CSC’S LIFE INSURANCE OUTSOURCING SERVICE LEADS INDUSTRY FOR FOURTH YEAR
News Release -- June 02, 2009
Company Ranks Number One on LOMA Benchmarking Survey
FALLS CHURCH, Va., June 2 – CSC (NYSE: CSC) today announced its life insurance business processing outsourcing (BPO) service ranks highest in the industry on the LOMA performance benchmark for service turnaround times. LOMA, the leading international association for the insurance and financial services industry, performed the study through its 2008 Life Insurance Service Turnaround Times Survey. This is the fourth year that CSC’s service levels have surpassed the industry averages to lead the field.
To conduct the CSC benchmark and analyze the company’s service level performance rankings, LOMA mapped CSC’s BPO service categories to the metrics of 39 leading life insurers. In the policyowner service functions section, CSC’s performance exceeded industry averages in all but two of the 18 categories studied. For example, the average time it takes CSC to research policyowner correspondence and resolve any problems is three days, compared to the industry average of 6.3 days. To process beneficiary changes, CSC takes an average of one day, while the others average 4.8 days. In addition, to process and mail a claim in a contestable situation, the CSC turnaround is four days after all research is completed. The industry average is 18.9.
“We congratulate CSC for ranking at the top of the 39 participants who responded to our life insurance turnaround times benchmark survey,” said Jeff Hasty, senior vice president of LOMA. “CSC’s consistently high service standards, as reported in our survey year after year, demonstrate a long-standing commitment to customer service and satisfaction.”
CSC has participated in the LOMA benchmark study as a means to gauge service excellence since the survey’s inception in 2004.
“Armed with CSC’s leading-edge software for workflow management, back-office processing and customer service activities, our BPO team has achieved, in nearly every instance, significantly shorter turnaround times as compared with these industry benchmarks,” said Michael W. Risley, president of the Life and Annuity Division within CSC’s Financial Services Group. “CSC’s BPO services offer a cost-effective alternative with unmatched policyowner service levels to carriers focused on reducing their overall cost structures and seeking value-add transformation.”
CSC has offered insurance BPO services for more than 20 years. The company provides full insurance operational support and processing for more than 6.5 million policies representing more than $3 billion in life and annuity premiums, $2.5 billion in P&C premiums, and more than $750 million in flood insurance premiums. The company’s BPO services support more than 100 financial services organizations worldwide from multiple BPO centers on three continents. CSC leverages its global resources, automated processes and proven technologies to support virtually any financial services product.
Founded in 1924, LOMA is an international association through which more than 1,200 insurance and financial services companies from over 80 countries engage in research and educational activities to improve company operations. LOMA’s Life Insurance Service Turnaround Times Survey is an annual in-depth study of the life insurance industry for time service standards in a number of categories including loans, surrenders, claims payments, policyholder changes and premium payments. In 2008, LOMA expanded the surveys to include more product types, specific underwriting questions and a section on processing NIGO business. Participating companies are able to determine how their service times for each of these types of life insurance compared to other companies throughout North America.
Learn more about LOMA by visiting www.loma.org.
CSC is a global leader in providing technology-enabled solutions and services through three primary lines of business. These include Business Solutions & Services, 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.