Lots of CSC news here, several look important. But how would I know? WR
cujo.dogpile.com
Irish Life's UK Subsidiary Chooses CSC for 10-Year Outsourcing Contract
01:03 p.m Feb 23, 1999 Eastern
EL SEGUNDO, Calif., Feb. 23 /PRNewswire/ -- Computer Sciences Corporation (NYSE:
CSC) today announced it will administer all 150,000 life and pension policies of Irish Life's
United Kingdom subsidiary, City of Westminster Assurance (CWA), under a new 10-year
business process outsourcing contract valued at approximately $28 million.
The move assures CWA of highly competitive and stable administration costs over the lifetime of
the contract.
A team of more than 60 CWA employees, based in the United Kingdom, transferred to CSC
on the February 1, 1999 launch date. This team will augment existing CSC outsourcing services,
creating a blend of administration, insurance systems, process engineering and outsourcing
capabilities dedicated to the financial services industry.
"Our long-term agreement with CWA allows them to maintain a high level of customer service
and to manage the business cost effectively as the number of policies decreases with time," said
Asger Jensby, president, European Division, CSC's Financial Services Group. "The CSC full-
service offering allows CWA to retain control and access to clients, while addressing various
issues including the rising cost per policy, fixed cost burdens, system barriers (Year 2000 and
European Monetary Union), and personnel issues such as staff motivation, retention and training.
"Business process outsourcing in the areas of green-field, closed-book and employee-benefit
operations is an important and growing part of CSC's business in the financial services industry,"
said Jensby. "The added capability that CWA staff bring to CSC positions us well to achieve
additional success in closed book administration."
All policy-servicing functions are transferring to CSC, with assured service levels and unit
pricing. The cost per policy, per year, means that CWA has predictability over operating costs,
while retaining regulatory functions and investment management control. Employing its array of
intellectual property, CSC will invest to reengineer operations, including the systems, processes
and organization.
Irish Life is the leading life and pensions group in Ireland with a domestic market share of
approximately 20 percent. Through its operating subsidiary companies, Irish Life conducts
business directly in Ireland and the United States, as well as the United Kingdom.
Irish Life provides a range of risk protection, pensions, savings, loan and investment products for
both the individual and group markets in Ireland and the United States.
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.
CSC 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 49,000 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. CSC had revenues of $7.4 billion for the twelve months ended January 1, 1999. Its
headquarters are in El Segundo, California. For more information, visit the company's web site
at www.csc.com. SOURCE Computer Sciences Corporation |
