EL SEGUNDO, Calif., June 9 â Computer Sciences Corporation (NYSE: CSC) today announced the results of a service performance benchmark of its life and annuity business process outsourcing (BPO) services. In the benchmark, CSC found its service levels ranked higher in all categories than the industry standards reported by LOMA, a leading international association for the insurance and financial services industry, in LOMAâs 2004 Individual Life Insurance Service Turnaround Times Survey.
To perform its benchmark, CSC mapped its BPO service categories to those in the LOMA survey, and then analyzed its service-level performance using February 2005 CSC data. Calculations showed, for example, that the average time it took CSC to deliver premium payments was a 91 percent âservice-time improvementâ over the LOMA average. For beneficiary changes, CSC achieved a 79 percent service-time improvement, and for cash surrenders, a 51 percent service-time improvement. CSC reported higher levels of service in all 16 categories.
"The survey collected data measuring speed-of-service timeframes from 51 leaders in the life insurance industry," said James R. Huffman, FLMI, ACS, assistant vice president of LOMA, Insurance Operations. "Service time is also a gauge of the efficiency of operations, and it technically indicates a high likelihood of customer satisfaction. Given that CSC reported higher levels of service standards than industry standards, CSC demonstrates its potential for high performance."
CSCâs BPO services support more than 100 financial services organizations worldwide from 19 BPO centers on four continents, providing outsourced processes such as policy and claims administration, customer service, payment processing, and new product launch support at mutually agreed and measured service levels. CSC leverages its global resources, automated processes and proven technologies to support virtually any financial services product.
"We have made significant investments in our operational infrastructure and transformed our business processes to significantly improve service time standards," said Mike Ura, vice president of BPO Services for CSCâs Financial Services Group. "With this life insurance benchmark, we have once again demonstrated how our experience helps clients achieve high performance and real business results."