Insurer is First to Use nbAccelerator for Life Policies
EL SEGUNDO, Calif., Aug. 30, 2006 — Computer Sciences Corporation (NYSE: CSC) today announced that Foresters(TM) — a Toronto-based financial services organization operating in the U.S., Canada and the U.K. — has implemented CSC’s nbAccelerator (nbA) software to automate its life insurance and annuity new business and underwriting activities. This marks the first use of nbA for life insurance policies. By streamlining its processes through the integration of nbA with CSC’s VANTAGE-ONE insurance administration software, Foresters anticipates significant improvements in productivity and reduced unit costs.
CSC’s nbA, which is based on ACORD standards, automates life insurance and annuity application submission, requirements management, underwriting management, workflow and productivity reporting, and policy issue processing. By eliminating processing steps, reducing handoffs and automating tasks, nbA increases productivity and decreases the administrative costs of life and annuity contracts.
The Foresters launch of nbA is part of a larger program to reduce administration costs; enhance integration with internal and external providers; and improve the speed, efficiency and quality of its services. Foresters chose nbA for its easy integration with other CSC software, its compatibility with the company’s existing major design and architectural requirements, and the opportunity to join with other nbA users in guiding enhancements to the software.
“Integrating a new business system into our back office is a key component in the Foresters foundation for future growth,” said Gail Johnson Morris, Foresters senior vice president, Service Delivery. “nbAccelerator will allow us to reduce insurance administration costs and provide enhanced services to our members and distribution channels.”
“During the 25 years we’ve worked together, Foresters has achieved impressive business results leveraging CSC’s experience,” said Michael W. Risley, president of the Life & Annuity Division of CSC’s Financial Services Group. “Being the first to implement nbAccelerator for life insurance is another of this company’s innovative yet practical business strategies.”
Other insurers already use CSC’s nbA to process annuities, but Foresters is the first production use of nbA for life policies. Foresters will use nbA to issue and underwrite term, whole life and universal life individual insurance as well as annuities.
Founded in 1874, Foresters(TM) helps individuals and families achieve financial security with its innovative portfolio of life insurance products and annuities. Foresters has assets of more than $4.6 billion with liabilities of $3.6 billion resulting in a surplus of $1 billion (all figures in U.S. dollars) and an “A” (Excellent) rating by A.M. Best*. Foresters shares its financial strength with its members, who are customers, through complimentary life, health and education benefits that help its 850,000 eligible members and their families in the United States, Canada and the United Kingdom. Foresters provides opportunities that inspire its members to make a difference in their communities. Foresters Equity Services Inc. and Foresters Securities (Canada) Inc. are wholly owned subsidiaries of Foresters that offer investment products in the United States and Canada respectively. For more information, please visit www.foresters.biz.
Foresters(TM) is a trademark of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9.
An “A” (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. In assigning Foresters rating, A.M. Best stated that Foresters rating outlook is
“stable”, which means it is unlikely to change in the near future, assuming Foresters financial strength is maintained and operations grow. A.M. Best assigns ratings from A++ to F, A++ being superior ratings and A and A-being excellent ratings.
Founded in 1959, Computer Sciences Corporation is a leading global information technology (IT) services company. 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 78,000 employees, 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 $14.6 billion for the 12 months ended June 30, 2006. For more information, visit the company’s Web site at http://www.csc.com/.