Global giant CSC announced January 11, 2011 that it has signed a 10-year agreement with a diversified financial services company to license CSC’s Wealth Management Accelerator, a browser-based life insurance and annuity administration system that allows carriers to rapidly introduce wealth management features while streamlining the back-office administration of their products.
According to the CSC press release the carrier "will use CSC’s software to administer income annuities and structured settlements. The company will integrate Wealth Management Accelerator with AWD, a business process management system, and Performance Plus, CSC’s incentive and compensation management system.
“Innovation in business processes is a key area for many insurance companies today, and the fact that companies are selecting modern policy administration systems illustrates this sea change in the industry's technology and business strategies,” said Craig Weber, senior vice president of the Insurance Group at Celent, a financial services technology research and advisory firm. “While traditional vendor selection projects focus on platforms and databases and the functionality that comes with a software purchase, choosing modern policy administration systems can help carriers sharpen their focus on business processes, ultimately enabling them to respond quickly to customer expectations and address product gaps.”
Whether the " diversified financial services company is an existing or even a possible new entrant to structured settlements it is good to hear that insurance companies are using technology to perform long needed upgrades of their systems and processes and looking to the future with greater efficiency. I'm sure I'm not alone in having my interest peaked by the notion that this CSC product will "address product gaps"