CSC’s Wealth Management Accelerator and CyberLife Software Products Recognized by Leading Industry Analyst Firm
CSC (NYSE: CSC) have announced that its Wealth Management Accelerator and CyberLife software products for life insurance and annuity providers received “Positive” ratings in Gartner’s June 21, 2012, MarketScope for North American Life Insurance Policy Administration Vendors report. Wealth Management Accelerator and CyberLife are CSC’s leading policy administration systems for North American life insurance and annuity providers, supporting the broadest spectrum of traditional and innovative non-traditional insurance products and product features. CSC was rated with 13 other providers of life insurance policy administration systems.
Each qualifying vendor was required to have six or more production customers, with at least three well-known Tier 1 or Tier 2 customers in North America. According to the report, “While they are not allocating significant new budget funding for product and distribution development yet, insurers are revisiting product and distribution growth plans, and Gartner expects greater financial investment in 2012. Many of these growth plans require new products, new distribution channel relationships and services, new underwriting models, and new customer service functions, fundamentally increasing the demand for new policy administration solutions.”
“Interest in policy administration solutions remains high as insurers consolidate policy administration solutions, reduce legacy systems, demand more flexibility and position themselves for growth,” writes Steven Leigh, author of the report and principal analyst at Gartner. “North American life insurers would be better served to evaluate vendors based on the functionality and configurability of the platform, and the proven performance of the vendor.”
“Hundreds of life and annuity companies around the globe rely on CSC’s policy administration systems, and our client community continues to grow,” said Michael W. Risley, president of CSC’s Life Insurance and Annuity Division. “CSC is committed to helping insurers achieve operational success by providing frequent technical and functional system enhancements, ensuring a solid evolutionary path.”
Wealth Management Accelerator manages group and individual, qualified and non-qualified, fixed and variable life insurance and annuity products and includes functionality for customer-centric processing; premium billing and collection; and customer service, such as value quotes, loans, withdrawals and benefit payments.
CyberLife is a Web-enabled system that supports the industry’s broadest spectrum of life insurance and annuity products and features. CyberLife provides cost-effective administration and functionality from new business through claims processing, including product definition, new business/underwriting, administration, billing and collection, distribution management, correspondence and reporting.
Both Wealth Management Accelerator and CyberLife can be installed on premises or hosted in our business process service centers.