CSC Supports Wealth Management Applications for One Million Annuities and
Positions John Hancock for Growth
EL SEGUNDO, Calif., Jan. 10 /PRNewswire-FirstCall/ Computer Sciences Corporation today announced that John Hancock Financial Services, a division of Manulife Financial, has extended its applications outsourcing contract with CSC for two more years, through May 2011. The newly negotiated contract provisions have an estimated total contract value exceeding $50 million and cover services to be delivered during the next four years.
CSC will continue to provide John Hancock's U.S. Wealth Management Division with applications and infrastructure support for the administration of more than one million fixed and variable annuity policies. Services include applications development and maintenance, mainframe infrastructure support, 24x7 help desk support, and network connectivity between CSC and John Hancock's Operation Center.
CSC has supported John Hancock's annuity products since 1987, enabling the company to focus on product development and distribution. Through other agreements, John Hancock uses CSC's VANTAGE-ONE administration platform for its core wealth management products and CSC's Distribution Support System to manage agent/broker incentive compensation.
"As John Hancock continues to introduce innovative retirement products, we want to ensure our systems are competently supported and meeting the needs of our customers," said Jim Boyle, president of John Hancock Wealth Management. "Our relationship with CSC gives us that peace of mind."
"We've proven we have the skill and expertise to deliver business results to John Hancock, one of the most respected names in the insurance industry," said Michael W. Risley, president of the Life and Annuity division of CSC's Financial Services Group. "A leader in financial services outsourcing, CSC in the United States alone provides sourcing for seven million annuities and life insurance policies."
CSC's applications outsourcing clients can access a network of more than 35,000 CSC applications professionals at 50 centers in 21 countries. Through CSC's world sourcing model, which delivers world-class expertise from cost-effective sources, the company offers clients around-the-clock, seamless staffing from its global technology centers.
In India, for example, more than 5,000 CSC professionals in Noida, Indore, Chennai and Hyderabad provide applications services, information technology (IT) infrastructure services, financial software services, enterprise solutions and business process outsourcing. CSC's applications management services team, which specializes in the insurance industry, is trained in CSC's intellectual property and certified at Level 5 of the Software Engineering Institute's Capability Maturity Model.
About John Hancock and Manulife Financial
John Hancock is a wholly-owned subsidiary of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$381 billion (US$341 billion) as at September 30, 2006.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers a broad range of financial products and services, including universal life insurance, variable life, term life and whole life, as well as college savings products, fixed and variable annuities, long-term care insurance, mutual funds, 401(k) plans and various forms of business insurance.
About CSC
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 78,000 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 Sept. 29, 2006. For more information, visit the company's Web site at http://www.csc.com/.