LAS VEGAS, May 22 /PRNewswire/ -- Computer Sciences Corporation today announced that its policy administration systems now support more than 75 million life insurance and annuity policies in North America. CSC reached this milestone with Sammons Financial Group's recent conversion of an acquired block of policies onto CSC's CyberLife software.
Using CSC's conversion process, Sammons Financial Group is consolidating its policy data files onto one platform to simplify its information technology (IT) systems and lower software maintenance costs. The CSC process includes automated software tools for mapping data onto the target system and balancing it for verification. These also help insurers complete their consolidation projects on time and within budget.
"A key strategy for us is to grow revenues and market share both organically and through acquisition," said Gary Gaspar, Sammons Financial Group's senior vice president and chief information officer. "CyberLife's scalability and overall functionality make it the best policy administration system to support our growth. To help speed our recent conversion, we utilized the tools and expertise of CSC's conversion team."
With the dramatic increase of mergers and acquisitions in the insurance industry during the past five years, many insurers now have policies residing on multiple systems with little or no integration. Converting all policies to one software platform improves data accuracy and processing efficiency and reduces IT costs. In the past three years, CSC has supported the consolidation of more than eight million life and annuity policies onto its policy administration systems.
Currently, 40 of the leading 50 U.S. life and annuity carriers use CSC's CyberLife or VANTAGE-ONE policy administration software. The systems support a broad spectrum of life insurance and annuity products, both traditional and non-traditional. CSC's software also offers the scalability required for high volumes associated with platform consolidations.
"CSC's clients use CyberLife and VANTAGE-ONE more and more frequently as their consolidation platforms of choice thanks to the systems' ability to handle huge numbers of policies and the broad product support the company offers," said Chad Hersh, senior analyst with Celent, a global financial services IT research and consulting firm.
"Sammons Financial Group and other leading insurers have recognized CSC's ability to improve efficiency and reduce costs," said Michael W. Risley, president of the Life and Annuity Division of CSC's Financial Services Group. "With our robust products and extensive conversion expertise, CSC delivers the results our clients need."
Since 2000, CSC has completed more than 50 major life industry conversions in the Americas. CSC's conversion specialists draw on the company's technology centers around the world, including India and South Africa. CSC's world sourcing services include a wide array of technical capabilities and the delivery of onshore, offshore and near-shore resources.
About CSC
Founded in 1959, Computer Sciences Corporation is a leading global 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 80,000 employees, 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 $14.6 billion for the 12 months ended Dec. 30, 2005. For more information, visit the company's Web site at http://www.csc.com/.
