EL SEGUNDO, Calif., April 8 /PRNewswire/ — Computer Sciences Corporation
(NYSE: CSC) today announced that The Phoenix Companies Inc. (NYSE: PNX) has licensed CSC’s Product Profiler, the first product definition software based on a new industry standard that integrates with annuity systems. CSC’s Product Profiler software supports rapid distribution of annuity products in accordance with the new ACORD (Association for Cooperative Operations Research and Development) XMLife standard Product Profile for Annuities (PPfA). Based on XMLife technology, the new ACORD product profile standards allow insurers and distributors to share a common definition of annuity products that can be communicated electronically between both organizations. Soon, the industry is expected to adopt similar standards for all types of insurance products.
“CSC supported the PPfA development process as an ACORD working group participant and applauds Phoenix’s early adoption of this new standard,” said Michael Risley, president of the Life and Health Division of CSC’s Financial Services Group. “Product Profiler is an important step toward paperless and
straight-through processing for the insurance industry.”
“Phoenix is dedicated to expanding its technology capabilities to best support our annuity product line,” said Mark Tully, senior vice president, annuity distribution and sales, for The Phoenix Companies, Inc. “Product Profiler allows us to rapidly deliver our annuity product information to distributors, bringing products to market quicker and supporting the straight-through processing of annuity applications.”
The Phoenix Companies, Inc. (NYSE: PNX) is a leading provider of wealth management products and services to individuals and institutions. Through a variety of advisors and financial services firms, Phoenix helps the affluent and high net worth accumulate, preserve and transfer their wealth with an innovative portfolio of life insurance, annuity and investment management products and services. With a history dating back to 1851, The Phoenix Companies, Inc. has two principal operating subsidiaries, Phoenix Life Insurance Company and Phoenix Investment Partners, Ltd. The company offers trust services through Phoenix National Trust Company. Phoenix has corporate
offices in Hartford, Conn.
Founded in 1959, Computer Sciences Corporation is one of the world’s leading information technology (IT) services companies. CSC’s mission is to provide customers in industry and government with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology. With approximately 90,000 employees, including more than 26,000 from the company’s March 7, 2003 acquisition of DynCorp, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC’s own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting.
Headquartered in El Segundo, Calif., CSC reported revenue of $11.3 billion for the 12 months ended Dec. 27, 2002. For more information, visit the company’s Web site at www.csc.com.