CSC jumped 4+ today...on this news?
CSC Rolls Out JETS Automated Data TraderTo Facilitate Insurance
Industry Communications
AUSTIN, Texas, April 27 /PRNewswire/ -- Computer Sciences Corporation
(NYSE: CSC) today introduced an e-business solution that expedites
service between insurance companies and distributors.
CSC is the first information technology company to offer this type of
business-to-business software package to facilitate communications
between insurers and the National Securities Clearing Corporation's
(NSCC's) Insurance Processing Service (IPS). IPS is expected to
revolutionize variable life and annuity sales in the same way the
NSCC mutual funds system dramatically increased mutual funds sales.
CSC's new JETS(TM) Automated Data Trader improves service to insurers'
trading partners by simplifying processing of applications, deposits,
positions and commissions. JETS sends and receives data in the NSCC
format and is designed to be expanded to send and receive data,
regardless of format, over other industry communication networks.
According to CSC, four insurance companies have already licensed JETS
Automated Data Trader.
IPS creates new opportunities for insurers and distributors.
For example, they can now transmit data to one another without
establishing proprietary networks. Insurers expect IPS to result
in increased shelf space for variable insurance products at
brokerages, thus increasing insurance sales by these trading partners.
"Communicating through the NSCC's IPS via CSC's JETS Automated
Data Trader, the insurance industry can now capitalize on the
rapidly expanding annuity market by finalizing annuity sales
quickly and significantly improving service for trading partners,"
said Ken Williams, president, Americas Division of CSC's Financial
Services Group. "CSC is developing additional interfaces to
facilitate communications between insurers' systems and other
trading partners or industry clearinghouses, such as DST's
Financial Advisor Network Mail."
For additional information on the National Securities Clearing
Corporation's (NSCC's) Insurance Processing Service, visit the
company's web site at www.nscc.com.
CSC's Financial Services Group offers a comprehensive array of
business and technology solutions which support the complex
requirements of the evolving global financial services industry.
Customers include more than 1,000 banks, insurers, investment firms,
consumer finance companies and other major financial services
organizations around the globe.
Computer Sciences Corporation helps clients in industry and
government use information technology to achieve strategic and
operational objectives. The company develops individual business
solutions that are delivered by CSC's 50,000 employees in more than
700 offices worldwide in areas such as management and information
technology consulting, systems consulting and integration, operations
support and information services outsourcing.
Since its formation in 1959, CSC has been known for its flexibility
in its relationships with clients. The company maintains numerous
agreements with hardware and software technology companies and thus
is able to identify and manage solutions specifically tailored to
each client's needs. Headquartered in El Segundo, California,
CSC had revenues of $7.4 billion for the twelve months ended
January 1, 1999. For more information, visit the company's web site
at www.csc.com.
SOURCE Computer Sciences Corporation
CO: Computer Sciences Corporation
ST: Texas, California
IN: CPR
SU: PDT
04/27/99 13:33 EDT prnewswire.com
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