Computer Sciences Corporation (NYSE:CSC) today announced a seven-year contract extension with Swiss Re, the world's leading reinsurer.
Under the extension, which runs through March 2014, CSC will continue to provide business process outsourcing (BPO) services to support workers' compensation for Swiss Re's Commercial Insurance.
CSC will continue to provide end-to-end processing services to support Swiss Re's underwriting, rating, policy issuance and administration, cash processing and reporting to independent bureaus and industry databases. CSC administers the company's workers' compensation business on Swiss Re's CyberComp platform, which CSC built based on its POINT policy administration and Agency Link software. CyberComp, which Swiss Re uses in 24 states, enables agents and employers to underwrite workers' compensation coverage and handle claims. Agents can enter data, obtain quotes and issue policies online, all in a matter of minutes.
"CSC's BPO services have allowed Swiss Re to focus on delivering exceptional service and world-class risk transfer capabilities to our clients," said Jeff Argotsinger, CyberComp leader for Swiss Re's Commercial Insurance. "As we expand, CSC's BPO staff and scalable systems will ensure that our clients find us easy to work with."
"By continuously incorporating process innovation within our scalable BPO operations, which run on our POINT IN software, we are able to provide high quality, cost effective administration of policies and products," said Ray August, president of the Property and Casualty (P&C) Insurance Division of CSC's Financial Services Group. "CSC's customized insurance BPO services help our clients improve their operational results, freeing them to focus on launching new insurance products, managing underwriting risk and seeking new business opportunities."
CSC has been providing outsourcing services to Swiss Re since 1995, including supporting 2.6 million insurance policies representing more than $1.7 billion in insurance premiums for Swiss Re Life & Health in the United States and the United Kingdom. CSC's BPO services provide full insurance operations support and processing for more than 5.3 million policies representing more than $2.5 billion in P&C and $3 billion in life and annuity annual premiums.
Separately, Computer Sciences Corporation (NYSE:CSC) announced today that its European operations have signed two previously unannounced contracts during CSC's fiscal 2008 first quarter, which ends June 29. These contracts, combined with a previously announced award with no assigned value, have a total estimated value of approximately $200 million if all contract options are exercised. The contract performance periods range from 2.5 to seven years.
"These agreements signify the confidence our clients have in CSC's ability to apply our vast experience and expertise across a variety of industries and geographies in Europe to deliver business results for a diverse cross section of companies," said Guy Hains, President of CSC's European Group.