Computer Sciences Corporation (NYSE:CSC) today announced that three North American life insurance and annuity companies, including Pacific Life Insurance Company, have selected CSC's new wealth management administration software, Wealth Management Accelerator.
As individuals with significant assets approach and begin retirement, wealth management products provide them with a type of investment account they can continue to grow even as the account streams periodic disbursements to them.
Previously, life and annuity insurers had to use two contracts and two information technology (IT) systems to administer wealth management products. One system managed a client's accumulating money until the end of the investment contract; another managed ongoing income disbursement to the client.
CSC's Wealth Management Accelerator simplifies IT maintenance by providing a single comprehensive administration system for both asset accumulation and disbursement. With Wealth Management Accelerator, insurers can rapidly introduce innovative wealth management features in a single contract and then administer the policies with one system. The software manages group and individual, qualified and non-qualified, fixed and variable life and annuity products and includes functionality for general ledger accounting; premium billing and collection; and customer service, such as value quotes, loans, withdrawals and benefit payments.
"Baby Boomers entering their retirement years need more sophisticated personal asset management products," said Michael W. Risley, president of the Life and Annuity Division of CSC's Financial Services Group. "With Wealth Management Accelerator, CSC is delivering the results insurers need to capture a share of this new market opportunity."
Wealth Management Accelerator complies with CSC's enterprise integration architecture, CSC e4, and includes its rules engine for life and annuities. CSC e4 eases business process management by simplifying configuration and integration with other applications and incorporates open standards such as BPEL, XML and ACORD. Wealth Management Accelerator also can interface with corporate systems for improved reporting and administration of checks, reserves, taxes and insurance. Companies can communicate with external trading partners though the software's automatically generated, industry- standard product definitions.