FALLS CHURCH, Va.–(BUSINESS WIRE)–CSC (NYSE: CSC) today announced a first-of-its-kind business process service that harnesses the power of the Cloud to rapidly deliver production-ready, regulatory-compliant workers’ compensation (WC) processing for all 50 states. CSC’s new Business Process as a Service (BPaaS) offering takes traditional business process outsourcing (BPO) solutions to the next level by significantly reducing the upfront time and costs associated with establishing and customizing the carrier’s WC processing platform. CSC’s pre-built templates and an on-demand Web-based console are used to configure product rates, rules and forms for fully loaded, end-to-end insurance systems. Once implemented, CSC administers the business.
Business Process Services is a new category of offerings that spans the spectrum of BPO and BPaaS. CSC’s business process services enable clients to choose elements from the business process service continuum, making their own trade-off decisions between service environments that are: customized or standardized, dedicated or virtualized, high-touch or straight-through, longer to establish or quick to implement, and higher cost or shared (lower) cost.
“In the current economy, competitive pressures are driving insurance companies to seek solutions that balance reduced costs, high service quality, and well-managed delivery risk,” said Craig Weber, senior vice president responsible for Celent’s insurance practice. “We expect that the first wave of strong movers into core systems BPO and/or a cloud-enabled model for core systems will gain competitive momentum that will be difficult to copy.”
“When deployed expertly, cloud-enabled solutions can help insurers achieve their strategic goals faster with lower risks and costs,” said Jeffery Schwalk, president of CSC’s Property and Casualty Insurance Division. “CSC’s approach to insurance business process services employs a disciplined, reliable methodology with innovation and flexibility at its core. The new production-ready version of our BPaaS solution in the cloud is the fastest way for insurers to launch a new line of business. Carriers also gain the advantages of lower go-to-market costs, on-going variable pricing, and elimination of currency and compliance risks.”
The offering, called Workers’ Compensation as a Service, will process WC business within a virtual infrastructure on the latest POINT IN, Agency Link, Document Management and Media Management software pre-populated with the current bureau rules, rates and forms, and business settings. A proactive continuous release approach incorporates the latest NCCI and independent bureau data, as well as latest system developments, giving carriers an up-to-date environment for deployment. CSC plans to add commercial package property for 48 states to this service later this year.