CSC (NYSE: CSC) today introduced a new policy management software component, Policy Accelerator, for top- and mid-tier North American insurers seeking a best-of-breed approach to modernizing their property and casualty (P&C) insurance processing. Derived from CSC’s widely used
system, Policy Accelerator delivers significantly enhanced functionality supporting all North American jurisdictions and all lines of business, including personal, commercial, workers’ compensation, niche and specialty lines. Architected to support growth and customer retention, it simplifies software maintenance and enhancements, improves efficiency and new product speed to market, and lowers total cost of ownership.
Four insurers have selected Policy Accelerator as their replacement component of choice and are in various stages of implementation. Among them is a leading P&C and specialty lines carrier that is consolidating multiple systems and enhancing its product portfolio. In addition, three current POINT IN clients are in the process of migrating to Policy Accelerator, while a number of others are in roadmap discussions with CSC. The new component, incorporating significant CSC investments, will feature user configurability through Product Accelerator, CSC’s global, multiline insurance product configurator and product life cycle management system.
“Business changes are forcing North American P&C insurers to adopt new processes, offer new functionality and process transactions at a faster pace that is not supported in current-day systems,” said Jeff Haner, principal analyst at Gartner, in his report:
MarketScope for North American Property and Casualty Insurance Policy Management Modules
. “As they face these industry trends and internal pressures, many North American P&C insurers have reached a tipping point, where policy administration system replacement is crucial to survival and competitive positioning.”
Policy Accelerator facilitates modernization initiatives as a replacement and consolidation component. It easily integrates with insurers’ existing systems or can be implemented together with other CSC billing, claims and agent portal software. Coded entirely in Java with a service-oriented architecture based on insurance industry standards, Policy Accelerator is fully configurable without the need for source code modification and can scale to handle large transaction volumes and administration of large-risk and high-premium policies. It can be deployed on-premises or with CSC hosting and providing
business process services
“CSC recognizes that speed and efficiency are critical to the P&C industry, and we are committed to delivering modern solutions to improve business agility,” said Jeffery Schwalk, president of CSC’s Property and Casualty Insurance Division. “By collaborating with our extensive client community, CSC has developed many new functions using next-generation technology, which have now been incorporated into Policy Accelerator.”