Phongsavanh Insurance Selects CSC for Digital Insurance Innovation
News Release -- November 12, 2016
Lao PDR, November 12th 2016 - CSC (NYSE: CSC), a global leader in next-generation IT services and solutions, today announced it has signed a five-year license agreement with Phongsavanh Insurance (APA) Co. Ltd to implement CSC’s Integral P&C, Integral Life and Integral Point-of-Sale systems. APA is CSC’s first local client in Lao People’s Democratic Republic (Lao PDR) and the first in the country to implement CSC Integral Suite to manage its portfolio of life and non-life insurance products
A new entity in the largely untapped insurance market of Lao PDR, APA sought an integrated technology solution suite to help streamline and automate their operations across all insurance lines. The company also plans to optimize Integral’s features to create new insurance products and services in the future, bringing them to market quicker as demand grows. APA’s business model is based on digital-first principles and will use digital capabilities for sales and services – both direct and through branches of Phongsavanh Bank, their main distribution partner.
Implementation, customization, training and testing of the CSC Integral components will be managed by the combined APA and CSC teams over the next few months. The scalable nature of Integral will allow APA to enhance productivity and operational performance, and to explore new opportunities to develop its business and drive efficiencies while improving service to customers and distributors. The roll-out is expected to be completed by early 2017.
“APA is forward-looking and we have ambitious plans to expand our business locally and regionally. The deployment of state-of-the-art technology to support the entire value chain of the insurance business – and one that could be scaled as we grow – was a key factor in our choice of vendor. We were impressed by CSC’s technical knowledge and experience, and this collaboration will help support our growth strategy,” said Sengdao Bouphakonekham, chairman of the board, APA.
Rajesh Iyer, CSC general manager for Asia, Middle East & Africa (AMEA), said, “With a population of nearly seven million, the insurance market in Lao PDR holds much promise. The opportunities for growth are tremendous as the country and its emerging neighbors like Myanmar and Cambodia start to embrace the digital economy. We are pleased APA has entrusted us to help build and manage their insurance portfolio and support them on their digital journey.”
“As a new entrant and the first local insurance brand in Lao PDR, we opted to partner with CSC because of their long-standing success as a leading insurance technology provider and their local delivery capabilities. They have the flexibility and appropriate product features and specifications to support a greenfield initiative such as ours,” said Paul de Bruijn, chief executive officer, APA. “We are confident of kick-starting our operations with the CSC team by our side and look forward to growing our businesses in Laos.”
According to Prakash Thomas, industry general manager for Insurance, AMEA, CSC, “The insurance landscape is changing all the time with new products and regulatory requirements. An agile, integrated solution such as Integral which is functionally-rich, comprehensive and cost-effective empowers insurers like APA to adapt quickly to market dynamics and innovate new products.”
BACKGROUND ON CSC INSURANCE SOLUTIONS
CSC is a leader in the provision of software, services and outsourcing to the insurance industry. CSC leverages its extensive software capability to build services and deliver next-generation technology to insurance industry customers globally helping them build new digital businesses and transform their current operations. Learn more about CSC’s Integral software and how insurance companies are transforming with innovative, next-generation technology services in our paper, “Key Shifts Mark the Path to Digital Insurance.”
CSC (NYSE: CSC) leads clients on their digital transformation journeys. The company provides innovative, next-generation technology services and solutions that leverage deep industry expertise, global scale, technology independence and an extensive partner community. CSC serves leading commercial and international public sector organizations throughout the world. CSC is a Fortune 500 company and ranked among the best corporate citizens. For more information, visit us at www.csc.com
ABOUT PHONGSAVANH INSURANCE (APA) CO. LTD
The Phongsavanh Group is a leading group of companies in Lao PDR with successful pioneering enterprises in banking, oil distribution, airline, logistics, trading, food & beverage, timber and telecommunications. Phongsavanh Insurance (APA) Co. Ltd, a subsidiary of The Phongsavanh Group is the first composite insurer in Laos, with operations commencing in 2016.