CSC Wins Contract to Provide Hosted Insurance Processing Platform for Swiss Re
Global Reinsurer Chooses Java Versions of CSC’s POINT IN and AWD for its North American Property & Casualty Operations
FALLS CHURCH, Va., – CSC (NYSE: CSC) today announced that Swiss Re, one of the world’s largest and most diversified reinsurers based in Zurich, Switzerland, has selected multiple CSC software applications as its strategic property and casualty (P&C) insurance processing platform to support its North American Corporate Solutions business. Under the agreement, CSC will host and manage POINT IN, a comprehensive insurance administration system; AWD business process management (BPM) software; Advanced Claims, claims management software; and Agency Link, real-time Web portal for agents.
Spanning policy, claims, BPM and agent portal capabilities, this new strategic processing platform will run on Microsoft Windows Server and SQL Server 2008 infrastructure. It will be hosted by CSC in a secure environment, providing top-of-the-line stability and performance, while supporting Swiss Re in moving quickly into new markets, increasing productivity and growing premium, as part of the firm’s growth strategy in the North American P&C insurance market.
“After a thorough analysis of the platforms available, Swiss Re Corporate Solutions has selected the Java versions of CSC’s POINT IN and AWD for the policy administration and business process management of its North American P&C business,” said Jan Ellerbrock, Chief Operating Officer of Swiss Re Corporate Solutions. “The combination and integration of these systems with CSC’s Advanced Claims and Agency Link will help Swiss Re Corporate Solutions standardize and streamline its North American business operations, which range from mid-sized commercial to large industrial and specialty risks. A new, modern, end-to-end policy administration platform is a significant step forward to consolidate our business on a single platform and support our growth aspirations in Corporate Solutions.”
In addition, Swiss Re is investigating opportunities to move additional P&C business in other regions to this processing platform over time.
“This new contract significantly expands our existing long-term relationship, which has primarily been focused on business process outsourcing,” said Jeffery Schwalk, president of CSC’s Property and Casualty Insurance Division. “Working with CSC in this area, Swiss Re will experience the cost-competitiveness, speed and intimacy of a hosting provider while benefiting from the depth of resources, breadth of capabilities and inherent security of a global leader in technology-enabled services and solutions.”
POINT IN components licensed by Swiss Re also include Media Management, Document Production and Underwriting. The latest release of POINT IN features enhanced configuration tools that allow carriers to easily create their own rules or choose from the hundreds pre-built into the system. With improved graphical interfaces, these tools significantly accelerate the introduction of new products and lines of business, as well as entry into additional states.
The new version of the business process engine from DST Technologies, AWD10, is designed to drive improvements in staff productivity and assist in lowering operating costs by streamlining the business processes, automating manual tasks and supporting dynamic balancing of work across a global enterprise. All work moves through the organization based on configurable business rules designed by business users. Managers are able to track and monitor the staff, work and the processes through real-time dashboards and reports, receiving alerts for work exceeding service levels. DST’s AWD solution, offered to the U.S. insurance industry by CSC, also provides a full suite of scan, capture, image storage and retrieval capabilities.
About Swiss Re Reinsurance Company Ltd.
Swiss Re is a leading and highly diversified global reinsurer. The company operates through offices in more than 20 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company’s traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated “A+” by Standard & Poor’s, “A1” by Moody’s and “A” by A.M. Best.
About CSC in Financial Services
More than 1,200 major banking, insurance, investment and wealth management, and securities firms rely on CSC’s global financial services team to turn their ambitions into realities. With a track record for delivering software, consulting, and IT and business process outsourcing and services at scale, CSC brings a deep understanding of the financial services business and a collaborative culture to one of the industry’s most engaged client communities. For more information, visit www.csc.com/financialservices.
CSC is a global leader in providing technology-enabled business solutions and services. Headquartered in Falls Church, Va., CSC has approximately 91,000 employees and reported revenue of $16.0 billion for the 12 months ended April 1, 2011. For more information, visit the company’s website at www.csc.com.
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