CSC Launches Global Conversion Service for Life, Annuity and Pensions Carriers
ConversionEdge Offers Fast, Cost-effective Policy Administration Consolidation
FALLS CHURCH, Va.- CSC (NYSE: CSC) today announced a newly packaged global service, ConversionEdge, to help insurers rapidly and efficiently consolidate or transition their life, annuity and pensions policy administration systems to better support acquisitions and growth, improve customer service and facilitate business process transformation.
Leveraging CSC’s proven conversion tools, expertise and methodologies, ConversionEdge provides access to multi-disciplinary teams experienced in all aspects of systems conversion activities. CSC conversion centers in the United States, South Africa and India use a common repository, including a knowledge portal, proprietary software tools and training plans. The offering includes full-service conversion support from virtually any source system to any life insurance, annuity or pensions policy administration system. Since 2000, the company has completed more than 150 conversions of varying size and complexity, totaling more than 20 million policies transitioned to CSC policy administration platforms.
“As the life and annuities industry faces decreased demand as well as reduced investment income, some insurers are using the downturn as an opportunity to effect change,” said Chad Hersh, Insurance principal with Novarica, a research and advisory services firm. “Updating and consolidating core systems can position carriers to be prepared for the recovery and for future opportunities, while reducing costs in the medium term and beyond.”
“In today’s turbulent economy, life insurance and annuity providers are aiming to reduce the number of their administration systems with minimal disruption to the business,” said Jim Cook, president of CSC’s Business Solutions and Services Sector. “We enable our clients to realize measurable cost savings and productivity improvements rapidly because of our extensive insurance industry experience, our global business model and our time-proven techniques.”
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