component for North American Property & Casualty Insurers
Seven Carriers Choose CSCs New Policy Accelerator Software Designed for Fast, Easy Product Configurability and User Maintainability
FALLS CHURCH, Va.--(BUSINESS WIRE)-- CSC (NYSE: CSC) today introduced a new policy management software component, Policy Accelerator, for top- and mid-tier North American insurers seeking a best-of-breed approach to modernizing their property and casualty (P&C) insurance processing. Derived from CSCs widely used POINT IN system, Policy Accelerator delivers significantly enhanced functionality supporting all North American jurisdictions and all lines of business, including personal, commercial, workers compensation, niche and specialty lines. Architected to support growth and customer retention, it simplifies software maintenance and enhancements, improves efficiency and new product speed to market, and lowers total cost of ownership.
Four insurers have selected Policy Accelerator as their replacement component of choice and are in various stages of implementation. Among them is a leading P&C and specialty lines carrier that is consolidating multiple systems and enhancing its product portfolio. In addition, three current POINT IN clients are in the process of migrating to Policy Accelerator, while a number of others are in roadmap discussions with CSC. The new component, incorporating significant CSC investments, will feature user configurability through Product Accelerator, CSCs global, multiline insurance product configurator and product life cycle management system.
Business changes are forcing North American P&C insurers to adopt new processes, offer new functionality and process transactions at a faster pace that is not supported in current-day systems, said Jeff Haner, principal analyst at Gartner, in his report: MarketScope for North American Property and Casualty Insurance Policy Management Modules. As they face these industry trends and internal pressures, many North American P&C insurers have reached a tipping point, where policy administration system replacement is crucial to survival and competitive positioning.
Policy Accelerator facilitates modernization initiatives as a replacement and consolidation component. It easily integrates with insurers existing systems or can be implemented together with other CSC billing, claims and agent portal software. Coded entirely in Java with a service-oriented architecture based on insurance industry standards, Policy Accelerator is fully configurable without the need for source code modification and can scale to handle large transaction volumes and administration of large-risk and high-premium policies. It can be deployed on-premises or with CSC hosting and providing business process services.
CSC recognizes that speed and efficiency are critical to the P&C industry, and we are committed to delivering modern solutions to improve business agility, said Jeffery Schwalk, president of CSCs Property and Casualty Insurance Division. By collaborating with our extensive client community, CSC has developed many new functions using next-generation technology, which have now been incorporated into Policy Accelerator.
The software is platform- and database-agnostic backed by global transformation capabilities that can help move clients through a phased modernization, which includes shaping, transforming and managing their application portfolios. For more information, visit www.csc.com/policyaccelerator.
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 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.
Marian Kelley, 512-275-5722
Director, Media and Analyst Relations
Financial Services Group
Joel Shadle, 703-645-2660
Global Media Relations
Steve Virostek, 703-641-3000
Director, Investor Relations
Source: CSCCopyright Business Wire 2012