CSC (NYSE: CSC) today introduced Insurance Optics, a family of business intelligence and financial risk solutions for insurance companies.
Coupling insurance industry expertise with proven tools, CSC's new offerings enable users to access complex data from multiple systems to more accurately predict changes in their businesses, track key metrics with customized reports and graphical dashboards, and proactively respond to rapidly changing conditions.
The first solution, CSC's Financial Risk Intelligence, combines CSC's insurance domain expertise, insurance data management and consulting experience, and a new proprietary insurance industry data model with a leading financial risk modeling solution for life and annuity companies. Financial Risk Intelligence provides carriers with the integrated information infrastructure and analytical capabilities required to gain fact-based insight into their current enterprise financial risk position. This insight can help reduce reserves and drive operational performance improvements.
Two other solutions expand CSC's Business Analytics offering. Based on the SAP® BusinessObjects(TM) XI solutions, Business Analytics is offered as an option with full integration to selected CSC insurance systems. Licensed by nearly 40 property and casualty (P&C) insurance carriers and self-insured firms, it has been enhanced to provide P&C clients with new customized dashboards that can incorporate data from external sources with data stored within. In addition, Business Analytics is now tailored for the life and annuity market and includes segment-specific reports and dashboard templates.
CSC's Business Analytics consultants are available to leverage their deep insurance expertise to help all types of insurance clients design reports and dashboards customized to support their strategic business objectives and enhance competitive advantage.
"Today, companies are preparing for possible new reporting procedures demanded by regulatory bodies and developing strategies to capitalize on their data assets," said Kimberly Harris-Ferrante, vice president and distinguished analyst at Gartner Inc. "It is more critical than ever that insurers have enterprise data access and can effectively and quickly mine data to get a real-time understanding of their business operations, identify opportunities, comply with new regulatory requirements and identify risks."
"Companies that can capitalize on the mountains of data available to them are the ones who will succeed through their improved decision-making and risk-management capabilities," said Jim Cook, president of CSC's Business Solutions and Services Sector. "CSC's Insurance Optics offerings extend beyond compliance and operational reporting to help carriers identify positive and negative trends in time to act on them."