Aldershot, July 27, 2005 -- Computer Sciences Corporation (NYSE: CSC) announced today that it has signed a five-year, $18 million contract with China Pacific Life Insurance Co. Ltd. (CPIC Life), the third-largest life insurance company in China with 12.8% market share.
Under the contract, CPIC Life will replace its current system with CSC's FUTUREfirst, a Web-enabled, scalable and object-oriented insurance administration system that is known as GraphTalk A.I.A in Europe. CPIC Life will consolidate its current life business portfolio of more than 20 million policies from multiple distributed applications onto FUTUREfirst, which will help the company reduce costs, increase productivity and enhance administration management while improving customer service.
"We have good confidence in CSC as our solution provider and in the FUTUREfirst software product, since it has been refined through many successful installations in Europe and the United States," said Jin Wenhong, general manager of CPIC Life. "CPIC Life will benefit from adopting the mature insurance functions and processes in FUTUREfirst that enhance operational efficiency and improve customer service. We look forward to a successful relationship with CSC."
"We began working with China Pacific Property Insurance in March of this year, and we are pleased to extend this relationship now with CPIC Life," said Mike Brinsford, president of CSC’s operations in Asia. "CSC’s extensive experience in financial services and global markets enables us to deliver outstanding service to our clients in China and will help CPIC Life achieve key business results."
A global solution, FUTUREfirst supports full administration of both group and individual life and health insurance products, annuities, long-term care, disability insurance and non-insurance offerings. It is an object-oriented, real-time client/server policy administration system with product definition flexibility that enables CSC clients to support emerging hybrid insurance products. A recent performance and scalability benchmark test confirmed the product’s place as one of the most powerful and robust systems of its kind. FUTUREfirst/GraphTalk A.I.A is used in 18 countries across all lines of business, from new business to claims, making it one of today’s most popular insurance systems.
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