CSC (NYSE: CSC) today announced that it has signed a new contract with Wilton Re, of Wilton, Conn., to provide a full range of business process outsourcing (BPO) services.
The 10-year agreement, awarded to CSC during the company's fiscal 2009 third quarter ended Jan. 2, 2009, has an estimated value of $90 million. This contract was included in CSC's previously announced business awards of approximately $2.7 billion for the third quarter.
Under the agreement, CSC will provide full back-office administration services for an additional 270,000 life policies and convert those policies to its CyberLife policy administration system. Leveraging CSC's consolidated global processing environment, Wilton Re will gain a more predictable and scalable cost structure and access to advanced application software, business processes, and insurance and technology management best practices.
"We offer traditional reinsurance and capital market approaches to assist our clients in their risk and capital management activities," said Enrico J. Treglia, senior vice president and chief operating officer of Wilton Re. "By expanding our relationship with CSC, we are able to provide insurers with cost-effective divestitures of non-core businesses."
"With the current volatility in the financial services market, more companies are turning to CSC for innovative ways to efficiently, cost-effectively and reliably manage their business," said Michael W. Risley, president of the Life and Annuity Division within CSC's Financial Services Group. "Additionally, companies are seeing a true advantage in pairing with a provider that can leverage a full suite of insurance application software and industry expertise."