CSC today previewed new life insurance services designed to eliminate market entry barriers, optimize application submission and underwriting processes, and enhance operational performance. These services combine what the vendor calls its fully loaded, end-to-end insurance systems and traditional business process outsourcing (BPO) service options with CSC's Business Process as a Service (BPaaS) delivery model, including a portfolio of standardized, simplified, ready-to-file term life products, whole life plans, a universal life product and a fixed annuity.
The initial offering, Life as a Service, is primarily designed for firms whose core offerings do not include basic life insurance products, such as duly authorized property and casualty writers with the need to provide life products for their distributors; banks with life insurance affiliates that want to offer a broader spectrum of financial products; healthcare insurers that are permitted to offer a life product; and life insurers that may want to establish a new line or distribution channel in record time, according to a CSC statement. Life as a Service offers what CSC characterizes as a very low market entry costs with usage-based pricing and an annual renewable contract term to provide maximum flexibility.
"Making IT more flexible and responsive enables financial services firms to adjust to rapidly changing economic conditions and to reach new markets," comments Matthew Josefowicz, partner and managing director of Novarica (New York). "These firms should be considering new models to access technology in order to deliver new products faster and more efficiently."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio