Source: Computer Sciences Corporation
Computer Sciences Corporation (NYSE: CSC) today announced that Western & Southern Financial Group has licensed CSC's Wealth Management Accelerator and Visual Product Modeling System (VP/MS).
Western & Southern will use the two systems to support annuity payout product development and administration initially at three of its member companies: The Western and Southern Life Insurance Company, Integrity Life Insurance Company and Columbus Life Insurance Company.
These companies will use CSC's software to introduce new wealth management products, including an immediate annuity for retiring Baby Boomers. In the future, they plan to move their existing annuity payout processing to Wealth Management Accelerator to take advantage of the system's benefit payout capabilities. They will use VP/MS as their external rules and calculation engine for Wealth Management Accelerator and will assess using VP/MS for other existing policy administration systems.
Western & Southern is the eighth top 50 U.S. life and annuity insurer to license Wealth Management Accelerator, which is the only software that enables annuity providers to support both wealth accumulation and distribution in a single administration system. It manages group and individual, qualified and non-qualified, and fixed and variable products. In addition to supporting a full range of payout options, Wealth Management Accelerator also automates life and annuity processes, including general ledger accounting, premium billing and collection, and customer service.
"We needed a system that would carry us into the future and give us the power to quickly develop, launch and support new annuity payout products," said Clint Gibler, Western & Southern senior vice president and chief information officer. "Wealth Management Accelerator was the clear choice for making our annuity payout products more flexible and our processes more agile. This new agreement will also let us tap CSC's extensive industry knowledge and experience."
"We welcome Western & Southern to CSC's client community and the opportunity to collaborate with them as they create increasingly sophisticated financial products," said Michael W. Risley, president of the Life and Annuity Division of CSC's Financial Services Sector. "Leading-edge software like Wealth Management Accelerator provides the tools innovative-thinking financial services companies need to successfully compete for a share of the huge Baby-Boomer market."