CSC (NYSE: CSC) today announced that a U.S. life insurance company ranked in the top 20 by A.M. Best, according to assets and net premiums written, has licensed CSC’s nbAccelerator to manage its new insurance business. This license marks the fourth nbAccelerator contract signed by CSC over the past nine months.
nbAccelerator is a complete new business risk assessment and process management system that enables straight-through processing to speed underwriting and issuing new life insurance and annuity contracts, while increasing agent productivity. On the basis of a survey of insurers’ experiences with nbAccelerator, CSC recently received the XCelent Service 2010 award from Celent, a research and consulting firm, announced in Celent’s report, “North American Life Insurance New Business and Underwriting Systems, 2010.”
The carrier also licensed CSC’s Intelligent e-App, Internet-based software that guides producers through the application data-gathering process and populates all forms, ensuring accuracy and completeness. The application is electronically submitted, avoiding duplicate entry. Both systems will be used with CSC’s Product Accelerator, product development software that allows non-technical users to configure both calculations and product definitions.
“In a competitive and uncertain life insurance market, anything that can mitigate the time and cost of issuing a policy but maintain the appropriate level of risk will provide an advantage for insurers,” said Karen Monks, analyst with Celent’s Insurance Group. “Insurers are looking at new business and automated underwriting systems to help address growth, fulfill service and distribution mandates, and reduce the cost per policy issued.”
“Quick response times are critical to closing new life insurance sales, and profitable new business is essential to achieving carriers’ growth objectives,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “nbAccelerator positions life insurance and annuity companies to close new business faster by automating repetitive steps and integrating work management, sales and service activities. Intelligent e-App ensures the right information is captured at the point of sale by guiding producers through the data-gathering process.”
For more information on CSC’s nbAccelerator and Intelligent e-App, visit www.csc.com/newbusiness.
CSC is a global leader in providing technology-enabled solutions and services through three primary lines of business. These include Business Solutions and Services, the Managed Services Sector and the North American Public Sector. CSC’s advanced capabilities include system design and integration, information technology and business process outsourcing, applications software development, Web and application hosting, mission support and management consulting. The company has been recognized as a leader in the industry, including being named by FORTUNE Magazine as one of the World’s Most Admired Companies for Information Technology Services (2011). Headquartered in Falls Church, Va., CSC has approximately 93,000 employees and reported revenue of $16.2 billion for the 12 months ended Dec. 31, 2010. For more information, visit the company’s website at www.csc.com.