CSC LICENSES LEGAL SOFTWARE TO FBL FINANCIAL GROUP
News Release -- July 22, 2009
Legal Solutions Suite to Help Insurer Manage Outside Counsel Performance and Costs
FALLS CHURCH, Va., July 22 -- CSC (NYSE: CSC) today announced that FBL Financial Group (FBL), of West Des Moines, Iowa, has licensed CSC's Legal Solutions Suite (LSS) software for its property and casualty (P&C) insurance, life insurance, annuity and mutual fund operating subsidiaries. FBL will use LSS to manage legal expenses and ensure compliance with fee arrangements by streamlining and managing collaboration with outside counsel for its Farm Bureau Life Insurance Company subsidiary and affiliates Farm Bureau Mutual Insurance Company and Western Agricultural Insurance Company.
Legal Solutions Suite, initially launched in 1999 and re-architected in 2006, is a Web-based enterprise application that simplifies the litigation billing process, tracks adherence to company guidelines by outside counsel and promotes best practices in managing legal matters. The software provides detailed data about charges, performance and outcomes that enable users to quickly evaluate patterns and trends among law firms and individual attorneys. LSS integrates with existing accounting, case and claims systems, such as CSC's Claims Management Accelerator software. In addition to standard reports, a business analytics component within LSS also allows users to create customized reports from system data. In conjunction with the software, CSC also offers comprehensive legal management consulting services.
Forty-eight U.S. and international clients, including P&C carriers, self-insured companies and Fortune 500 firms, have licensed LSS and use it to process approximately $3 billion in legal fees annually. The software was introduced to life insurance and annuity carriers last month; FBL is the first to license the software for its life and annuity business.
"By automating with LSS, we expect to streamline a costly paper process while improving transparency and consistency in legal matter planning and bill review," said Noel McKibbin, vice president of Claims at Farm Bureau Mutual Insurance Company. "We also look forward to gaining management insight from having the litigation activity and expense data in electronic form."
"Our comprehensive, proven LSS software and services come from CSC's extensive experience and track record in legal expense management," said Michael W. Risley, president of the Life and Annuity division within CSC's Financial Services Group. "LSS is the latest of many CSC offerings aimed at helping the life insurance industry increase efficiencies while reducing costs."
For more information about CSC's Legal Solutions Suite, visit www.dxc.technology/legal_solutions.
FBL Financial Group is a holding company whose primary operating subsidiaries are Farm Bureau Life Insurance Company and EquiTrust Life Insurance Company. FBL underwrites, markets and distributes life insurance, annuities and mutual funds to individuals and small businesses. In addition, FBL manages all aspects of two Farm Bureau affiliated property-casualty insurance companies for a management fee. For more information, please visit www.fblfinancial.com.
CSC is a global leader in providing technology-enabled solutions and services through three primary lines of business. These include Business Solutions and Services, the Managed Services Sector and the North American Public Sector. CSC's advanced capabilities include systems design and integration, information technology and business process outsourcing, applications software development, Web and application hosting, mission support and management consulting. Headquartered in Falls Church, Va., CSC has approximately 92,000 employees and reported revenue of $16.74 billion for the 12 months ended April 3, 2009. For more information, visit the company's Web site at www.dxc.technology.