CSC to Support Development of Insurance Industry Standards
Company Chosen to Co-chair ACORD Working Group on Illustrations Software
FALLS CHURCH, Va.- CSC (NYSE: CSC) today announced that ACORD, a global standards development organization serving the insurance industry, has selected CSC and a leading North American life insurer to co-chair a new working group formed to develop more comprehensive standards for insurance illustrations tools. These software applications help insurers explain complex policy information to prospects through hypothetical scenarios.
The working group, which consists of a variety of insurers and solution providers, will recommend additions and enhancements to existing standards used by illustrations systems and the service-oriented-architecture-enabled calculation engines that support them. These standards are a set of rules and guidelines that enable multiple parties to transact insurance business electronically with greater consistency and accuracy.
The group will submit its recommendations to the ACORD membership for inclusion in ACORD specifications before the end of the year.
“We asked CSC to co-chair this important working group not only because of the company’s expertise in serving the insurance industry’s technology needs, but also because of their long-standing commitment to and support of data standardization for insurers,” said Cliff Chaney, program director, ACORD.
“We are honored to co-lead ACORD’s illustrations working group,” said Michael W. Risley, president of the Life Insurance and Annuity Division within CSC’s Financial Services Group. “By participating in standards development, CSC is taking an active role in helping to improve the efficiency of communications among insurance companies, agents, brokers and other data partners.”
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